-----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,
 N71nNQp1f+GLuCUhOU3LTi9T7aszZjjHbdx5ztis/Zu4phFspyaQ2AmwyJE4HqSC
 XJj8sosTzXeQDcA14EyWFQ==

<SEC-DOCUMENT>0001193125-06-053379.txt : 20060314
<SEC-HEADER>0001193125-06-053379.hdr.sgml : 20060314
<ACCEPTANCE-DATETIME>20060314130044
ACCESSION NUMBER:		0001193125-06-053379
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		17
CONFORMED PERIOD OF REPORT:	20060314
FILED AS OF DATE:		20060314
DATE AS OF CHANGE:		20060314

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			TELECOM ARGENTINA SA
		CENTRAL INDEX KEY:			0000932470
		STANDARD INDUSTRIAL CLASSIFICATION:	TELEPHONE COMMUNICATIONS (NO RADIO TELEPHONE) [4813]
		IRS NUMBER:				000000000
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-13464
		FILM NUMBER:		06684221

	BUSINESS ADDRESS:	
		STREET 1:		MAIPU 1210
		STREET 2:		PISO 9
		CITY:			BUENOS AIRES
		STATE:			C1
		ZIP:			1006
		BUSINESS PHONE:		5419684000

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	TELECOM ARGENTINA STET FRANCE TELECOM SA
		DATE OF NAME CHANGE:	19950809
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>d6k.htm
<DESCRIPTION>FORM 6-K
<TEXT>
<HTML><HEAD>
<TITLE>Form 6-K</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

<HR SIZE="3" NOSHADE COLOR="#000000" ALIGN="left"> <P STYLE="margin-top:3px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="5"><B>FORM 6-K </B></FONT></P> <P
STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P><HR WIDTH="17%" SIZE="1" NOSHADE COLOR="#000000"> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="5"><B>SECURITIES AND EXCHANGE
COMMISSION </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="3"><B>Washington, D.C. 20549 </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT
FACE="Times New Roman" SIZE="3"><B>Report of Foreign Issuer </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="3"><B>Pursuant to Rule 13a-16 or 15d-16 </B></FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="3"><B>of the Securities Exchange Act of 1934 </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman"
SIZE="2"><B>For the month of March, 2006 </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>Commission File Number: 001-13464 </B></FONT></P> <P
STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P><HR WIDTH="17%" SIZE="1" NOSHADE COLOR="#000000"> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="6"><B>Telecom Argentina S.A.
</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>(Translation of registrant&#146;s name into English) </B></FONT></P> <P
STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P><HR WIDTH="17%" SIZE="1" NOSHADE COLOR="#000000"> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>Alicia Moreau de Justo,
No.&nbsp;50, 1107 </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>Buenos Aires, Argentina </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
FACE="Times New Roman" SIZE="1"><B>(Address of principal executive offices) </B></FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P><HR WIDTH="17%" SIZE="1" NOSHADE COLOR="#000000"> <P
STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F: </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">Form 20-F&nbsp;&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp; X&nbsp;&nbsp;&nbsp;&nbsp;</U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Form
40-F&nbsp;&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Indicate by check mark if the registrant is submitting the
Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman"
SIZE="2">Yes&nbsp;&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No&nbsp;&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp; X&nbsp;&nbsp;&nbsp;&nbsp;</U> </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">Yes&nbsp;&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
No&nbsp;&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp; X&nbsp;&nbsp;&nbsp;&nbsp;</U> </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Indicate by check mark whether by furnishing the information contained in this
Form, the Registrant is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934: </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT
FACE="Times New Roman" SIZE="2">Yes&nbsp;&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; No&nbsp;&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp; X&nbsp;&nbsp;&nbsp;&nbsp;</U>
</FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; margin-left:2%; text-indent:-2%"><FONT FACE="Times New Roman" SIZE="2">If &#147;Yes&#148; is marked, indicate below the file number assigned to the registrant in connection with Rule
12g3-2(b): N/A </FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P><HR SIZE="3" NOSHADE COLOR="#000000" ALIGN="left">

<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>
<A NAME="toc"></A>Telecom Argentina S.A. </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">TABLE OF CONTENTS </FONT></P> <P
STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" ALIGN="center">

<TR>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD WIDTH="96%"></TD></TR>
<TR>
<TD VALIGN="top" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Item</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">1.</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">
<A HREF="#tx79604_25">Translation of a letter, dated March&nbsp;7, 2006, to the Buenos Aires Stock Exchange regarding a material fact.</A></FONT></TD></TR>
<TR>
<TD VALIGN="top" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">2.</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">
<A HREF="#tx79604_26">Translation of a letter, dated March&nbsp;7, 2006, to the Buenos Aires Stock Exchange regarding Section 304 of the United States Bankruptcy Code.</A></FONT></TD></TR>
<TR>
<TD VALIGN="top" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">3.</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">
<A HREF="#tx79604_27">Consolidated Financial Statements as of September 30, 2005.</A></FONT></TD></TR>
<TR>
<TD VALIGN="top" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">4.</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">
<A HREF="#tx79604_28">Translation of a press release, dated March 9, 2006, regarding the Consolidated Annual and Fourth Quarter Results (&#147;4Q05&#148;) for Fiscal Year 2005 (&#147;FY05&#148;) </A></FONT></TD></TR>
</TABLE>

<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">
<A NAME="tx79604_25"></A>Item&nbsp;1 </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="right">

<IMG SRC="g79604img02.jpg" ALT="LOGO"> </P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B><U>FREE TRANSLATION </U></B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman"
SIZE="2"><B><U>FOR IMMEDIATE RELEASE </U></B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; margin-left:2%; text-indent:-2%"><FONT FACE="Times New Roman" SIZE="2">Buenos Aires, March&nbsp;7, 2006 </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B><U>BUENOS AIRES STOCK EXCHANGE </U></B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Dear Sirs, </FONT></P> <P
STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>RE: Signing of Letter of Understanding with the Renegotiation Unit (&#147;UNIREN&#148;) &#150; Art 23 of Listing Rules &#150; &#147;Relevant Information&#148;
</B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">I am writing you as <B>Responsible for Market Relations </B>of Telecom Argentina S.A. (&#147;<B>Telecom Argentina</B>&#148; or the
&#147;<B>Company</B>&#148;) in compliance with the Article 23 of the Listing Rules of the Buenos Aires Stock Exchange. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">In this respect, we inform you that
yesterday afternoon Telecom Argentina signed a letter of understanding (the &#147;Letter of Understanding&#148;) with the Unit of Renegotiation and Analysis of Public Service Contracts (&#147;UNIREN&#148;) in representation of the Argentine
Government. After having complied with all the procedures contemplated in current regulation, the Letter of Understanding will constitute the necessary precedent for the celebration of the renegotiation agreement (the &#147;Renegotiation
Agreement&#148;) of the Transfer Agreement approved by the Decree No.&nbsp;2332/90, in accordance with that contemplated in Article 9 of Law No.&nbsp;25.561. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman"
SIZE="2">The main terms and conditions of the Letter of Understanding are the following: </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"><B>1. &nbsp;&nbsp;Contractual Situation</B>
</FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">The technical control entities have determined that Telecom Argentina has complied with the obligations contemplated in the Transfer Agreement, observing
only certain breaches that have been subject to the respective penalty procedures and that are still pending resolution, and that such issues that are related to the normal and ordinary development of the activities as licensee, whereby such
situation will be resolved before June&nbsp;30, 2006. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"><B>2. &nbsp;&nbsp;Investment, Research and Technology Development</B> </FONT></P> <P
STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Telecom Argentina will continue performing investments to develop and upgrade its network and it undertakes to promote enhancements related to new services, actions
oriented towards the reduction of the digital gap and to the promotion of the information society and training and technology transfer programs, as well as the development of the local corporations. </FONT></P> <P
STYLE="margin-top:18px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"><B>3. &nbsp;&nbsp;Service Goals and Long Term Goals</B> </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman"
SIZE="2">Telecom Argentina agrees to continue rendering the service, complying with all its quality obligations that arise from the current regulation and to reach by December&nbsp;31, 2010 certain goals that are determined in the current
regulation, as well as service goals that are described in Annex I of the Letter of Understanding. </FONT></P>

<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">Item 1 </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
FACE="Times New Roman" SIZE="2"><B>4. &nbsp;&nbsp;Regulatory Framework</B> </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">The parties agree to comply and maintain the contractual conditions established
in the Transfer Agreement and in the current regulation. Moreover, the Executive Branch undertakes its efforts to consolidate an adequate and homogenous regulatory framework for the telecommunication services and to conform in the future a stable
regulatory framework that will allow regulation of the activity of the sector. For such case a bill will be passed to the Legislative Branch. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman"
SIZE="2"><B>5. &nbsp;&nbsp;Suspension and Dropping of actions and claims of Telecom Argentina and its Shareholders.</B> </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Within 30 days of the public
hearing that will be called by the UNIREN to deal with the Letter of Understanding, Telecom Argentina and its indirect shareholders &#147;Telecom Italia SpA&#148; and W de Argentina &#150; Inversiones S.L.&#148;, will suspend for the term of 210
business days the steps of all claims, recourses, and demands initiated or in due course, in administrative, arbitral or judicial forum, in Argentina or abroad, that are based or related to the events or actions taken in relation to the emergency
situation established in Law N&ordm;25.561, with respect to the Transfer Contract and the licenses granted to the Company by means of the Decree No.&nbsp;2347/90 (the &#147;License&#148;). Simultaneously, a commitment must be signed whereby, as long
as the agreed suspension is in place, no claims, recourses, and demands, in administrative, arbitral or judicial forum, in Argentina or abroad, based on or related to the before mentioned events or actions, will be submitted. The breach of Telecom
Argentina, Telecom Italia SpA or W de Argentina &#150; Inversiones S.L. of the documents that certify the suspension of the actions, will detain the subscription by the Executive Branch of the Renegotiation Agreement, until such beach is resolved.
</FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Within 30 days of the ratification of the Renegotiation Agreement by the Executive Branch, Telecom Argentina, Telecom Italia SpA or W de Argentina &#150;
Inversiones S.L. must resign all rights that could eventually be invoked, as well as all actions submitted or in due course related to the events or actions taken in relation to the emergency situation established in Law No.&nbsp;25.561, with
respect to the Transfer Contract and the Licenses. If such resignations are not perfected in the indicated term, the Argentine Government, with prior notice to Telecom Argentina to comply with the submission within a new period of 15 days, may
denounce the Renegotiation Agreement and proceed to the revocation or cancellation of the License by breach of Telecom Argentina, Telecom Italia SpA or W de Argentina &#150; Inversiones S.L. A similar event may occur while the abovementioned
suspension and resignations are in place a submission, claim, recourse or demand of Telecom Argentina, or Telecom Italia SpA or W de Argentina &#150; Inversiones S.L. based on or related to the events or actions taken in relation to the emergency
situation established in Law No.&nbsp;25.561, with respect to the Transfer Contract and the License. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"><B>6. &nbsp;&nbsp;Equal Treatment</B>
</FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Within the context of the process of the contract renegotiation, the Argentine Government undertakes that a reasonably similar and equal treatment will be
given to Telecom Argentina to that granted to other telecommunications companies that participate of the mentioned process. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"><B>7.
&nbsp;&nbsp;Incoming International Calls to Local Areas</B> </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">As from the validity of the Renegotiation Agreement, a correction factor will be applied to the
termination charge of incoming international calls in a local area so as to adjust such charges to international standards. The charge will be adjusted to 3 times the current price and will be payable by the international operators. </FONT></P>

<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">Item&nbsp;1 </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
FACE="Times New Roman" SIZE="2"><B>8. &nbsp;&nbsp;Unification of Time Band</B> </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">As from the validity of the Renegotiation Agreement, the time bands for
local calls, domestic long distance calls and international long distance calls will be unified. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"><B>9. &nbsp;&nbsp;Renegotiation
Agreement</B> </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">The Renegotiation Agreement will be submitted to a Public Hearing, in order to promote the participation of users and the Community in
general, understanding that its terms and conditions are the consensus to move towards the subscription of the Renegotiation Agreement, that will be in force once all the requirements contemplated in the current regulation have been complied with,
such as among others the celebration of the Shareholders Meeting of Telecom Argentina where the signing of the Renegotiation Agreement is approved and authorized. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman"
SIZE="2">Best regards, </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>Pedro Gast&oacute;n Insussarry </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
FACE="Times New Roman" SIZE="2"><B>Responsible for Market Relations </B></FONT></P>

<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">
<A NAME="tx79604_26"></A>Item&nbsp;2 </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="right">

<IMG SRC="g79604img02.jpg" ALT="LOGO"> </P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B><U>FREE TRANSLATION </U></B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman"
SIZE="2"><B><U>FOR IMMEDIATE RELEASE </U></B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Buenos Aires, March&nbsp;7, 2006 </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
FACE="Times New Roman" SIZE="2"><B><U>BUENOS AIRES STOCK EXCHANGE </U></B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; margin-left:2%; text-indent:-2%"><FONT FACE="Times New Roman" SIZE="2">Dear Sirs, </FONT></P> <P
STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>RE: Section&nbsp;304 of the United States Bankruptcy Code - Art 23 of Listing Rules &#150; &#147;Relevant Information&#148; </B></FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">I am writing you as <B>Responsible for Market Relations </B>of Telecom Argentina S.A. (&#147;<B>Telecom Argentina</B>&#148; or the &#147;<B>Company</B>&#148;) in
compliance with the Article 23 of the Listing Rules of the Buenos Aires Stock Exchange. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">In connection with the petition filed on September&nbsp;13, 2005
by the Board of Directors of <B>Telecom Argentina</B> in the United States Bankruptcy Court for the Southern District of New York commencing, on behalf of <B>Telecom Argentina</B>, a case ancillary to a foreign proceeding pursuant to
Section&nbsp;304 of the United States Bankruptcy Code (the &#147;<B>Petition</B>&#148;), the<B> Company</B> informs that on February&nbsp;24, 2006, Judge Burton R. Lifland issued a judgment confirming the Petition and ordering (i)&nbsp;that the
order issued by the Argentine Bankruptcy Judge Adela N. Fern&aacute;ndez approving Telecom Argentina&#146;s Acuerdo Preventivo Extrajudicial (&#147;APE&#148;) (the &#147;Approval Order&#148;) and Telecom Argentina&#146;s APE shall be given full
force and effect in the United States, to the same degree as they are given effect in Argentina; (ii)&nbsp;that the Approval Order and the APE are binding on U.S. Bank N.A. as Indenture Trustee, and all non-consenting holders of bonds restructured
pursuant to the APE, as they are in Argentina; and (iii)&nbsp;that all the notes restructured pursuant to the APE have been extinguished as a matter of Argentine law and must be cancelled. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">The judgment has been appealed by The Argo Fund, Ltd., a holder of beneficial interest in notes affected by the APE, whose objections to the Petition had been overruled
by the Bankruptcy Court. The appeal will be resolved by the District Judge to be appointed for such case. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Best regards, </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>Pedro Gast&oacute;n Insussarry </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman"
SIZE="2"><B>Responsible for Market Relations </B></FONT></P>

<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="94%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="top" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>TELECOM ARGENTINA S.A.</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>
<A NAME="tx79604_27"></A>Item&nbsp;3</B></FONT></TD></TR>
</TABLE> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">Corporation non adhered to the Optional Statutory Regime of Compulsory Public Purchase Offer
</FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>CONSOLIDATED FINANCIAL STATEMENTS AS OF SEPTEMBER 30, 2005 </B></FONT></P>

<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>TELECOM ARGENTINA S.A. </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"
ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">Corporation non adhered to the Optional Statutory Regime of Compulsory Public Purchase Offer </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>Unaudited Consolidated Financial Statements as of September&nbsp;30, 2005 and December&nbsp;31,
2004 </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>and for the nine-month periods ended September&nbsp;30, 2005 and 2004 </B></FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>$: Argentine peso </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>US$ : US dollar </B></FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>$2.91 = US$1 as of September&nbsp;30, 2005 </B></FONT></P>



<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>
<A NAME="toc1"></A>TELECOM ARGENTINA S.A. </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">Corporation non adhered to the Optional Statutory Regime of Compulsory Public Purchase Offer
</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B><U>INDEX</U> </B></FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="96%"></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Page</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">
<A HREF="#tx79604_1">Unaudited Consolidated Balance Sheets as of September&nbsp;30, 2005 and December&nbsp;31, 2004</A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">1</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">
<A HREF="#tx79604_2">Unaudited Consolidated Statements of Income for the nine-month periods ended September&nbsp;30, 2005 and 2004</A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">2</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">
<A HREF="#tx79604_3">Unaudited Consolidated Statements of Changes in Shareholders&#146; Equity for the nine-month periods ended September&nbsp;30, 2005 and 2004</A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">2</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">
<A HREF="#tx79604_4">Unaudited Consolidated Statements of Cash Flows for the nine-month periods ended September&nbsp;30, 2005 and 2004</A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">3</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">
<A HREF="#tx79604_5">Index to the Notes to the Unaudited Consolidated Financial Statements</A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">4</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">
<A HREF="#tx79604_6">Notes to the Unaudited Consolidated Financial Statements</A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">5</FONT></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2"><B>
<A HREF="#tx79604_31">Review report of interim financial statements</A></B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2"><B>
<A HREF="#tx79604_32">Summary of Activity on the unaudited consolidated financial statements as of September&nbsp;30, 2005</A></B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2"><B>
<A HREF="#tx79604_33">Corporate information</A></B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
</TABLE>



<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>
<A NAME="tx79604_1"></A>TELECOM ARGENTINA S.A. </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">Corporation non adhered to the Optional Statutory Regime of Compulsory Public Purchase
Offer </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>Unaudited Consolidated Balance Sheets as of September&nbsp;30, 2005 and December&nbsp;31, 2004
</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">(In millions of Argentine pesos - see Note 3.c) </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="81%"></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>As&nbsp;of</B></FONT></P> <P
STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>September&nbsp;30,<BR>2005<BR>(unaudited)</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>As&nbsp;of</B></FONT></P> <P
STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>December&nbsp;31,<BR>2004</B></FONT></P></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2"><B>ASSETS</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2"><B>Current Assets</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Cash and banks</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">21</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">32</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Investments, net</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">566</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">3,630</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Accounts receivable, net</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">636</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">612</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Other receivables</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">91</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">78</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Inventories, net</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">148</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">79</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Other assets</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">14</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">3</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Total current assets</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>1,476</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>4,434</B></FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2"><B>Non-Current Assets</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Other receivables, net</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">261</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">228</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Investments</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">2</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">2</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Fixed assets, net</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">6,115</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">6,895</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Intangible assets, net</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">738</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">773</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Other assets, net</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">22</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Total non-current assets</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>7,138</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>7,898</B></FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>TOTAL ASSETS</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>$</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>8,614</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>$</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>12,332</B></FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2"><B>LIABILITIES</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2"><B>Current Liabilities</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Accounts payable</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">803</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">509</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Debt</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">330</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">9,434</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Salaries and social security payable</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">94</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">79</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Taxes payable</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">163</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">153</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Other liabilities</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">28</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">22</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Contingencies</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">75</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">30</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Total current liabilities</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>1,493</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>10,227</B></FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2"><B>Non-Current Liabilities</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Accounts payable</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">4</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">7</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Debt</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">4,466</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">1,219</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Salaries and social security payable</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">28</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">33</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Taxes payable</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">119</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">5</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Other liabilities</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">65</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">71</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Contingencies</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">249</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">214</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Total non-current liabilities</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>4,931</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>1,549</B></FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>TOTAL LIABILITIES</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>$</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>6,424</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>$</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>11,776</B></FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Minority interest</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">36</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">30</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Foreign currency translation adjustments</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">29</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">24</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>SHAREHOLDERS&#146; EQUITY</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>$</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>2,125</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>$</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>502</B></FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>TOTAL LIABILITIES, MINORITY INTEREST, FOREIGN CURRENCY TRANSLATION ADJUSTMENTS AND SHAREHOLDERS&#146; EQUITY</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>$</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>8,614</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>$</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>12,332</B></FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:18px;margin-bottom:0px; margin-left:2%; text-indent:-2%"><FONT FACE="Times New Roman" SIZE="2">The accompanying notes are an integral part of these unaudited consolidated
financial statements. </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="34%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD></TR>
<TR>
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">Valerio Cavallo</FONT></P> <P
STYLE="margin-left:0px;margin-right:0px;margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">Chief Financial Officer</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">Carlos Felices</FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px"
ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">Chief Executive Officer</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">Amadeo R. V&aacute;zquez</FONT></P> <P
STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">President</FONT></P></TD></TR>
</TABLE> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">1 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>
<A NAME="tx79604_2"></A>TELECOM ARGENTINA S.A. </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">Corporation non adhered to the Optional Statutory Regime of Compulsory Public Purchase
Offer </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>Unaudited Consolidated Statements of Income </B></FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>for the nine-month periods ended September 30, 2005 and 2004 </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
FACE="Times New Roman" SIZE="2">(In millions of Argentine pesos, except per share data in Argentine pesos -see Note 3.c) </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="86%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="6" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman"
SIZE="1"><B>For&nbsp;the&nbsp;nine-month&nbsp;periods</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>ended September&nbsp;30,</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>2005</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>2004</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Net sales</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">4,057</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">3,211</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Cost of services</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(2,636</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(2,153</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Gross profit</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>1,421</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>1,058</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">General and administrative expenses</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(202</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(184</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Selling expenses</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(872</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(666</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Operating income</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>347</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>208</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Equity gain (loss) from related companies</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">7</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(1</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Financial results, net</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">91</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(622</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Other expenses, net</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(108</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(69</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Gain on debt restructuring</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">1,424</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Net income (loss) before income tax and minority interest</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>1761</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>(484</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>)</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Income tax expense, net</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(134</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(9</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Minority interest</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(4</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">2</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Net income (loss)</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>$</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>1,623</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>$</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>(491</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>)</B></FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Net income (loss) per share</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>$</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>1.65</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>$</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>(0.50</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>)</B></FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:18px;margin-bottom:0px; margin-left:2%; text-indent:-2%"><FONT FACE="Times New Roman" SIZE="2">The accompanying notes are an integral part of these unaudited consolidated
financial statements. </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="34%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD></TR>
<TR>
<TD VALIGN="bottom" ALIGN="center"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">Valerio Cavallo</FONT></P> <P
STYLE="margin-left:0px;margin-right:0px;margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">Chief Financial Officer</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">Carlos Felices</FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px"
ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">Chief Executive Officer</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">Amadeo R. V&aacute;zquez</FONT></P> <P
STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">President</FONT></P></TD></TR>
</TABLE> <P STYLE="margin-top:24px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>
<A NAME="tx79604_3"></A>Unaudited Consolidated Statements of Changes in Shareholders&#146; Equity </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>for the nine-month periods ended
September&nbsp;30, 2005 and 2004 </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">(In millions of Argentine pesos &#150; see Note 3.c) </FONT></P> <P
STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="48%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="5" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Shareholders&#146; contributions</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="6" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Unappropriated results</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ROWSPAN="2" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000"> <P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT FACE="Times New Roman"
SIZE="1"><B>Total<BR>Shareholders&#146;<BR>equity</B></FONT></P></TD>
<TD VALIGN="bottom" ROWSPAN="2"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Common<BR>stock</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Inflation<BR>adjustment&nbsp;of<BR>common&nbsp;stock</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Total</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Legal<BR>reserve</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Retained<BR>earnings/<BR>(Accumulated<BR>deficit)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Total</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2"><B>Balances as of January&nbsp;1, 2004</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>984</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>3,044</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>4,028</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>277</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>(3,137</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>(2,860</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>1,168</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Net loss</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">(491</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">(491</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">(491</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Balances as of September&nbsp;30, 2004</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>984</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>3,044</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>4,028</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>277</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>(3,628</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>(3,351</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>677</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="3"></TD>
<TD HEIGHT="8" COLSPAN="3"></TD>
<TD HEIGHT="8" COLSPAN="3"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Balances as of January&nbsp;1, 2005</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>984</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>3,044</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>4,028</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>277</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>(3,803</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>(3,526</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>502</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Net income</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">1,623</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">1,623</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">1,623</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Balances as of September&nbsp;30, 2005</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>984</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>3,044</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>4,028</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>277</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>(2,180</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>(1,903</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>2,125</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD></TR>
</TABLE> <P STYLE="margin-top:12px;margin-bottom:0px; margin-left:2%; text-indent:-2%"><FONT FACE="Times New Roman" SIZE="2">The accompanying notes are an integral part of these unaudited consolidated
financial statements. </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="34%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD></TR>
<TR>
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">Valerio Cavallo</FONT></P> <P
STYLE="margin-left:0px;margin-right:0px;margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">Chief Financial Officer</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">Carlos Felices</FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px"
ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">Chief Executive Officer</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">Amadeo R. V&aacute;zquez</FONT></P> <P
STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">President</FONT></P></TD></TR>
</TABLE> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">2 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>
<A NAME="tx79604_4"></A>TELECOM ARGENTINA S.A. </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">Corporation non adhered to the Optional Statutory Regime of Compulsory Public Purchase
Offer </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>Unaudited Consolidated Statements of Cash Flows </B></FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>for the nine-month periods ended September&nbsp;30, 2005 and 2004 </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
FACE="Times New Roman" SIZE="2">(In millions of Argentine pesos - see Note 3.c) </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="88%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="6" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman"
SIZE="1"><B>For&nbsp;the&nbsp;nine-month&nbsp;periods</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>ended&nbsp;September&nbsp;30,</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>2005</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>2004</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2"><B>CASH FLOWS FROM OPERATING ACTIVITIES</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Net income (loss)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">1,623</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(491</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Adjustments to reconcile net income (loss) to net cash flows provided by operating activities</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Allowance for doubtful accounts and other allowances</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">32</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">60</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Depreciation of fixed assets</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">1,100</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">1,194</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Amortization of intangible assets</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">34</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">80</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Equity (gain) loss from related companies</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(7</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">1</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Consumption of materials</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">45</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">42</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Fixed assets disposal</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">7</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">5</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Provision for commissions</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">49</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">10</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Provision for contingencies</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">63</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">28</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Holdings results on inventories</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">13</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Interest and other financial results</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(344</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">685</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Gain on debt restructuring</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(1,424</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Income tax</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">123</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">9</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Minority interest</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">4</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(2</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Net increase in assets</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(139</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(137</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Net increase (decrease) in liabilities</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">205</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(12</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Total cash flows provided by operating activities</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>1,384</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>1,472</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2"><B>CASH FLOWS FROM INVESTING ACTIVITIES</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Fixed asset acquisitions</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(407</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(300</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Intangible asset acquisitions</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(13</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(1</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Proceeds for the sale of fixed assets and equity investments</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">13</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Decrease in investments not considered as cash and cash equivalents</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">654</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">189</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Total cash flows provided by (used in) investing activities</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>247</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>(112</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>)</B></FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2"><B>CASH FLOWS FROM FINANCING ACTIVITIES</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Debt proceeds</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">30</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Payment of debt</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(3,286</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(6</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Payment of interest and debt-related expenses</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(768</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(12</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Total cash flows used in financing activities</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>(4,024</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>(18</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>)</B></FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>(DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>(2,393</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>1,342</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>CASH AND CASH EQUIVALENTS AT THE BEGINNING OF YEAR</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>2,940</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>2,216</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>CASH AND CASH EQUIVALENTS AT PERIOD END</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>$</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>547</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>$</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>3,558</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:18px;margin-bottom:0px; margin-left:2%; text-indent:-2%"><FONT FACE="Times New Roman" SIZE="2">See Note 6 for supplementary cash flow information. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; margin-left:2%; text-indent:-2%"><FONT FACE="Times New Roman" SIZE="2">The accompanying notes are an integral part of these unaudited consolidated financial statements. </FONT></P> <P
STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="34%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD></TR>
<TR>
<TD VALIGN="bottom" ALIGN="center"> <P STYLE="margin-left:0px;margin-right:0px;margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">Valerio Cavallo<BR>Chief Financial
Officer</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"> <P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">Carlos Felices<BR>Chief Executive Officer</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"> <P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">Amadeo R. V&aacute;zquez<BR>President</FONT></P></TD></TR>
</TABLE> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">3 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>
<A NAME="tx79604_5"></A>
<A NAME="toc2"></A>TELECOM ARGENTINA S.A. </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">Corporation non adhered to the Optional Statutory Regime of Compulsory Public Purchase Offer
</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>Index to the Notes to the Unaudited Consolidated Financial Statements </B></FONT></P> <P
STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="93%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom"> <P STYLE="margin-right:0px;margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Note</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Page</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">1.</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">
<A HREF="#tx79604_7">The Company and its operations</A></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">5</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">2.</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">
<A HREF="#tx79604_8">Regulatory framework</A></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">5</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">3.</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">
<A HREF="#tx79604_9">Preparation of financial statements</A></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">10</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">4.</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">
<A HREF="#tx79604_10">Summary of significant accounting policies</A></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">12</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">5.</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">
<A HREF="#tx79604_11">Breakdown of the main accounts</A></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">20</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">6.</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">
<A HREF="#tx79604_12">Supplementary cash flow information</A></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">25</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">7.</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">
<A HREF="#tx79604_13">Related party transactions</A></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">27</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">8.</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">
<A HREF="#tx79604_14">Debt</A></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">29</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">9.</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">
<A HREF="#tx79604_15">Shareholders&#146; equity</A></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">37</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">10.</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">
<A HREF="#tx79604_16">Income tax</A></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">38</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">11.</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">
<A HREF="#tx79604_17">Commitments and contingencies</A></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">40</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">12.</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">
<A HREF="#tx79604_18">Segment information</A></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">42</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">13.</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">
<A HREF="#tx79604_19">Selected consolidated quarterly information (unaudited)</A></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">46</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">14.</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">
<A HREF="#tx79604_20">Unconsolidated information</A></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">46</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">15.</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">
<A HREF="#tx79604_21">Valuation differences between Argentine GAAP and US GAAP</A></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">48</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">16.</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">
<A HREF="#tx79604_22">Other financial statement information</A></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">55</FONT></TD></TR>
</TABLE> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">4 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>
<A NAME="tx79604_6"></A>TELECOM ARGENTINA S.A. </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">Corporation non adhered to the Optional Statutory Regime of Compulsory Public Purchase
Offer </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>Notes to the Unaudited Consolidated Financial Statements </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"
ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">(In millions of Argentine pesos, except as otherwise indicated &#150; See Note 3.c) </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>
<A NAME="tx79604_7"></A>1. The Company and its operations </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Telecom Argentina STET-France Telecom S.A. (&#147;Telecom Argentina&#148; and
together with its subsidiaries, the &#147;Company&#148; or the &#147;Telecom Group&#148;, indistinctively) was created by a decree of the Argentine Government in January 1990 and organized as a sociedad an&oacute;nima under the name &#147;Sociedad
Licenciataria Norte S.A.&#148; on April&nbsp;23, 1990. In November 1990, this legal name was changed to Telecom Argentina STET-France Telecom. However, as a result of a change in the Company&#146;s controlling group and the termination of the
Management Agreement relationship with respect to France Cables et Radio S.A. (&#147;FCR&#148;, a subsidiary of France Telecom S.A.) as joint operator of the Company, at the Extraordinary and Ordinary Shareholders Meeting held on February&nbsp;18,
2004, the shareholders approved the change of the legal name of the Company to Telecom Argentina S.A. Accordingly, the Company amended its by-laws to effect this change in accordance with the prior approval obtained from the Department of
Communications and the Comisi&oacute;n Nacional de Valores (&#147;CNV&#148;), the National Securities Commission in Argentina. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">The Company
provides fixed-line public telecommunication services and fixed telephone services, international long-distance service, data transmission, Internet services and directories publishing services in Argentina. The Company also provides wireless
telecommunication services in Argentina and Paraguay. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Telecom Argentina commenced operations on November&nbsp;8, 1990 (the &#147;Transfer
Date&#148;), upon the transfer to the Company of the telecommunications network of the northern region of Argentina previously owned and operated by the state-owned company, Empresa Nacional de Telecomunicaciones (&#147;ENTel&#148;). </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Upon the Transfer Date, Telecom Argentina entered into a management agreement with Telecom Italia S.p.A. (&#147;Telecom Italia&#148; and together with
FCR, the &#147;Operators&#148;) pursuant to which the Operators agreed to manage the business and provide services, expertise and know-how. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman"
SIZE="2">Telecom Argentina&#146;s license, as originally granted, was exclusive to provide telephone services in the northern region of Argentina through November&nbsp;8, 1997, with the possibility of a three-year extension. In March 1998, the
Argentine Government extended the exclusivity period to late 1999 and established the basis for a transition period towards deregulation of the telecommunications market. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
FACE="Times New Roman" SIZE="2">In this context, the Department of Communications provided for a transition period, which ended on October&nbsp;10, 1999. As from such date, the Company began providing telephone services in the southern region of
Argentina and competing in the previously exclusive northern region. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>
<A NAME="tx79604_8"></A>2. Regulatory framework </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"><B>(a) Regulatory bodies and general legal framework </B></FONT></P> <P
STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Telecom Argentina and Telecom Personal S.A. (&#147;Personal&#148;) operate in a regulated industry. Regulation not only covers rates and service terms,
but also the terms on which various licensing and technical requirements are imposed. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">The provision of telecommunication services is
regulated by the Department of Communications and supervised by the Comisi&oacute;n Nacional de Comunicaciones, the National Communications Commission (&#147;CNC&#148;). The CNC is responsible for the general oversight and supervision of
telecommunications services. The Department of Communications has the authority to develop, suggest and implement policies; to ensure that these policies are applied; to review the applicable legal regulatory framework; to act as the enforcing
authority with respect to the laws governing the relevant activities; to approve the major technical plans and to resolve administrative appeals filed against CNC resolutions. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">The principal features of the regulatory framework have been created by: </FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">The Privatization Regulations, including the List of Conditions; </FONT></TD></TR></TABLE> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">5 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>TELECOM ARGENTINA S.A. </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"
ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">Corporation non adhered to the Optional Statutory Regime of Compulsory Public Purchase Offer </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman"
SIZE="2"><B>Notes to the Unaudited Consolidated Financial Statements </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">(In millions of Argentine pesos, except as otherwise indicated
&#150; See Note 3.c) </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">The Transfer Agreement; </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">The Licenses granted to Telecom Argentina and its subsidiaries; </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">The Tariff Agreements; and </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Various governmental decrees, including Decree No.&nbsp;764/00, establishing the regulatory framework for licenses, interconnection, universal service and radio spectrum management.
</FONT></TD></TR></TABLE> <P STYLE="margin-top:18px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"><B>(b) Licenses granted as of September&nbsp;30, 2005 </B></FONT></P> <P
STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">As of September&nbsp;30, 2005, Telecom Argentina has been granted the following non-expiring licenses to provide the following services in Argentina:
</FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Local fixed telephony; </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Public telephony; </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Domestic and international long-distance telephony; </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Domestic and international point-to-point link services; </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Domestic and international telex services; </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Value added services, data transmission, videoconferencing and broadcasting signal services; and </FONT></TD></TR></TABLE> <P
STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Internet access. </FONT></TD></TR></TABLE> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">As of September&nbsp;30, 2005, the
Company&#146;s subsidiaries have been granted the following licenses: </FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Personal has been granted a non-exclusive, non-expiring license to provide mobile telecommunication services in the northern region of Argentina and data transmission and value
added services throughout the country. In addition, Personal owns licenses to provide mobile radio communication services in the Federal District and Greater Buenos Aires areas, as well as a non-expiring license to provide PCS services throughout
the country and it is registered to provide national and international long-distance telephone services; and </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Nucleo S.A. (&#147;Nucleo&#148;) has been granted a license to provide mobile telecommunication services in Paraguay as well as PCS services in certain areas of that country.
</FONT></TD></TR></TABLE> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Telecom Argentina&#146;s license is revocable in the case of non-compliance with certain obligations, including but not
limited to: </FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">the interruption of all or a substantial portion of service; </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">the non-performance of material obligations; </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">any sale, encumbrance or transfer of assets which may result in a reduction of level of services provided, without the prior approval of the regulatory authority;
</FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">the reduction of Nortel Inversora S.A.&#146;s (&#147;Nortel&#148;, the parent company of the Company) interest in Telecom Argentina to less than 51%, or the reduction of
Nortel&#146;s common shareholders&#146; interest in Nortel to less than 51%, in either case without prior approval of the regulatory authorities; and </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">the Company&#146;s bankruptcy. </FONT></TD></TR></TABLE> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">6 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>TELECOM ARGENTINA S.A. </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"
ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">Corporation non adhered to the Optional Statutory Regime of Compulsory Public Purchase Offer </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman"
SIZE="2"><B>Notes to the Unaudited Consolidated Financial Statements </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">(In millions of Argentine pesos, except as otherwise indicated
&#150; See Note 3.c) </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Personal&#146;s licenses are revocable in the case of non-compliance with certain obligations,
including but not limited to: </FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">repeated interruptions of the services; </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">any transfer of the license and/or the related rights and obligations, without the prior approval of the regulatory authority; </FONT></TD></TR></TABLE> <P
STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">any encumbrance of the license; </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">the voluntary insolvency proceedings or bankruptcy of Personal and, </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">the liquidation or dissolution of Personal, without the prior approval of the regulatory authority. </FONT></TD></TR></TABLE> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Nucleo&#146;s licenses are revocable mainly in the case of: </FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">interruption of services; </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">the bankruptcy of Nucleo and, </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">non-compliance with certain obligations. </FONT></TD></TR></TABLE> <P STYLE="margin-top:18px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"><B>(c)
Renegotiation of agreements with the Argentine Government </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Telecom Argentina&#146;s tariff scheme and procedures are detailed in the
Tariff Agreement entered into by Telecom Argentina and the Argentine Government in November 1991, as amended in February 1992. Pursuant to the Tariff Agreement, all tariffs were to be calculated in US dollars and converted into Argentine pesos at
the time the customer was billed using the exchange rate prevailing at that time. Under the Convertibility law that was effective until January 2002, the applicable exchange rate was $1 to US$1. Tariffs were to be adjusted twice a year in April and
October based on the variation of the U.S. Consumer Price Index (&#147;U.S. C.P.I.&#148;). These adjustments were not applied since 2000 according to a resolution of the Department of Communications. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">However, in January 2002, the Argentine Government enacted Law No.&nbsp;25,561, which provided, among other aspects, for the following: </FONT></P> <P
STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">The pesification of tariffs; </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">The elimination of dollar or other foreign-currency adjustments and indexing provisions for tariffs; </FONT></TD></TR></TABLE> <P
STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">The establishment of an exchange rate for dollar-denominated prices and rates of $1 =US$1; and </FONT></TD></TR></TABLE> <P
STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">The renegotiation of the conditions of the contractual agreements entered into between privatized companies and the Argentine Government. </FONT></TD></TR></TABLE> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">The Argentine Government is entitled to renegotiate these agreements based on the following criteria: </FONT></P> <P
STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">The overall impact of tariffs for public services on the economy and income levels; </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Service quality and investment plans, as contractually agreed; </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">The customers&#146; interests and access to the services; </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">The security of the systems; and </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">The profitability of the service providers. </FONT></TD></TR></TABLE> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">7 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>TELECOM ARGENTINA S.A. </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"
ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">Corporation non adhered to the Optional Statutory Regime of Compulsory Public Purchase Offer </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman"
SIZE="2"><B>Notes to the Unaudited Consolidated Financial Statements </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">(In millions of Argentine pesos, except as otherwise indicated
&#150; See Note 3.c) </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Decree No.&nbsp;293/02, dated February&nbsp;12, 2002, entrusted the Ministry of Economy with the
renegotiation of the agreements, including agreements that govern the provision of fixed telephone services. Initially, the contractual renegotiation proposals were to be submitted to the Argentine Government within 120 days after the effective date
of the Decree, although this term was further extended for an additional 180-day period. Telecom Argentina filed all information as required by the Argentine Government, which included information on the impact caused by the economic crisis on the
Company&#146;s financial position and its revenues, the pre-existing mechanisms for tariff adjustments, operating costs, indebtedness, payment commitments with the Argentine Government and future and on-going investment commitments. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Resolution No.&nbsp;38/02 of the Ministry of Economy established that the regulatory bodies were not entitled to modify, directly or indirectly, the
prices and tariffs while the renegotiation talks with the parties were in progress. In August 2003, the Ministry of Economy and the Ministry of Federal Planning, Public Investments and Services issued Resolutions No.&nbsp;188/03 and No.&nbsp;44/03,
which nullified Resolution No.&nbsp;38/02. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Furthermore, in July 2003, Decree No.&nbsp;311/03 created a &#147;special unit&#148; within the
Ministry of Economy and the Ministry of Federal Planning, Public Investments and Services, pursuant to which the contractual relationships between the Argentine Government and the service providers were to be revised and renegotiated. In October
2003, the Argentine Government enacted Law No.&nbsp;25,790 pursuant to which the original term to renegotiate the contracts was extended through December&nbsp;31, 2004. In December 2004, the Argentine Government enacted Law No.&nbsp;25,972 pursuant
to which this term was extended through December&nbsp;31, 2005. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">In May 2004, the Company signed a letter of understanding with the
Argentine Government pursuant to which the Company committed not to modify the current tariff structure through December&nbsp;31, 2004 and to continue with the tariff renegotiation process, which the Company had expected to conclude before
December&nbsp;31, 2004. The Company also committed to offer phone services to beneficiaries of Argentine Government welfare programs and to extend internet services in the interior of the country at discounted prices. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">As of the date of these financial statements, there can be no assurance as to the final outcome of the renegotiation process, including, but not limited
to, the renegotiation of tariffs. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"><B>(d) Universal Service (&#147;SU&#148;) Regulation </B></FONT></P> <P
STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">The SU regulation requires entities that receive revenues from telecommunications services to contribute 1% of these revenues to the SU fund. The
regulation establishes a formula for calculating the subsidy for the provision of SU, which takes into account the cost of providing this service and any foregone revenues. Additionally, the regulation creates a committee responsible for the
administration of the SU fund and the development of specific SU programs. The regulation adopts a &#147;pay or play&#148; mechanism for compliance with the mandatory contribution to the SU fund, although it establishes a mechanism for exemption
from contribution for fixed telephony service providers, which combines loss of revenues and market share. However, material regulations to implement SU programs are still pending. </FONT></P> <P
STYLE="margin-top:18px;margin-bottom:0px; margin-left:2%"><FONT FACE="Times New Roman" SIZE="2"><B><I><U>In Telecom </U></I></B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">By the end
of 2002, the SC formed a Working group whose main purpose was to analyze the method to be applied in measuring the costs of the SU performance &#151;in particular the application of the &#147;HCPM Model&#148;, based in incremental costs of a
theoretical network&#151;, as well as the definition and methodology for the calculation of the &#147;Non-Monetary Benefits&#148;, in order to determine the costs to offset for the performance of the SU. Said Working group determined that efforts
should be made in the short term to go on with the initial programs, independently from the HPCM model, and that there was a need to carry out a thorough revision of the present General Regulations of the SU to make said regulations operative in the
short term, according to the existing social needs. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">After more than five years from the beginning of the opening of the market and the
coming into effect of the first Regulations of the SU &#150; and after four years from the coming into effect of its amendments-, said Regulations are still to be implemented. Therefore, those under said Regulations suppliers have not received
set-offs for the </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">8 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>TELECOM ARGENTINA S.A. </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"
ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">Corporation non adhered to the Optional Statutory Regime of Compulsory Public Purchase Offer </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman"
SIZE="2"><B>Notes to the Unaudited Consolidated Financial Statements </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">(In millions of Argentine pesos, except as otherwise indicated
&#150; See Note 3.c) </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">supplies under the SU, which supplies they have been delivering since the beginning of the abovementioned opening of
the market. In addition, as the Regulatory Authority has not issued any rules or regulations as regards the SU performance in general and the trust fund in particular, no contribution has been made effective to said fund. In relation to the
abovementioned, Telecom decided not to record in its financial statements the net receivable it shall be entitled to when the SU Fund guidelines are issued. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px; margin-left:2%"><FONT
FACE="Times New Roman" SIZE="2"><B><I><U>In Personal </U></I></B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Since January 2001, Personal has been recording a provision derived from
its obligation to make contributions to the SU Fund. As of September&nbsp;30, 2005, such provision amounted to $54 million. Personal, as well as the other providers, is currently awaiting the establishment of the Fund as well as the guidelines to
effect the above said contributions. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">In May 2005, the SC issued Resolution No.&nbsp;99/05 which prohibits billing and collecting the SU
amount. The Resolution also instructs the CNC to (i)&nbsp;notify service providers to reimburse to customers any SU amounts improperly charged through billing and (ii)&nbsp;discontinue such practice immediately to customers. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">This resolution was implemented by CNC Resolution No.&nbsp;2356/05 on July&nbsp;8, 2005, which required service providers to reimburse customers the
previously billed SU amounts during a 90-day period. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">On August&nbsp;9, 2005, Personal filed an injunction against Resolution
No.&nbsp;2356/05. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Since the 90-day period set by Resolution 2356/05 lapsed and the SC did not resolve on the injunction filed by Personal,
on October&nbsp;11, 2005, Personal requested the CNC (i)&nbsp;to extend the term to reimburse customers, (ii)&nbsp;to issue more precise guidelines for the implementation for the resolution and (iii)&nbsp;to resolve on the injunction. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">On October&nbsp;12, 2005, the SC issued Resolution No.&nbsp;301/05 which: </FONT></P> <P
STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">a)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">rejects the claims filed by Personal and the other cellular operators. </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">b)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">nullifies CNC Resolution No.&nbsp;2356/05; and </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">c)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">instructs the CNC to order cellular providers to discontinue charging SU Fund amounts to their customers and demands reimbursement. </FONT></TD></TR></TABLE> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">On October&nbsp;25, 2005, the CNC requested Personal: </FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">a)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">to stop charging SU amounts to customers; </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">b)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">to reimburse the collected amounts within 15 working days, plus interest (applying the same rate used for overdue invoices from customers); </FONT></TD></TR></TABLE> <P
STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">c)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">to identify in the invoices the amounts to be reimbursed; and </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">d)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">to file within 40 working days following the period stated in b) above certain information to the regulatory authority for the verification of the reimbursements.
</FONT></TD></TR></TABLE> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Personal&#146;s management, together with its legal counsels, considers that it has solid legal grounds to appeal these
resolutions. However, and considering the status of the current climate, management decided to reimburse the amounts which had been billed to post-paid customers from January&nbsp;1, 2001 to June&nbsp;28, 2005, date on which Personal ceased billing
SU amounts. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Notwithstanding Personal will reimburse the amounts as mandated by the abovementioned resolutions, it will not surrender any
of its rights to consider them as illegitimate and without merit. Accordingly, a reserve amounting to $23 million has been established to cover for these reimbursements. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">9 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>TELECOM ARGENTINA S.A. </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"
ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">Corporation non adhered to the Optional Statutory Regime of Compulsory Public Purchase Offer </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman"
SIZE="2"><B>Notes to the Unaudited Consolidated Financial Statements </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">(In millions of Argentine pesos, except as otherwise indicated
&#150; See Note 3.c) </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>
<A NAME="tx79604_9"></A>3. Preparation of financial statements </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"><B>(a) Basis of presentation </B></FONT></P> <P
STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">The unaudited consolidated financial statements of the Company have been prepared in accordance with generally accepted accounting principles used in
Argentina (&#147;Argentine GAAP&#148;), considering the regulations of the CNV, which differ in certain significant respects from generally accepted accounting principles in the United States of America (&#147;US GAAP&#148;). Such differences
involve methods of measuring the amounts shown in the financial statements, as well as additional disclosures required by US&nbsp;GAAP and Regulation S-X of the Securities and Exchange Commission (&#147;SEC&#148;). </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">However, certain reclassifications and accommodations have been made to conform more closely to the form and content required by the SEC. </FONT></P> <P
STYLE="margin-top:18px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"><B>(b) Basis of consolidation </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">These
unaudited consolidated financial statements include the accounts of Telecom Argentina and its subsidiaries over which it has effective control. Investments in companies in which the Company exercises significant influence, but not control, are
accounted for under the equity method. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">All significant intercompany accounts and transactions have been eliminated in preparation of the
consolidated financial statements. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">In accordance with Argentine GAAP, the presentation of the parent company&#146;s individual financial
statements is mandatory. Consolidated financial statements are to be included as supplementary information to the individual financial statements. For the purpose of these financial statements, individual financial statements have been omitted since
they are not required for SEC reporting purposes (see Note 14 for a description of certain condensed unconsolidated information). </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">A
description of the subsidiaries with their respective percentage of capital stock owned is presented as follows: </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="34%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD></TR>
<TR>
<TD VALIGN="bottom" NOWRAP> <P STYLE="margin-right:0px;margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Reportable segment</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP STYLE="border-bottom:1px solid #000000"> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT FACE="Times New Roman" SIZE="1"><B>Subsidiaries</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>Percentage&nbsp;of&nbsp;capital&nbsp;stock</B></FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>owed and voting rights as</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>of
September&nbsp;30, 2005(1)</B></FONT></P></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Voice, data and Internet</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">Telecom Argentina USA</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">100.00%</FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">Micro Sistemas(2)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">99.99%</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Wireless</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">Personal</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">99.99%</FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">Nucleo</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">67.50%</FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">Cable Insignia(3)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">75.00%</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Directories publishing</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">Publicicom S.A.</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">99.99%</FONT></TD></TR>
</TABLE><HR WIDTH="8%" SIZE="1" NOSHADE COLOR="#000000" ALIGN="left">
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">(1)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Percentage of equity interest owned has been rounded. </FONT></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">(2)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Not operating at September&nbsp;30, 2005. </FONT></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">(3)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">In process of liquidation. </FONT></TD></TR></TABLE> <P STYLE="margin-top:18px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"><B>(c) Presentation of
financial statements in constant Argentine Pesos </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">On August&nbsp;22, 1995, the Argentine Government issued Decree No.&nbsp;316/95
discontinuing the requirement that financial information be restated for inflation for any date or period after August&nbsp;31, 1995. Effective September&nbsp;1, 1995 in accordance with CNV resolutions and Argentine GAAP, the Company began
accounting for its financial transactions on a historical cost basis, without considering the effects of inflation. Prior to September&nbsp;1, 1995, the financial statements were prepared on the basis of general price level accounting, which
reflected changes in purchasing power of the Argentine Peso in the historical financial statements. The financial statement information of periods prior to August&nbsp;31, 1995 was restated to pesos of general purchasing power at the end of
August&nbsp;31, 1995 (&#147;constant Pesos&#148;). The August&nbsp;31, 1995 balances, adjusted to the general purchasing power of the Peso at that date, became the historical cost basis for subsequent accounting and reporting. </FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">10 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>TELECOM ARGENTINA S.A. </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"
ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">Corporation non adhered to the Optional Statutory Regime of Compulsory Public Purchase Offer </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman"
SIZE="2"><B>Notes to the Unaudited Consolidated Financial Statements </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">(In millions of Argentine pesos, except as otherwise indicated
&#150; See Note 3.c) </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">However, as a result of the inflationary environment in Argentina and the conditions created by the
Public Emergency Law No.&nbsp;25,561, Ley de Emergencia P&uacute;blica y Reforma del R&eacute;gimen Cambiario (the &#147;Public Emergency Law&#148;), the Consejo Profesional de Ciencias Econ&oacute;micas de la Ciudad Aut&oacute;noma de Buenos Aires
(&#147;CPCECABA&#148;), approved on March&nbsp;6, 2002, a resolution reinstating the application of inflation accounting in financial statements for fiscal years or interim periods ending on or after March&nbsp;31, 2002. This resolution provided
that all recorded amounts restated for inflation through August&nbsp;31, 1995, as well as those arising between that date and December&nbsp;31, 2001 are deemed to be stated in constant currency as of December&nbsp;31, 2001 (the &#147;Stability
Period&#148;). </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">On July&nbsp;16, 2002, the Argentine Government instructed the CNV to accept financial statements prepared in constant
currency. On July&nbsp;25, 2002, the CNV reinstated the requirement to submit financial statements in constant currency, following the criteria of the CPCECABA. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
FACE="Times New Roman" SIZE="2">However, on March&nbsp;25, 2003, the Argentine Government reinstructed the CNV to preclude companies from presenting price-level restated financial statements. Therefore, on April&nbsp;8, 2003, the CNV resolved
discontinuing inflation accounting as of March&nbsp;1, 2003. The Company complied with the CNV resolution and accordingly recorded the effects of inflation until February&nbsp;28, 2003. Comparative figures were also restated until that date.
</FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">In October 2003, the CPCECABA resolved to discontinue inflation accounting as of September&nbsp;30, 2003. Since Argentine GAAP required
companies to prepare price-level restated financial statements through September&nbsp;30, 2003, the application of the CNV resolution represented a departure from Argentine GAAP. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">As recommended by Argentine GAAP, the following table presents a comparison between certain condensed balance sheet and income statement information, as
restated for the effects of inflation through September&nbsp;30, 2003, and the corresponding reported amounts which included restatement only through February&nbsp;28, 2003: </FONT></P> <P
STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="75%"></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>As&nbsp;restated&nbsp;through<BR>September&nbsp;30, 2003</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>As&nbsp;reported</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Effect</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Total assets</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">8,515</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">8,614</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">(99</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Total liabilities</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">6,424</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">6,424</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Shareholders&#146; equity</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">2,026</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">2,125</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">(99</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Net income</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">1,634</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">1,623</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">11</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
</TABLE> <P STYLE="margin-top:18px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"><B>(d) Interim financial information </B></FONT></P> <P
STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">The accompanying September&nbsp;30, 2005 consolidated financial statements are unaudited. The interim consolidated financial statements should be read in
conjunction with the audited financial statements and related footnotes. The unaudited financial statements include, in the opinion of management, all adjustments, consisting only of normal recurring adjustments that are considered necessary for the
fair presentation of the information in the financial statements. Operating results for the nine-month period ended September&nbsp;30, 2005 are not necessarily indicative of results that may be expected for any future periods. </FONT></P> <P
STYLE="margin-top:18px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"><B>(e) Use of estimates </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">The preparation
of the consolidated financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent
liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. </FONT></P> <P
STYLE="margin-top:18px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"><B>(f) Reclassifications </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Certain
reclassifications of prior year information have been made to conform with the current year presentation. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">11 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>TELECOM ARGENTINA S.A. </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"
ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">Corporation non adhered to the Optional Statutory Regime of Compulsory Public Purchase Offer </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman"
SIZE="2"><B>Notes to the Unaudited Consolidated Financial Statements </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">(In millions of Argentine pesos, except as otherwise indicated
&#150; See Note 3.c) </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"><B>(g) Statement of cash flows </B></FONT></P> <P
STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">The Company considers all highly liquid temporary investments with an original maturity of three months or less at the time of purchase to be cash
equivalents. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"><B>(h) Concentration of credit risk </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT
FACE="Times New Roman" SIZE="2">The Company&#146;s cash equivalents include high-quality securities placed with various major financial institutions with high credit ratings. The Company&#146;s investment policy limits its credit exposure to any one
issuer/obligor. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">The Company&#146;s customers include numerous corporations. The Company serves a wide range of customers, including
residential customers, businesses and governmental agencies. As such, the Company&#146;s account receivables are not subject to significant concentration of credit risk. While receivables for sales to these various customers are generally unsecured,
the financial condition and creditworthiness of customers are routinely evaluated. Fixed service lines were 3,906,000 (unaudited) at September&nbsp;30, 2005, and 3,750,000 (unaudited) at September&nbsp;30, 2004 and wireless customer lines (prepaid
lines were not included) were 1,728,000 (unaudited) at September&nbsp;30, 2005, and 807,000 (unaudited) at September&nbsp;30, 2004. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">The
Company provides for losses relating to accounts receivable. The allowance for losses is based on management&#146;s evaluation of various factors, including the credit risk of customers, historical trends and other information. While management uses
the information available to make evaluations, future adjustments to the allowance may be necessary if future economic conditions differ substantially from the assumptions used in making the evaluations. Management has considered all significant
events and/or transactions that are subject to reasonable and normal methods of estimation, and the accompanying consolidated financial statements reflect that consideration. </FONT></P> <P
STYLE="margin-top:18px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"><B>(i) Earnings per share </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">The Company
computes net (loss) income per common share by dividing net income (loss) for the year by the number of common shares outstanding. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>
<A NAME="tx79604_10"></A>4. Summary of significant accounting policies </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">The following is a summary of significant accounting policies
followed by the Company in the preparation of the financial statements. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"><B>(a) Foreign currency translation </B></FONT></P> <P
STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">The financial statements of the Company&#146;s foreign subsidiaries are translated in accordance with RT 18, &#147;Specific Considerations for the
Preparation of Financial Statements&#148;, as amended by CPCECABA. RT 18 establishes guidelines to classify foreign investments either as &#147;foreign operations&#148; or &#147;foreign entities&#148;. A company is to be regarded as a foreign entity
if it is financially, economically and organizationally autonomous. Otherwise, a company is to be regarded as a foreign operation if its operations are integral to those of the Company. The Company&#146;s foreign subsidiaries have been classified as
foreign entities since they are financially, economically and organizationally autonomous. Accordingly, and pursuant to RT 18, as amended by CPCECABA, financial statements of foreign entities are translated using period-end exchange rates for
assets, liabilities and results of operations. Adjustments resulting from these translations are accumulated and reported as a separate line item between the liability and equity sections of the balance sheet. </FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">12 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>TELECOM ARGENTINA S.A. </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"
ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">Corporation non adhered to the Optional Statutory Regime of Compulsory Public Purchase Offer </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman"
SIZE="2"><B>Notes to the Unaudited Consolidated Financial Statements </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">(In millions of Argentine pesos, except as otherwise indicated
&#150; See Note 3.c) </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"><B>(b) Revenue recognition </B></FONT></P> <P
STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">The Company&#146;s principal sources of revenues are: </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:2%; text-indent:-2%"><FONT
FACE="Times New Roman" SIZE="2"><U>Voice, data and Internet services segment </U></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:2%"><FONT FACE="Times New Roman" SIZE="2"><B><I>Fixed telephone services: </I></B></FONT></P> <P
STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Domestic services revenues consist of monthly basic fees, measured service, long-distance calls and measured charges for value-added services, including
call forwarding, call waiting, three-way calling, itemized billing and voicemail. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Revenues are recognized when earned. Unbilled revenues
from the billing cycle dating to the end of each month are calculated based on traffic and are accrued at the end of the month. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Basic fees
are generally billed monthly in advance and are recognized when services are provided. Revenues derived from other telecommunications services, principally network access, long distance and airtime usage, are recognized monthly as services are
provided. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Revenues from the sale of prepaid calling cards are recognized in the month in which the traffic is used or in which the card
expires, whichever happens first. Remaining unused traffic for unexpired calling cards is shown as deferred revenue in accounts payable. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman"
SIZE="2">Revenues from installations consist primarily of amounts charged for the installation of local access lines. Installation fees are recognized at the time of installation or activation. The direct incremental cost related to installations
and activations are expensed as incurred. Installation and activation costs exceed installation revenues for all periods presented. Reconnection fees charged to customers when resuming service after suspension are deferred and recognized ratably
over the average life for those customers who are assessed a reconnection fee. Associated direct expenses are also deferred over the estimated customer relationship period in an amount equal to or less than the amount of deferred revenues.
Reconnection revenues are higher than its associated direct expenses. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Interconnection charges represent amounts received by the Company
from other local service providers and long-distance carriers for calls that originate on or transit their networks but terminate on the Company&#146;s network. Revenue is recognized as services are provided. </FONT></P> <P
STYLE="margin-top:18px;margin-bottom:0px; margin-left:2%"><FONT FACE="Times New Roman" SIZE="2"><B><I>International long-distance services: </I></B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman"
SIZE="2">The Company provides international telecommunications service in Argentina including voice and data services and international point-to-point leased circuits. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
FACE="Times New Roman" SIZE="2">Revenues from international long-distance service reflect payments under bilateral agreements between the Company and foreign telecommunications carriers, covering inbound international long-distance calls.
</FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Revenues are recognized as services are provided. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px; margin-left:2%"><FONT
FACE="Times New Roman" SIZE="2"><B><I>Data transmission and Internet services: </I></B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Data and Internet revenues consist of fixed monthly
fees received from residential and corporate customers for data transmission and Internet connectivity services, including traditional dial-up connections, dedicated lines, private networks, broadcasting signal transport and videoconferencing
services. These revenues are recognized as services are rendered. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px; margin-left:2%; text-indent:-2%"><FONT FACE="Times New Roman" SIZE="2"><U>Wireless telecommunication services segment
</U></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">The Company provides wireless telephone service throughout Argentina via cellular and PCS networks. Cellular and PCS fees consist of
monthly basic fees, airtime usage charges and additional charges for value-added services, including call waiting, call forwarding, three-way calling and voicemail, and for other miscellaneous cellular and PCS services. These revenues are recognized
as services are rendered. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Equipment sales consist principally of revenues from the sale of wireless mobile telephone handsets to new and
existing customers and to agents and other third-party distributors. The revenues and related expenses associated with the sale of wireless handsets and accessories are recognized when the products are delivered and accepted by the customer, which
is considered to be a separate earnings process from the sale of wireless services. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">13 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>TELECOM ARGENTINA S.A. </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"
ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">Corporation non adhered to the Optional Statutory Regime of Compulsory Public Purchase Offer </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman"
SIZE="2"><B>Notes to the Unaudited Consolidated Financial Statements </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">(In millions of Argentine pesos, except as otherwise indicated
&#150; See Note 3.c) </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Revenues from the sale of prepaid calling cards are recognized in the month in which the traffic is
used or in which the card expires, whatever happens first. Remaining unused traffic for unexpired calling cards is shown as deferred revenue in current liabilities. </FONT></P> <P
STYLE="margin-top:18px;margin-bottom:0px; margin-left:2%; text-indent:-2%"><FONT FACE="Times New Roman" SIZE="2"><U>Directory publishing segment </U></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman"
SIZE="2">Revenues and expenses related to publishing directories are recognized on the &#147;issue basis&#148; method of accounting, which recognizes the revenues and expenses at the time the related directory is published, fulfilling the
Company&#146;s contractual obligation to customers. A change in the timing of the publication of a directory could change the period in which the related revenues and expenses will be recognized. </FONT></P> <P
STYLE="margin-top:18px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"><B>(c) Foreign currency transaction gains/losses </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman"
SIZE="2">Generally, foreign currency transaction gains and losses are included in the determination of net income or loss. During the nine-month periods ended September&nbsp;30, 2005 and 2004, net foreign currency transaction gains or losses were a
gain of $640 and a loss of $71, respectively. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">However, CNV Resolution No.398 allowed the application of CPCECABA Resolution MD No.3/02,
issued in March 2002, which provides that foreign currency transaction gains or losses on or after January&nbsp;6, 2002, related to foreign-currency denominated debts as of such date must be allocated to the cost of assets acquired or constructed
with such financing, as long as a series of conditions and requirements established in such standard are fulfilled. The Company adopted these resolutions and allocated the costs accordingly. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">In July 2003, the CPCECABA suspended such accounting treatment and therefore required foreign currency transaction gains and losses to be included in the
determination of net income for the period as from July&nbsp;29, 2003. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"><B>(d) Cash and banks </B></FONT></P> <P
STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Cash and banks are stated at face value. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman"
SIZE="2"><B>(e) Trade accounts, other receivables and payables, in currency, arising from the sale or purchase of goods and services and financial transactions </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT
FACE="Times New Roman" SIZE="2">Certain receivables and payables on the sale or purchase of goods and services, respectively, and those arising from financial transactions, are measured based on the calculation of their discounted value using the
internal rate of return of such assets or liabilities at the time of initial measurement, unless the Company has the intent and ability to dispose of those assets or advance settlement of liabilities. </FONT></P> <P
STYLE="margin-top:18px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"><B>(f) Other receivables and payables in currency not included in (e)&nbsp;above (except for deferred tax assets and liabilities and retirement benefits)
</B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Other receivables and payables not included in (e)&nbsp;above (except for deferred tax assets and liabilities and retirement benefits),
are measured based on the calculation of their discounted value using the internal rate of return of such assets or liabilities at period end, unless the Company has the intent and ability to dispose of those assets or advance settlement of
liabilities. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"><B>(g) Investments </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman"
SIZE="2">Time deposits are valued at their cost plus accrued interest at period end. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Mutual funds are carried at market value. Unrealized
gains and losses are included in financial results, net, in the consolidated statements of income. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">14 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>TELECOM ARGENTINA S.A. </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"
ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">Corporation non adhered to the Optional Statutory Regime of Compulsory Public Purchase Offer </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman"
SIZE="2"><B>Notes to the Unaudited Consolidated Financial Statements </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">(In millions of Argentine pesos, except as otherwise indicated
&#150; See Note 3.c) </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">The Company has investments in certain government bonds. The Company has classified these securities
as held-to-maturity as management has the intent and ability to hold those securities to maturity. Such securities are recorded at amortized cost, subject to impairment evaluation. </FONT></P> <P
STYLE="margin-top:18px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"><B>(h) Inventories, net </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Inventories are
stated at the lower of replacement cost or net realizable value. Where necessary, provision is made for obsolete, slow moving or defective inventory. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
FACE="Times New Roman" SIZE="2">From time to time, the Company decides to sell wireless handsets at prices lower than their respective replacement costs. This strategy is aimed at achieving higher market penetration by reducing customer access costs
while maintaining the Company&#146;s overall wireless business profitability. As this policy is the result of management&#146;s decision, promotional prices are not used to calculate the net realizable value of such inventories. </FONT></P> <P
STYLE="margin-top:18px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"><B>(i) Other assets, net </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Buildings held
for sale are stated at cost, less accumulated amortization. All amounts have been restated for inflation in accordance with applicable regulations (See Note 3.c.) which does not exceed the estimated realizable value of such assets. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Raw materials have been accounted for at replacement cost, which does not exceed the estimated realizable value of such materials. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Printing costs related to directories are carried at cost and deferred until the related directories are distributed. </FONT></P> <P
STYLE="margin-top:18px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"><B>(j) Fixed assets, net </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Fixed assets
received from &#147;ENTel&#148; have been valued at their transfer price. Subsequent additions have been valued at cost less accumulated depreciation. All amounts have been restated for inflation in accordance with applicable regulations (See Note
3.c.). Depreciation expense is calculated using the straight-line method over the estimated useful lives of the related assets, based on the rates specified below: </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="84%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="90%"></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom"> <P STYLE="margin-right:0px;margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Asset</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Estimated<BR>useful life<BR>(years)</B></FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Buildings</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">11-50</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Transmission equipment</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">7-10</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Switching equipment</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">7-10</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Power equipment</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">10</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">External wiring</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">17</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Telephony equipment and instrument</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">6-10</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Installations</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">4-10</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Computer equipment</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">3-5</FONT></TD></TR>
</TABLE> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">As of the date of these financial statements, the Company has received the transfer of title
pertaining to substantially all of the fixed assets received from ENTel, other than 2.8% of the total transferred buildings, representing $18 of net carrying value as of September&nbsp;30, 2005. Nevertheless, the Company is in complete possession of
these fixed assets and operates them normally. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">During the second quarter ended June&nbsp;30, 2005, independent appraisals helped the
Company&#146;s subsidiary, Personal, to reassess the appropriateness of the useful lives of certain of its fixed assets. As a result of the work, Personal changed the useful lives of its TDMA and GSM networks and certain other network-related assets
prospectively as from January&nbsp;1, 2005. Accordingly, Personal recognized accelerated depreciation of $ 24 related to these assets. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">15 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>TELECOM ARGENTINA S.A. </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"
ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">Corporation non adhered to the Optional Statutory Regime of Compulsory Public Purchase Offer </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman"
SIZE="2"><B>Notes to the Unaudited Consolidated Financial Statements </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">(In millions of Argentine pesos, except as otherwise indicated
&#150; See Note 3.c) </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">For fixed assets whose operating condition warrants replacement earlier than the end of the useful
life assigned by the Company to its fixed asset category, the Company calculates the depreciation charge based on the adjusted remaining useful life assigned in accordance with the related asset replacement. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">The cost of maintenance and repairs is charged to expense as incurred. The cost of significant renewals and improvements is added to the carrying amount
of the respective assets. When assets are retired or otherwise disposed of, the cost and related accumulated depreciation are removed from the accounts, and any resulting gain or loss is reflected in the statements of income. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">The Company capitalizes interest on long-term construction projects. Interest capitalized was $10 and $3 for the nine-month periods ended
September&nbsp;30, 2005 and 2004, respectively. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Certain foreign currency transaction gains and losses were capitalized as part of the cost
of the assets from January 2002 through July 2003 (See Note 4.c for details). The net carrying value of these capitalized costs were $343 as of September&nbsp;30, 2005 and $443 as of December&nbsp;31, 2004. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">The Company does not have assets under capital leases as of September&nbsp;30, 2005 and 2004. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">The Company is subject to asset retirement obligations (&#147;ARO&#148;) associated with its cell and switch site operating leases. The Company, in most
cases, has the right to renew the initial lease term. Accordingly, the Company records a liability for an ARO. When the liability is initially recorded, the entity capitalizes a cost by increasing the carrying amount of the related long-lived asset.
The capitalized cost is depreciated over the estimated useful life of the related asset. Subsequent to the initial measurement, an entity should recognize changes in the ARO that result from (1)&nbsp;the passage of time and (2)&nbsp;revisions made
to either the timing or amount of estimated cash flows. Changes resulting from revisions in the timing or amount of estimated cash flows should be recognized as increases or decreases in the carrying amount of the ARO and the associated capitalized
retirement cost. Increases in the ARO as a result of upward revisions in undiscounted cash flow estimates should be considered new obligations and initially measured using current credit-adjusted risk-free interest rates. Any decreases in the ARO as
a result of downward revisions in cash flow estimates should be treated as modifications of an existing ARO, and should be measured at the historical interest rate used to measure the initial ARO. </FONT></P> <P
STYLE="margin-top:18px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"><B>(k) Intangible assets, net </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman"
SIZE="2">Intangible assets are stated at cost, less accumulated amortization. All amounts have been restated for inflation in accordance with applicable regulations (See Note 3.c.). </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Intangible assets comprise the following: </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman"
SIZE="2"><I><U>Software obtained or developed for internal use </U></I></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">The Company has capitalized certain costs associated with the
development of computer software for internal use. Costs capitalized during the nine-month periods ended September&nbsp;30, 2005 and 2004 were not significant. These costs are being amortized on a straight-line basis over a period of 6.5 years.
</FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"><I>Debt issuance costs </I></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman"
SIZE="2">Expenses incurred in connection with the issuance of debt have been deferred and are being amortized under the interest method over the life of the related issuances. As a consequence of the closing of the debt restructuring process and the
exchange of debt instruments, these expenses were fully amortized as of August&nbsp;31, 2005. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"><I>PCS license </I></FONT></P> <P
STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">The Company adopted RT 17, &#147;Overall considerations for the preparation of financial statements&#148;, as amended by CPCECABA, on January&nbsp;1,
2002. This standard prescribes the accounting treatment for both identifiable intangibles and goodwill after initial recognition. Upon adoption of this standard, amortization of indefinite life intangibles ceased. Impairment testing of these assets
is now required. The Company identified spectrum licenses as indefinite life intangibles. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">16 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>TELECOM ARGENTINA S.A. </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"
ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">Corporation non adhered to the Optional Statutory Regime of Compulsory Public Purchase Offer </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman"
SIZE="2"><B>Notes to the Unaudited Consolidated Financial Statements </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">(In millions of Argentine pesos, except as otherwise indicated
&#150; See Note 3.c) </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"><I>Band B license </I></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT
FACE="Times New Roman" SIZE="2">The Company&#146;s Band B license is amortized under the straight-line method over 10 years. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"><I>Rights of
use </I></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">The Company purchases network capacity under agreements which grant the exclusive right to use a specified amount of capacity for a
period of time. Amounts paid are capitalized and amortized over the terms of the respective capacity agreements, generally 15 years. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman"
SIZE="2"><I>Exclusivity agreements </I></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Exclusivity agreements were entered into with certain retailers and third parties relating to the
promotion of the Company&#146;s services and products. Amounts capitalized are being amortized over the life of the agreements, which range from 2 to 29 years. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px; text-indent:4%"><FONT
FACE="Times New Roman" SIZE="2"><I>Trademarks </I></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Trademarks are amortized under the straight-line method over 15 years. </FONT></P> <P
STYLE="margin-top:18px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"><B>(l) Impairment of long-lived assets </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman"
SIZE="2">The Company periodically evaluates the carrying value of its long-lived assets and certain intangible assets for impairment when events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. The
carrying value of long-lived assets is considered impaired by the Company when the expected cash flows, undiscounted and without interest cost, from such assets, is less than its carrying value. In that event, a loss would be recognized based on the
amount by which the carrying value exceeds the fair market value of the long-lived asset. Fair market value is determined primarily using the anticipated cash flows discounted at a rate commensurate with the risk involved. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">The devaluation of the Argentine peso and the &#147;pesification&#148; of Telecom Argentina&#146;s tariffs materially affected the Company&#146;s
financial position and results of operations, and changed the rules under which the Company operated. However, as indicated in Note 2.c., Law No.&nbsp;25,561 authorized the Argentine Government to renegotiate the conditions of the contracts with the
privatized companies, taking into account their profitability, among other criteria. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">In this regard, the Company has made certain
assumptions in the determination of its estimated cash flows to evaluate a potential impairment of its long-lived assets in relation to each business segment. In the preparation of such estimates, the Company has considered different scenarios, some
of which contemplate the modification of the current level of Telecom Argentina&#146;s tariffs which would enable Telecom Argentina to continue providing services within a deregulated and competitive market environment, achieve a reasonable profit
and meet its debt requirements. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Based on the foregoing, the Company considered an impairment charge not to be necessary for its long-lived
assets. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"><B>(m) Severance indemnities </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT
FACE="Times New Roman" SIZE="2">Severance payments made to employees are expensed as incurred. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">17 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>TELECOM ARGENTINA S.A. </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"
ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">Corporation non adhered to the Optional Statutory Regime of Compulsory Public Purchase Offer </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman"
SIZE="2"><B>Notes to the Unaudited Consolidated Financial Statements </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">(In millions of Argentine pesos, except as otherwise indicated
&#150; See Note 3.c) </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"><B>(n) Taxes payable </B></FONT></P> <P
STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"><I>Income taxes </I></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">As per Argentinean Tax
Law, the provisions for income taxes in the statements of income for all periods presented have been computed on a separate return basis (i.e., assuming that the Company was not included in a consolidated income tax return). All income tax payments
are made by the subsidiaries as required by the tax laws of the countries in which they respectively operate. The Company records income taxes using the method required by RT 17. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Accordingly, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial
statement carrying amounts of existing assets and liabilities and their respective tax bases. RT 17 also requires companies to record a valuation allowance for that component of net deferred tax assets which are not recoverable. The statutory income
tax rate in Argentina was 35% for all periods presented. The statutory income tax rate in Paraguay was 20% and 30%, respectively, for all periods presented. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px; text-indent:4%"><FONT
FACE="Times New Roman" SIZE="2"><I>Tax on minimum presumed income </I></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">The Company is subject to a tax on minimum presumed income. This tax
is supplementary to income tax. The tax is calculated by applying the effective tax rate of 1% on the tax basis of certain assets. The Company&#146;s tax liabilities will be the higher of income tax or minimum presumed income tax. However, if the
tax on minimum presumed income exceeds income tax during any fiscal year, such excess may be computed as a prepayment of any income tax excess over the tax on minimum presumed income that may arise in the next ten fiscal years. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">The Company has utilized a portion of its tax loss carryforwards in the computation of income taxes for the years ended December&nbsp;31, 2004 and 2003.
However, there are remaining tax loss carryforwards as of September&nbsp;30, 2005. Accordingly, the Company has determined an additional proportional charge for the nine-month period ended September&nbsp;30, 2005 for the tax on minimum presumed
income of $33, which, together with the previous year charges, was deferred as &#147;Other non-current receivables&#148;. These charges have been estimated as recoverable based on the Company&#146;s tax projections and the 10-year legal expiration
term for use of the credit. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"><I>Turnover tax </I></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT
FACE="Times New Roman" SIZE="2">Under Argentine tax law, the Company is subject to a tax levied on gross revenues. Rates differ depending on the jurisdiction where revenues are earned for tax purposes. Average rates were 3.8% and 3.6% for the
nine-month periods ended September&nbsp;30, 2005 and 2004, respectively. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"><B>(o) Other liabilities </B></FONT></P> <P
STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Pension benefits </FONT></TD></TR></TABLE> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Argentine laws provide for pension
benefits to be paid to retired employees from government pension plans and/or privately managed fund plans to which employees may elect to contribute. Amounts payable to such plans are accounted for on an accrual basis. The Company does not sponsor
any stock option plan. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Retirement liabilities shown under other liabilities represent benefits under collective bargaining agreements for
employees who retire upon reaching normal retirement age, or earlier due to disability. Benefits consist of the payment of a single lump sum equal to one salary for each five years of service. There is no vested benefit obligation until the
occurrence of those conditions. The collective bargaining agreements do not provide for other post-retirement benefits such as life insurance, health care, and other welfare benefits. The Company does not make plan contributions or maintain separate
assets to fund the benefits at retirement. The net periodic pension costs are recognized as employees render the services necessary to earn pension benefits. Actuarial assumptions and demographic data, as applicable, were used to measure the benefit
obligation as of September&nbsp;30, 2005 and December&nbsp;31, 2004. </FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Deferred revenue on sale of capacity </FONT></TD></TR></TABLE> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">18 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>TELECOM ARGENTINA S.A. </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"
ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">Corporation non adhered to the Optional Statutory Regime of Compulsory Public Purchase Offer </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman"
SIZE="2"><B>Notes to the Unaudited Consolidated Financial Statements </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">(In millions of Argentine pesos, except as otherwise indicated
&#150; See Note 3.c) </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Under certain network capacity purchase agreements, the Company sells excess purchased capacity to
other carriers. Up-front payments received are deferred and recognized as services are provided. </FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Court fee </FONT></TD></TR></TABLE> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Under the out-of-court restructuring agreement
(&#147;Acuerdo Preventivo Extrajudicial&#148; or APE), the Company was subject to a court fee of 0.25% levied on the total amount finally approved as restructured by the court. The fee is paid in up to one hundred and ten monthly installments with
an annual interest rate of 6%. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"><B>(p) Litigation </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT
FACE="Times New Roman" SIZE="2">The Company, in the ordinary course of business, is subject to various legal proceedings. While it is impossible to determine the ultimate outcome of these matters, it is management&#146;s and legal counsel&#146;s
opinion that the resolution of these matters will not have a material adverse effect on the financial position or results of operations of the Company. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px; text-indent:4%"><FONT
FACE="Times New Roman" SIZE="2"><B>(q) Derivatives to compensate future risks or minimized financial costs </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Effective January&nbsp;1,
2002, the Company adopted RT 20 issued by the FACPCE, as amended by CPCECABA, &#147;Accounting for Derivative Instruments and Hedging Activities&#148;, which requires the recognition of all derivative financial instruments as assets and/or
liabilities at their estimated fair value, whether designated in a hedging relationship or not. Changes in the fair value of effective cash flow hedges are recognized as a separate component between the Liabilities and the Shareholders&#146; equity
of the balance sheet and subsequently reclassified to earnings when the hedged items affect earnings. Gains and losses from fair value hedges are recognized in earnings in the period of any changes in the fair value of the related recognized asset
or liability. Derivatives not designated or qualifying as a hedging instrument are adjusted to fair value through earnings. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">While the
Convertibility Law was in effect, as part of its risk management strategy, Telecom had used derivative financial instruments to hedge its exposure to foreign exchange rate fluctuations related to the Company&#146;s indebtedness not denominated in US
dollars in order to reach a &#147;natural hedge&#148; with its income fixed in US dollars. During the fiscal year 2002, due to the end of the Convertibility Law and the suspension of the payments of the financial debt, Telecom Group had to prepay
all of these derivative financial instruments that have been designated and recorded as hedge instruments. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">During August and September
2005, having Telecom Argentina successfully completed its debt restructuring process, the Company entered into two foreign exchange currency swap contracts to hedge its exposure to US dollar fluctuations related to the Euro and Japanese
yen-denominated New Notes. The principal terms and conditions of these contracts are disclosed in Note 8.2.a. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Considering that the Company
primarily generates cash flows in Argentine pesos and the terms of the swap do not perfectly match the terms of the Euro and Japanese yen-denominated obligations (due to the existence of prepaid terms -see additional information in Note 8.3.-), this
hedges were regarded as ineffective. Therefore, the changes in the fair value of these hedges were recognized in financial results as &#147;Loss on derivatives&#148; </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
FACE="Times New Roman" SIZE="2">Additionally, these instruments were negotiated with institutions and corporations with significant financial capacity; therefore, the Company considered that the risk of non-compliance with the obligations agreed to
by such counterparties to be minimal. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">The Company does not enter into foreign exchange swap contracts for speculative or trading purposes.
</FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"><B>(r) Vacation expense </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman"
SIZE="2">Vacation expenses are fully accrued in the period the employee renders services to earn such vacation. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">19 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>TELECOM ARGENTINA S.A. </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"
ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">Corporation non adhered to the Optional Statutory Regime of Compulsory Public Purchase Offer </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman"
SIZE="2"><B>Notes to the Unaudited Consolidated Financial Statements </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">(In millions of Argentine pesos, except as otherwise indicated
&#150; See Note 3.c) </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"><B>(s) Advertising costs </B></FONT></P> <P
STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Advertising costs are expensed as incurred. Advertising costs for the nine-month periods ended September&nbsp;30, 2005 and 2004 are shown in Note 16.h.
under the line item &#147;Advertising expenses&#148;. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"><B>(t) Exchange of debt instruments </B></FONT></P> <P
STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Argentine GAAP requires that an exchange of debt instruments with substantially different terms be considered a debt extinguishment and that the old debt
instrument be derecognized. Argentine GAAP clarifies that from a debtor&#146;s perspective, an exchange of debt instruments between, or a modification of a debt instrument by, a debtor and a creditor shall be deemed to have been accomplished with
debt instruments that are substantially different if the present value of the cash flows under the terms of the new debt instrument is at least 10 percent different from the present value of the remaining cash flows under the terms of the original
instrument. The new debt instrument should be initially recorded at fair value and that amount should be used to determine the debt extinguishment gain or loss to be recognized. Fair value should be determined by the present value of the future cash
flows to be paid under the terms of the new debt instrument discounted at a rate commensurate with the risks of the debt instrument and time value of money. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px; text-indent:4%"><FONT
FACE="Times New Roman" SIZE="2"><B>(u) Gain on debt restructuring </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Due to their materiality, the gain on debt restructuring has been
included in a separate line item in the statement of income titled &#147;Gain on debt restructuring&#148;. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>
<A NAME="tx79604_11"></A>5. Breakdown of the main accounts </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"><B>(a) Cash and banks </B></FONT></P> <P
STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Cash and banks consist of the following: </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="84%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="74%"></TD>
<TD VALIGN="bottom" WIDTH="11%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="11%"></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>As of<BR>September&nbsp;30,</B></FONT></P> <P
STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>2005</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>As of<BR>December&nbsp;31,</B></FONT></P> <P
STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>2004</B></FONT></P></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Cash</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">4</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">3</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Banks</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">17</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">29</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>$</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>21</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>$</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>32</B></FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:18px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"><B>(b) Investments </B></FONT></P> <P
STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Investments consist of the following: </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="84%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="75%"></TD>
<TD VALIGN="bottom" WIDTH="9%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="9%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>As of<BR>September&nbsp;30,</B></FONT></P> <P
STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>2005</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>As of<BR>December&nbsp;31,</B></FONT></P> <P
STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>2004</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Current</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Time deposits</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">421</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">3,330</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Government bonds, equity investments and mutual funds</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">145</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">356</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Subtotal</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">566</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">3,686</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Impairment loss on the Argentina 2004 bond</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(56</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>$</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>566</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>$</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>3,630</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Non current</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">2003 Telecommunications Fund</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">2</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">2</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>$</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>2</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>$</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>2</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">20 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>TELECOM ARGENTINA S.A. </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"
ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">Corporation non adhered to the Optional Statutory Regime of Compulsory Public Purchase Offer </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman"
SIZE="2"><B>Notes to the Unaudited Consolidated Financial Statements </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">(In millions of Argentine pesos, except as otherwise indicated
&#150; See Note 3.c) </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">(c) Accounts receivable </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT
FACE="Times New Roman" SIZE="2">Accounts receivable consist of the following: </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="92%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="76%"></TD>
<TD VALIGN="bottom" WIDTH="10%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="10%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>As of<BR>September&nbsp;30,</B></FONT></P> <P
STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>2005</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>As of<BR>December&nbsp;31,</B></FONT></P> <P
STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>2004</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2"><B>Current</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Voice, data and Internet</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">383</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">379</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Wireless(1)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">336</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">303</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Directories publishing</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">20</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">34</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Subtotal</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>739</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>716</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Allowance for doubtful accounts</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(103</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(104</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>$</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>636</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>$</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>612</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
</TABLE><HR WIDTH="8%" SIZE="1" NOSHADE COLOR="#000000" ALIGN="left">
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">(1)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Includes $27 as of September&nbsp;30, 2005 and $49 as of December&nbsp;31, 2004 corresponding to international wireless receivables. </FONT></TD></TR></TABLE> <P
STYLE="margin-top:18px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"><B>(d) Other receivables </B></FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="92%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="76%"></TD>
<TD VALIGN="bottom" WIDTH="10%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="10%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>As of<BR>September&nbsp;30,</B></FONT></P> <P
STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>2005</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>As of<BR>December&nbsp;31,</B></FONT></P> <P
STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>2004</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2"><B>Current</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Tax credits</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">40</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">26</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Prepaid expenses</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">20</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">17</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Advances to employees</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">2</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">2</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Other</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">29</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">33</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>$</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>91</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>$</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>78</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2"><B>Non current</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Credit on minimum presumed income tax(1)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">235</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">200</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Other tax credits</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">6</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">4</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Prepaid expenses</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">13</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">14</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Other</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">13</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">14</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Subtotal</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>267</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>232</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Allowance for doubtful accounts</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(6</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(4</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>$</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>261</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>$</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>228</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
</TABLE><HR WIDTH="8%" SIZE="1" NOSHADE COLOR="#000000" ALIGN="left">
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">(1)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Considering current expiration period (10 years), the Company considers the ultimate realization of the credit to be more likely than not based on current projections.
</FONT></TD></TR></TABLE> <P STYLE="margin-top:18px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"><B>(e) Inventories </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman"
SIZE="2">Inventories consist of the following: </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="92%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="76%"></TD>
<TD VALIGN="bottom" WIDTH="10%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="10%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>As of<BR>September&nbsp;30,</B></FONT></P> <P
STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>2005</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>As of<BR>December&nbsp;31,</B></FONT></P> <P
STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>2004</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Wireless handsets and equipment</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">149</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">82</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Allowance for obsolescence</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(1</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(3</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">148</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">79</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">21 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>TELECOM ARGENTINA S.A. </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"
ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">Corporation non adhered to the Optional Statutory Regime of Compulsory Public Purchase Offer </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman"
SIZE="2"><B>Notes to the Unaudited Consolidated Financial Statements </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">(In millions of Argentine pesos, except as otherwise indicated
&#150; See Note 3.c) </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"><B>(f) Other assets </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT
FACE="Times New Roman" SIZE="2">Other assets consist of the following: </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="92%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="77%"></TD>
<TD VALIGN="bottom" WIDTH="10%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="10%"></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>As of<BR>September&nbsp;30,</B></FONT></P> <P
STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>2005</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>As of<BR>December&nbsp;31,</B></FONT></P> <P
STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>2004</B></FONT></P></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2"><B>Current</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Deferred printing cost</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">3</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">1</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Raw materials</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">11</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">2</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>$</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>14</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>$</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>3</B></FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2"><B>Non current</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Buildings held for sale</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">34</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Allowance for obsolescence</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(12</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>$</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>22</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>&#151;&nbsp;&nbsp;</B></FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:18px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"><B>(g) Accounts payable </B></FONT></P> <P
STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Accounts payable consist of the following: </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="92%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="76%"></TD>
<TD VALIGN="bottom" WIDTH="9%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="9%"></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>As of<BR>September&nbsp;30,</B></FONT></P> <P
STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>2005</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>As of<BR>December&nbsp;31,</B></FONT></P> <P
STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>2004</B></FONT></P></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2"><B>Current</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Suppliers</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">712</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">451</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Deferred revenues</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">65</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">40</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">SU reimbursement</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">23</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Related parties</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">3</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">18</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>$</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>803</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>$</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>509</B></FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2"><B>Non current</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Suppliers</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>$</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>4</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>$</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>7</B></FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:18px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"><B>(h) Salaries and social security payable </B></FONT></P> <P
STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Salaries and social security payable consist of the following: </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="92%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="76%"></TD>
<TD VALIGN="bottom" WIDTH="10%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="10%"></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>As of<BR>September&nbsp;30,</B></FONT></P> <P
STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>2005</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>As of<BR>December&nbsp;31,</B></FONT></P> <P
STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>2004</B></FONT></P></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2"><B>Current</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Vacation, bonuses and social security payable</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">75</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">58</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Special termination benefits</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">13</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">16</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Other</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">6</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">5</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>$</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>94</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>$</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>79</B></FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2"><B>Non current</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Special termination benefits</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">28</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">29</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Other</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">4</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>$</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>28</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>$</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>33</B></FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">22 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>TELECOM ARGENTINA S.A. </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"
ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">Corporation non adhered to the Optional Statutory Regime of Compulsory Public Purchase Offer </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman"
SIZE="2"><B>Notes to the Unaudited Consolidated Financial Statements </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">(In millions of Argentine pesos, except as otherwise indicated
&#150; See Note 3.c) </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"><B>(i) Taxes payable </B></FONT></P> <P
STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Taxes payable consist of the following: </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="92%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="76%"></TD>
<TD VALIGN="bottom" WIDTH="9%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="9%"></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>As of<BR>September&nbsp;30,</B></FONT></P> <P
STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>2005</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>As of<BR>December&nbsp;31,</B></FONT></P> <P
STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>2004</B></FONT></P></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2"><B>Current</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Turnover tax</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">40</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">39</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">VAT, net</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">10</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">32</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Tax on minimum presumed income, net</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">13</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">17</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Income tax, net(1)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">17</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">1</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Tax on Universal Service</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">54</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">39</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Other</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">29</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">25</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>$</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>163</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>$</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>153</B></FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2"><B>Non current</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Deferred tax liabilities</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>$</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>119</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>$</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>5</B></FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD></TR>
</TABLE><HR WIDTH="8%" SIZE="1" NOSHADE COLOR="#000000" ALIGN="left">
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">(1)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Corresponds to the Company and Nucleo. </FONT></TD></TR></TABLE> <P STYLE="margin-top:18px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"><B>(j) Other
liabilities </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Other liabilities consist of the following: </FONT></P> <P
STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="92%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="76%"></TD>
<TD VALIGN="bottom" WIDTH="10%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="10%"></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>As of<BR>September&nbsp;30,</B></FONT></P> <P
STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>2005</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>As of<BR>December&nbsp;31,</B></FONT></P> <P
STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>2004</B></FONT></P></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2"><B>Current</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Contributions to government programs</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">13</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">13</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Court fee</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">2</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">2</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Other</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">13</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">7</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>$</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>28</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>$</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>22</B></FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2"><B>Non current</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Court fee</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">16</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">15</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Deferred revenue on sale of capacity and related services</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">27</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">36</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Asset retirement obligations</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">13</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">13</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Retirement benefits</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">9</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">7</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>$</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>65</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>$</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>71</B></FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:18px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"><B>(k) Net sales </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT
FACE="Times New Roman" SIZE="2">Net sales consist of the following: </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="92%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="86%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="5" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>Nine-month&nbsp;periods</B></FONT></P> <P
STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>ended&nbsp;September&nbsp;30,</B></FONT></P></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>2005</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>2004</B></FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Voice</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">1,780</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">1,690</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Data</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">112</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">114</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Internet</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">230</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">194</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Subtotal</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>2,122</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>1,998</B></FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Wireless</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">1,918</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">1,205</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Directories publishing</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">17</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">8</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>$</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>4,057</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>$</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>3,211</B></FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">23 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>TELECOM ARGENTINA S.A. </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"
ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">Corporation non adhered to the Optional Statutory Regime of Compulsory Public Purchase Offer </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman"
SIZE="2"><B>Notes to the Unaudited Consolidated Financial Statements </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">(In millions of Argentine pesos, except as otherwise indicated
&#150; See Note 3.c) </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"><B>(l) Equity gain (loss) from related companies </B></FONT></P> <P
STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Equity gain (loss) from related companies consists of the following: </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="92%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="87%"></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="5" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>Nine-month&nbsp;periods</B></FONT></P> <P
STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>ended&nbsp;September&nbsp;30,</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>2005</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>2004</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Gain on sale of equity interest in Intelsat Ltd</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">7</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Nahuelsat</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(1</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>$</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>7</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>$</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>(1</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>)</B></FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:18px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"><B>(m) Financial results, net </B></FONT></P> <P
STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Financial results, net consist of the following: </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="92%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="86%"></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="6" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>Nine-month&nbsp;periods</B></FONT></P> <P
STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>ended&nbsp;September&nbsp;30,</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>2005</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>2004</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2"><B>Generated by assets</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Interest income</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">89</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">67</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Foreign currency exchange (loss) gain</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(291</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">40</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Impairment loss on the Argentina 2004 bond</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(57</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Other</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(27</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">7</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Total generated by assets</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>$</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>(229</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>$</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>57</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2"><B>Generated by liabilities</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Interest expense</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(575</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(551</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Less capitalized interest on fixed assets</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">10</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">3</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Foreign currency exchange gain (loss)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">931</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(111</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Loss on derivatives</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(27</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Loss on discounting of debt</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(21</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Other</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">2</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(20</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Total generated by liabilities</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>$</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>320</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>$</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>(679</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>)</B></FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>$</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>91</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>$</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>(622</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>)</B></FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:18px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"><B>(n) Other expenses, net </B></FONT></P> <P
STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Other expenses, net consist of the following: </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="92%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="87%"></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="6" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>Nine-month&nbsp;periods</B></FONT></P> <P
STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>ended&nbsp;September&nbsp;30,</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>2005</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>2004</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Termination benefits</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(30</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(44</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Provision for contingencies</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(63</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(28</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">SU reimbursement</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(11</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Other, net</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(4</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">3</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>$</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>(108</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>$</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>(69</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>)</B></FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">24 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>TELECOM ARGENTINA S.A. </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"
ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">Corporation non adhered to the Optional Statutory Regime of Compulsory Public Purchase Offer </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman"
SIZE="2"><B>Notes to the Unaudited Consolidated Financial Statements </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">(In millions of Argentine pesos, except as otherwise indicated
&#150; See Note 3.c) </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"><B>(o) Gain on debt restructuring </B></FONT></P> <P
STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Gain on debt restructuring consist of the following: </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="92%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="87%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="6" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>Nine-month&nbsp;periods</B></FONT></P> <P
STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>ended&nbsp;September&nbsp;30,</B></FONT></P></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>2005</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>2004</B></FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Discount on principal</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">167</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Discount on accrued and penalty interest</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">984</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Gain on discounting of debt</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">352</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Subtotal before related expenses and income tax</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">1,503</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Other related expenses</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(79</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>$</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>1,424</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B></B>&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>
<A NAME="tx79604_12"></A>6. Supplementary cash flow information </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">The statement of cash flows has been prepared using the indirect
method. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">The following table reconciles the balances included as cash and banks and current investments in the balance sheet to the total
amounts of cash and cash equivalents at the beginning and end of the years/periods shown in the statements of cash flows: </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="79%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="6" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>As&nbsp;of&nbsp;September&nbsp;30,</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="6" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>As&nbsp;of&nbsp;December&nbsp;31,</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>2005</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>2004</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>2004</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>2003</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Cash and banks</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">21</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">36</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">32</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">26</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Current investments</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">566</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">3,588</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">3,630</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">2,441</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Total as per balance sheet</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>$</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>587</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>$</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>3,624</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>$</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>3,662</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>$</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>2,467</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Less:</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Items not considered cash and cash equivalents</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">- Time deposits with maturities of more than three months</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(58</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(463</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(193</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">- Government bonds</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(40</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(8</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">(i)</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(251)</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(58</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">- Equity investments</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(8</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Total cash and cash equivalents as shown in the statement of cash flows</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>$</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>547</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>$</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>3,558</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>$</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>2,940</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>$</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>2,216</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
</TABLE><HR WIDTH="8%" SIZE="1" NOSHADE COLOR="#000000" ALIGN="left">
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">(i)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Corresponds to the current portion of held-to-maturity investments. In December 2004, includes $23 corresponding to the Argentina 2004 bond, net of impairment loss.
</FONT></TD></TR></TABLE> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Changes in assets/liabilities components: </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="92%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="86%"></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="6" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>Nine-month&nbsp;periods</B></FONT></P> <P
STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>ended&nbsp;September&nbsp;30,</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>2005</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>2004</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2"><B>Net (increase) decrease in assets</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Investments not considered as cash or cash equivalents</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">18</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(2</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Trade accounts receivable</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(39</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(20</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Other receivables</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(23</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(30</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Inventories</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(84</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(76</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Other assets</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(11</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(9</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(139</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(137</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2"><B>Net (decrease) increase in liabilities</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Accounts payable</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">254</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">13</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Salaries and social benefits payable</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">10</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(2</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Taxes payable</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(28</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(10</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Other liabilities</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">1</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(1</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD></TR>
</TABLE> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">25 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>TELECOM ARGENTINA S.A. </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"
ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">Corporation non adhered to the Optional Statutory Regime of Compulsory Public Purchase Offer </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman"
SIZE="2"><B>Notes to the Unaudited Consolidated Financial Statements </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">(In millions of Argentine pesos, except as otherwise indicated
&#150; See Note 3.c) </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="92%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="86%"></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>


<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="6" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>Nine-month&nbsp;periods</B></FONT></P> <P
STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>ended&nbsp;September&nbsp;30,</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>2005</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>2004</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>

<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Contingencies</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(32</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(12</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>$</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>205</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>$</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>(12</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>)</B></FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Income taxes paid during the nine-month period ended September&nbsp;30, 2005 amounted to $11.
Interest paid during the nine-month periods ended September&nbsp;30, 2005 and 2004, amounted to $768 and $12, respectively. </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="0%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2"><B><I>Non-cash investing and financing activities:</I></B> </FONT></TD></TR></TABLE> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="92%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="86%"></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="5" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>Nine-month&nbsp;periods</B></FONT></P> <P
STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>ended&nbsp;September&nbsp;30,</B></FONT></P></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>2005</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>2004</B></FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Acquisition of fixed assets through incurrence of accounts payable</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">115</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">160</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Capitalized interest on fixed assets</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">10</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">3</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Wireless handsets lent to customers at no cost (i)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">2</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">2</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Provision for minimum presumed income tax</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">28</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">26</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Cash deposit to guarantee the payment of satellite services of Intelsat Ltd.</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">1</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Capacity-related services</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">5</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Payment of claims through the use of provision for contingencies</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">7</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Foreign currency translation adjustments in:</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">- Accounts receivables</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">3</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">1</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">- Other receivables</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">1</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">- Accounts payable</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">1</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">1</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">- Taxes payable</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">1</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">- Other liabilities</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">1</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Government bonds and tax credits exchanged for tax certificates</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">35</FONT></TD></TR>
</TABLE><HR WIDTH="8%" SIZE="1" NOSHADE COLOR="#000000" ALIGN="left">
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">(i)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Under certain circumstances, the Company lends handsets to customers at no cost pursuant to term agreements. Handsets remain the property of the Company and customers are generally
obligated to return them at the end of the respective agreements. </FONT></TD></TR></TABLE> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">The following table presents the cash flows from
purchases, sales and maturities of securities which were not considered as cash equivalents in the statement of cash flows: </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="92%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="86%"></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="5" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>Nine-month&nbsp;periods</B></FONT></P> <P
STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>ended&nbsp;September&nbsp;30,</B></FONT></P></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>2005</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>2004</B></FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Government bonds with maturities of more than three months</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">212</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">52</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Time deposits with maturities of more than three months</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">442</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">137</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Total cash flows from investments not considered as cash equivalents</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">654</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">189</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:18px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Financing activities components: </FONT></P> <P
STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="92%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="86%"></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="6" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>Nine-month&nbsp;periods</B></FONT></P> <P
STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>ended&nbsp;September&nbsp;30,</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>2005</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>2004</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Debt proceeds</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">30</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Payment of Notes</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(3,199</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Payment of bank loans</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(87</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(6</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Payment of interest on Notes and debt-related taxes</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(722</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Payment of interest on bank loans</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(46</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(12</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">26 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>TELECOM ARGENTINA S.A. </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"
ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">Corporation non adhered to the Optional Statutory Regime of Compulsory Public Purchase Offer </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman"
SIZE="2"><B>Notes to the Unaudited Consolidated Financial Statements </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">(In millions of Argentine pesos, except as otherwise indicated
&#150; See Note 3.c) </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="92%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="85%"></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>


<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="6" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>Nine-month&nbsp;periods</B></FONT></P> <P
STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>ended&nbsp;September&nbsp;30,</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>2005</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>2004</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>

<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Total financing activities components</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>$</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>(4,024</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>$</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>(18</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>)</B></FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">The following table includes the cash from operating, investing and financing activities after
disclosing the effects of inflation accounting and exchange rate changes on cash and cash equivalents: </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="92%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="85%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="6" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>Nine-month&nbsp;periods</B></FONT></P> <P
STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>ended&nbsp;September&nbsp;30,</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>2005</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>2004</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Total cash flows provided by operating activities</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">1,651</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">1,430</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Total cash flows provided by (used in) investing activities</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">247</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(112</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Total cash flows used in financing activities</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(4,024</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(18</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Effect of exchange rate changes on cash and cash equivalents</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(267</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">42</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2"><B>(Decrease) increase in cash and cash equivalents</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(2,393</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">1,342</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>
<A NAME="tx79604_13"></A>7. Related party transactions </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"><B>(a) Controlling group </B></FONT></P> <P
STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">As of September&nbsp;30, 2005, Nortel is the controlling shareholder of Telecom Argentina. Nortel owns all of the outstanding Class&nbsp;A shares and
36,832,408 Class B shares of Telecom Argentina. Nortel&#146;s ordinary shares were owned equally by the Telecom Italia Group and the France Telecom Group prior to December 2003. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">On December&nbsp;19, 2003, the Telecom Italia Group and the France Telecom Group contributed their respective interests in Nortel to a newly created
company, Sofora Telecomunicaciones S.A. (&#147;Sofora&#148;) in exchange for shares of Sofora. At that time, the Telecom Italia Group and the France Telecom Group had the same shareholding interests in Sofora. Following the approval obtained from
the regulatory authorities, the Company was informed that the France Telecom Group sold its 48% interest in Sofora plus a put option for the remaining 2% to W de Argentina &#150; Inversiones S.L. for a total purchase price of US$125 million.
</FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">The put option will be exercisable from January&nbsp;31, 2008 through December&nbsp;31, 2013. As of September&nbsp;30, 2005, the
shareholders of Sofora are the Telecom Italia Group representing 50%, W de Argentina &#150; Inversiones S.L. representing 48% and the France Telecom Group representing 2% of Sofora&#146;s capital stock. W de Argentina - Inversiones S.L. has granted
two call options to the Telecom Italia Group to purchase its equity interest in Sofora for an aggregate purchase price of US$ 60 million. The first call option to acquire 48% of the equity interest of Sofora may be exercised within 15 days after
December&nbsp;31, 2008. The second call option to acquire the remaining 2% of the equity interest of Sofora may be exercised at any time between December&nbsp;31, 2008 and December&nbsp;31, 2013. </FONT></P> <P
STYLE="margin-top:18px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"><B>(b) Balances and transactions with related parties </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT
FACE="Times New Roman" SIZE="2">The Company has transactions in the normal course of business with certain related parties. The following is a summary of the balances and transactions with related parties: </FONT></P> <P
STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="92%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="76%"></TD>
<TD VALIGN="bottom" WIDTH="11%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="11%"></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>As of<BR>September&nbsp;30,</B></FONT></P> <P
STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>2005</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>As of<BR>December&nbsp;31,</B></FONT></P> <P
STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>2004</B></FONT></P></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2"><B>Accounts receivable</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Telecom Italia Mobile S.p.A. (a)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">2</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">2</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Entel PCS Telecomunicaciones S.A. (a)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">2</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">2</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">TIM Brasil S.A. (a)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">1</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>$</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>5</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>$</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>4</B></FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">27 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>TELECOM ARGENTINA S.A. </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"
ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">Corporation non adhered to the Optional Statutory Regime of Compulsory Public Purchase Offer </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman"
SIZE="2"><B>Notes to the Unaudited Consolidated Financial Statements </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">(In millions of Argentine pesos, except as otherwise indicated
&#150; See Note 3.c) </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="92%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="77%"></TD>
<TD VALIGN="bottom" WIDTH="10%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="10%"></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>As of<BR>September&nbsp;30,<BR>2005</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>As of<BR>December&nbsp;31,<BR>2004</B></FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2"><B>Accounts payable:</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Telecom Italia Sparkle S.p.A. (a)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">2</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">12</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Italtel S.A. (a)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">1</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Tel3 S.A. (a)&nbsp;(d)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">1</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Pirelli Energ&iacute;a Cables y Sistemas de Argentina S.A.(a) (d)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">2</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Entel Chile S.A. (a)&nbsp;(c)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">1</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Telecom Italia S.p.A. Argentine branch (a)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">1</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Etec S.A. (a)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">1</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>$</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>3</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>$</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>18</B></FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD></TR>
</TABLE> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="92%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="44%"></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD WIDTH="40%"></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="5" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Nine-month&nbsp;periods<BR>ended&nbsp;September&nbsp;30,</B></FONT></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE="margin-right:0px;margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Transaction description</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>2005</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>2004</B></FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2"><B>Services rendered:</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Entel Chile S.A. (a)&nbsp;(c)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">International inbound calls</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">5</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">6</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Telecom Italia Sparkle S.p.A. (a)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">International inbound calls</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">2</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Entel S.A. (Bolivia) (a)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">International inbound calls</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">1</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Golden Lines (a)&nbsp;(d)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">International inbound calls</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">1</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">1</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Telecom Italia S.p.A. (a)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">International inbound calls</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">4</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Latin American Nautilus (a)&nbsp;(e)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">International inbound calls</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">2</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Entel PCS Telecomunicaciones S.A. (a)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">Roaming</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">5</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">3</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Telecom Italia Mobile S.p.A. (a)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">Roaming</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">3</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">2</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">TIM Celular S.A. (a)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">Roaming</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">4</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">2</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Corporaci&oacute;n Digitel CA (a)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">Roaming</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">1</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2"><B>Total net sales</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">22</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">20</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2"><B>Services received:</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Nahuelsat (f)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">Rental expenses</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">4</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">6</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Intelsat Ltd. (g)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">Rental expenses</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">1</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">2</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Telecom Italia Argentine branch (a)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">Fees for services</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">2</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">3</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Telecom Italia S.p.A. (a)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">International outbound calls</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">7</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">2</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Tel3 S.A. (a)&nbsp;(d)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">Fees for services</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">8</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">8</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Entel Chile S.A. (a)&nbsp;(c)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">International outbound calls</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">5</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">7</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Entel S.A. (Bolivia) (a)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">International outbound calls</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">3</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">2</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Etec S.A. (Cuba) (a)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">International outbound calls</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">4</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">2</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">La Caja ART S.A. (b)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">Insurance</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">3</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">2</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Caja de Seguros S.A. (b)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">Insurance</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">1</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">1</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Telecom Italia Sparkle S.p.A. (a)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">International outbound calls</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">6</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Golden Lines (a)&nbsp;(d)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">International outbound calls</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">1</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">1</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Telecom Italia Mobile S.p.A. (a)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">Roaming</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">5</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">1</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Entel PCS Telecomunicaciones S.A. (a)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">Roaming</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">1</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">TIM Celular S.A. (a)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">Roaming</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">2</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Italtel S.A. (a)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">Maintenance, materials and supplies</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">1</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">2</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Teco Soft Argentina S.A. (a)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">Fees for services</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">4</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Latin American Nautilus (a)&nbsp;(e)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">International outbound calls and lease of circuits</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">1</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">2</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2"><B>Total operating costs</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">55</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">45</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">28 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>TELECOM ARGENTINA S.A. </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"
ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">Corporation non adhered to the Optional Statutory Regime of Compulsory Public Purchase Offer </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman"
SIZE="2"><B>Notes to the Unaudited Consolidated Financial Statements </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">(In millions of Argentine pesos, except as otherwise indicated
&#150; See Note 3.c) </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="92%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="85%"></TD>
<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="5" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Nine-month&nbsp;periods<BR>ended&nbsp;September&nbsp;30,</B></FONT></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>2005</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>2004</B></FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2"><B>Purchases of fixed assets/intangible assets:</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Tel3 S.A. (a)&nbsp;(d)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">3</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">2</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Pirelli Energ&iacute;a Cables y Sistemas de Argentina S.A.(a) (d)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">6</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">4</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Pirelli Telecomunicaciones Cables y Sistemas de Argentina S.A.(a) (d)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">4</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2"><B>Total fixed assets and intangible assets</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">9</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">10</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD></TR>
</TABLE><HR WIDTH="8%" SIZE="1" NOSHADE COLOR="#000000" ALIGN="left">
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">(a)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Such companies form part of Telecom Italia Group, a shareholder of the Company. </FONT></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">(b)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Such companies form part of W de Argentina - Inversiones S.L., a shareholder of the Company. </FONT></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">(c)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">This company was a related party until April 2005. </FONT></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">(d)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">These companies were a related party until July 2005. </FONT></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">(e)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">The Company had 10% of the capital stock in such company. </FONT></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">(f)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">The Company had 5.75% of the capital stock in such company until August&nbsp;22, 2005. </FONT></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">(g)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">The Company had 0.15% of the capital stock in such company. </FONT></TD></TR></TABLE> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman"
SIZE="2">The Company believes that the transactions discussed above were made on terms no less favorable to the Company than would have been obtained from unaffiliated third parties. The Board of Directors approved transactions representing more
than 1% of the total shareholders equity of the Company, after being approved by the Audit Committee in compliance with Decree No.&nbsp;677/01. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman"
SIZE="2">As of September&nbsp;30, 2005, Telecom Argentina had loans outstanding to officers of Telecom Argentina, totaling $0.4. The annual interest fixed rate for these loans is 6%. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT
FACE="Times New Roman" SIZE="2"><B>
<A NAME="tx79604_14"></A>8. Debt </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>8.1. The Company&#146;s short-term and long-term debt </B></FONT></P> <P
STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">As of September&nbsp;30, 2005 the Company&#146;s short-term and long-term debt comprises the following: </FONT></P> <P
STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="92%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="77%"></TD>
<TD VALIGN="bottom" WIDTH="7%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="7%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>As of<BR>September&nbsp;30,<BR>2005</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>As of<BR>December&nbsp;31,<BR>2004</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2"><B>Short-term debt:</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">- Principal:</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Notes (*)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">228</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">5,353</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Bank loans</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">30</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">1,177</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Fixed assets financing</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">1,475</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Subtotal</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">258</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">8,005</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">- Accrued interest</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">72</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">1,259</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">- Penalty interest</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">170</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2"><B>Total short-term debt</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">330</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">9,434</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2"><B>Long-term debt:</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">- Principal:</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Notes</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">3,650</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Bank loans</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">1,152</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">1,260</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Gain on discounting of debt</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(363</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(41</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Derivatives</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">27</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2"><B>Total long-term debt</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">4,466</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">1,219</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2"><B>Total debt</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">4,796</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">10,653</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
</TABLE><HR WIDTH="8%" SIZE="1" NOSHADE COLOR="#000000" ALIGN="left">
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">(*)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Corresponds to the optional prepayment made by the Company for an aggregate amount of US$78 million on October&nbsp;17, 2005. </FONT></TD></TR></TABLE> <P
STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">29 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>TELECOM ARGENTINA S.A. </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"
ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">Corporation non adhered to the Optional Statutory Regime of Compulsory Public Purchase Offer </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman"
SIZE="2"><B>Notes to the Unaudited Consolidated Financial Statements </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">(In millions of Argentine pesos, except as otherwise indicated
&#150; See Note 3.c) </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">As further described below, on August&nbsp;31, 2005, all the outstanding debt was restructured. The
following table segregates the Telecom Group&#146;s debt by company as of September&nbsp;30, 2005: </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="64%"></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Telecom</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Personal</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Nucleo</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Eliminations</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Consolidated</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2"><B>Restructured debt</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Principal</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">3,878</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">1,206</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">65</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">(89</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">5,060</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Accrued interest</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">22</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">52</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">(2</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">72</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Subtotal</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">3,900</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">1,258</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">65</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">(91</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">5,132</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Net gain on discounting of debt</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">(337</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">(40</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">14</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">(363</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Derivatives</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">27</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">27</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2"><B>Total restructured debt</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">3,590</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">1,218</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">65</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">(77</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">4,796</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Current</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">250</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">82</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">(2</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">330</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Non current</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">3,340</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">1,136</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">65</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">(75</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">4,466</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
</TABLE> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>8.2. Restructured debt </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT
FACE="Times New Roman" SIZE="2">As further described below, Telecom Argentina, Personal and Nucleo restructured their outstanding debts, as follows: </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px; text-indent:4%"><FONT
FACE="Times New Roman" SIZE="2"><B>(a) Telecom Argentina </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">On August&nbsp;31, 2005, Telecom Argentina completed its debt restructuring
and complied with the terms of the APE, by paying the following concepts: </FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">1.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">The Company issued Series A Notes in the following currencies and original principal amounts: $26 million (including CER adjustment), US$105 million, Euro 534&nbsp;million and Yen
12,328 million. Additionally, the Company paid to creditors who received consideration under Option A interest payments for the period January&nbsp;1, 2004 through August&nbsp;31, 2005 (based on the nominal amount of Series A Notes) at the
contractual interest rates, amounting to $1 million, US$10 million, Euro 43&nbsp;million and Yen 396 million. </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">2.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">The Company issued US$999 million of Series B Notes under Option B. Additionally, the Company paid creditors who received consideration under Option B interest for the period
January&nbsp;1, 2004 through August&nbsp;31, 2005 (based on the nominal amount of Series B Notes) at the contractual interest rate, amounting to US$150 million. </FONT></TD></TR></TABLE> <P
STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">3.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">The Company paid an aggregate amount equal to US$565 million to creditors who selected or were allocated into Option C. Additionally, the Company paid creditors who received
consideration under Option C interest on this Option for the period January&nbsp;1, 2004 through August&nbsp;31, 2005 at an annual rate of 2.28%, amounting to US$21 million. </FONT></TD></TR></TABLE> <P
STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">4.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">The Company made payments equal to US$534 million under the terms of the new Notes issued pursuant to the APE consisting of: </FONT></TD></TR></TABLE> <P
STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">a.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">The mandatory principal amortization payments scheduled for October&nbsp;15, 2004 and April&nbsp;15, 2005, equal to US$143 million. </FONT></TD></TR></TABLE> <P
STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">b.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">The cash amounts reserved but not applied pursuant to Option C under the APE (equal to US$98 million) and an additional principal prepayment, that will be applied as a Note Payment
and will cover the principal amortization payments under the new Notes up to and including October&nbsp;15, 2007 (equal to US$293 million). </FONT></TD></TR></TABLE> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">30 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>TELECOM ARGENTINA S.A. </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"
ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">Corporation non adhered to the Optional Statutory Regime of Compulsory Public Purchase Offer </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman"
SIZE="2"><B>Notes to the Unaudited Consolidated Financial Statements </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">(In millions of Argentine pesos, except as otherwise indicated
&#150; See Note 3.c) </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Pursuant to the terms of the APE, non-participating creditors were entitled to receive consideration
in the form of Series A Notes and cash consideration under Option A. Such consideration, plus the payments described above, payable to non-participating creditors is available for collection provided they follow the collection procedures detailed in
the restructuring section of the Company&#146;s website. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Series A Notes will be due in 2014 and Series B Notes will be due in 2011. Series
A Notes and Series B Notes were split into listed and unlisted notes. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Series A-1 Notes are dollar- or euro-denominated listed notes.
Series A-2 are dollar-, euro-, yen- or peso-denominated unlisted notes. Peso-denominated Series A-2 unlisted notes are to be adjusted by CER index. Series B-1 Notes and Series B-2 Notes are dollar-denominated notes only. </FONT></P> <P
STYLE="margin-top:18px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Series A-1 Notes and Series A-2 Notes accrue escalated interest based on denomination as follows: </FONT></P> <P
STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="70%"></TD>
<TD VALIGN="bottom" WIDTH="13%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="13%"></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>From&nbsp;issue&nbsp;date&nbsp;until<BR>October&nbsp;15, 2008</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>From&nbsp;October&nbsp;16,&nbsp;2008<BR>to maturity</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">US dollar denominated</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">5.53</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">%</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">8.00</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">%</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Euro denominated</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">4.83</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">%</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">6.89</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">%</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Yen denominated</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">1.93</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">%</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">3.69</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">%</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Peso denominated</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">3.23</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">%</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">3.42</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">%</FONT></TD></TR>
</TABLE> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Series B-1 Notes and Series B-2 Notes accrue escalated interest as follows: </FONT></P> <P
STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="56%"></TD>
<TD VALIGN="bottom" WIDTH="12%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="12%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="12%"></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>From&nbsp;issue&nbsp;date&nbsp;until<BR>October&nbsp;15, 2005</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>From&nbsp;October&nbsp;16,&nbsp;2005<BR>to October&nbsp;15, 2008</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>From&nbsp;October&nbsp;16,&nbsp;2008<BR>to maturity</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">US dollar denominated</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">9.00</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">%</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">10.00</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">%</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">11.00</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">%</FONT></TD></TR>
</TABLE> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Penalty interest, if applicable, will accrue at an additional annual rate of 2% on overdue
principal and interest. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Moreover, Standard&nbsp;&amp; Poors International Ratings and Fitch Ratings have assigned an international rating
of B- for the notes issued as consideration of the APE. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">The following table shows the outstanding series of Notes as of September&nbsp;30,
2005: </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="40%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom" ROWSPAN="2"> <P STYLE="margin-right:0px;margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Series</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ROWSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Class</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ROWSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Nominal&nbsp;value<BR>(in millions)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ROWSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Outstanding<BR>debt</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ROWSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Maturity date</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="10" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Book value at September&nbsp;30, 2005 (in million of $)</B></FONT></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Principal</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Accrued<BR>interest</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Total<BR>nominal<BR>value</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Gain on<BR>discounting<BR>of debt</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Total</B></FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2"><B>Listed</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">A-1</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">1</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">US$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"> 98</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">US$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&nbsp;83</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">October&nbsp;2014</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">241</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">1</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">242</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">(39</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">203</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">A-1</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">2</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">Euro </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">493</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">Euro&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">418</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">October 2014</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">1,462</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">6</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">1,468</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">(219</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">1,249</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">B-1</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">US$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"> 933</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">US$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"> 560</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">October 2011</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">1,630</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">13</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">1,643</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">1,643</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">3,333</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">20</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">3,353</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">(258</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">3,095</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2"><B>Unlisted</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">A-2</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">1</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">US$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"> 7</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">US$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"> 6</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">October 2014</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">18</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">18</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">(3</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">15</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">A-2</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">2</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">Euro </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">41</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">Euro </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">35</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">October 2014</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">122</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">1</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">123</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">(18</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">105</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">A-2</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">3</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">Yen&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">12,328</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">Yen&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">10,454</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">October 2014</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">268</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">268</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">(58</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">210</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">A-2</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">4</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"> 26</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"> 22</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">October 2014</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">22</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">22</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">22</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">B-2</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">US$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"> 66</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">US$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"> 39</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">October 2011</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">115</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">1</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">116</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">116</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">545</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">2</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">547</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">(79</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">468</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">3,878</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">22</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">3,900</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">(337</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">3,563</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">In addition, the new debt was initially recorded at fair value. Fair value was determined by the
present value of the future cash flows to be paid under the terms of the new debt instruments discounted at a rate commensurate with the risks of the debt instrument and time value of money at the moment of the debt restructuring (August 2005).
</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">31 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>TELECOM ARGENTINA S.A. </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"
ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">Corporation non adhered to the Optional Statutory Regime of Compulsory Public Purchase Offer </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman"
SIZE="2"><B>Notes to the Unaudited Consolidated Financial Statements </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">(In millions of Argentine pesos, except as otherwise indicated
&#150; See Note 3.c) </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Based on the opinion of an external financial expert, the restructured debt has been discounted to its present value
using a discount rate of (i)&nbsp;10.5% for the dollar nominated notes; (ii)&nbsp;9.2% for the euro nominated notes and (iii)&nbsp;7.3% for the Japanese yen nominated notes. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">As a consequence of the closing of Telecom Argentina&#146;s debt restructuring process, the Company reduced the face value of its financial debt in $352
as of August&nbsp;31, 2005, with a charge to Gain on debt restructuring. This gain on discounting of debt will be reversed monthly up to the maturity of the related debt. So, as of September&nbsp;30, 2005, the gain on discounting of debt amounted to
$337. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">As described in Note 5.o, the Company recorded a gain on debt restructuring of $1,503, equal to US$516 million, before related
expenses and income tax, as follows: </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="49%"></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom" NOWRAP> <P STYLE="margin-right:0px;margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Equivalent amounts in US$ million</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Outstanding<BR>debt as of<BR>August&nbsp;31,&nbsp;2005<BR>(I)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>Amounts&nbsp;paid<BR>on
August&nbsp;31,<BR>2005</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>(II)</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Discounts<BR>(III)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>Restructured<BR>debt&nbsp;(nominal<BR>value) (b)</B></FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>(IV)</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT FACE="Times New Roman"
SIZE="1"><B>=&nbsp;(I)&#150;(II)&#150;(III)</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>Gain on<BR>discounting&nbsp;of<BR>debt</B></FONT></P> <P
STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>(V)</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>Book&nbsp;value<BR>(VI)</B></FONT></P> <P
STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>=&nbsp;(IV)-(V)</B></FONT></P></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Principal</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">2,506</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">(a)</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(1,099</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">(58</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">1,349</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">(121</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">1,228</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Accrued interest</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">502</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(247</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">(255</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Penalty interest</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">82</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">(82</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">3,090</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(1,346</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">(395</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">1,349</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">(121</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">1,228</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD></TR>
</TABLE><HR WIDTH="8%" SIZE="1" NOSHADE COLOR="#000000" ALIGN="left">
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">(a)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Includes an optional payment equal to US$293 million. </FONT></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">(b)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Corresponds to the issuance of Notes equal to US$1,883 million, net of a payment of US$534 million. </FONT></TD></TR></TABLE> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">In compliance with the terms of the APE, on October&nbsp;17, 2005, the Company made an interest payment for an aggregate amount equal to US$13 million
for the period August&nbsp;31, 2005 through October&nbsp;15, 2005 and an optional principal prepayment for an aggregate amount equal to US$78 million that was applied to pay the full amount of the scheduled amortization payments on the new notes
payable on April 2008. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px; margin-left:2%"><FONT FACE="Times New Roman" SIZE="2"><B><I>Derivatives </I></B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT
FACE="Times New Roman" SIZE="2">As indicated in Note 4.q, having Telecom successfully completed its debt restructuring process, in August and September 2005, the Company entered into two foreign exchange currency swap contracts to hedge its exposure
to US dollar fluctuations related to the Euro and Japanese yen-denominated New Notes. These swap agreements establish, among other typical provisions for this type of transaction, the early termination provision without any payment obligation by
either party, in the event that (i)&nbsp;the Company fails to pay on certain of its obligations, (ii)&nbsp;certain of the Company&#146;s obligations are accelerated, (iii)&nbsp;the Company repudiated or declares a moratorium with respect to certain
of its obligations, (iv)&nbsp;the Company restructures certain of its obligations in a certain way, or (v)&nbsp;the Company becomes insolvent or bankrupt or is subject to in-court or out-of-court restructuring or a voluntary and/or involuntary
bankruptcy proceeding. These hedge contracts do not include any collateral. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">32 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>TELECOM ARGENTINA S.A. </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"
ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">Corporation non adhered to the Optional Statutory Regime of Compulsory Public Purchase Offer </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman"
SIZE="2"><B>Notes to the Unaudited Consolidated Financial Statements </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">(In millions of Argentine pesos, except as otherwise indicated
&#150; See Note 3.c) </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">The nature and detail of the outstanding swap contracts at September&nbsp;30, 2005 are as follows:
</FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="15%"></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD WIDTH="52%"></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom" ROWSPAN="2"> <P STYLE="margin-right:0px;margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Maturity date</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="3" ALIGN="center" STYLE="border-bottom:1px solid #000000"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>Principal nominal amount</B></FONT></P> <P
STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>(in millions)</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="3" ROWSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"> <P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>Characteristics of the
agreement</B></FONT></P></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Euros to be<BR>received</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>US$&nbsp;to&nbsp;be&nbsp;paid</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Swap&nbsp;in&nbsp;euros</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">10/15/05</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">2.1</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">2.6</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">- Date of the contract</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">08.23.05</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">04/15/06</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">1.2</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">1.5</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">- Principal swap exchange rate</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">1.2214&nbsp;US$/Euro</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">10/15/06</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">31.8</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">38.8</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">- Interest rate to be received in Euros(*)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">4.83% annual</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">04/15/07</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">40.8</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">49.8</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">- Interest rate to be pay in US$</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">6.90% annual</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">10/15/07</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">42.0</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">51.3</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">- Total capital and interest to be received in Euros</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">489 million</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">04/15/08</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">43.5</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">53.2</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">- Total capital and interest to be pay in US$</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">626 million</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">10/15/08</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">271.4</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">331.4</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">-<B> Swap estimated market value as of 09.30.05 (assets)/liabilities</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">US$9.5 million</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Total&nbsp;swap&nbsp;in&nbsp;euros</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>Euro&nbsp;432.8</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>528.6</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="bottom"> <P STYLE="margin-right:0px;margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Swap in yens</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Yens to be<BR>received</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>US$ to be</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px"
ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>paid</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">10/15/05</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">49</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">0.4</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">- Date of the contract</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">09.30.05</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">04/15/06</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">28</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">0.2</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">- Principal swap exchange rate</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">113.3 Yen/US$</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">10/15/06</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">733</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">6.5</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">- Interest rate to be received in Japanese yens(*)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">1.93% annual</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">04/15/07</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">942</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">8.3</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">- Interest rate to be pay in US$</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">6.02% annual</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">10/15/07</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">970</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">8.6</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">- Total principal and interest to be received in Japanese yens</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">10,515&nbsp;millions</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">04/15/08</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">1.005</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">8.9</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">- Total principal and interest to be pay in US$</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">102 millions</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">10/15/08</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">6.273</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">55.4</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>- Swap estimated market value as of 09.30.05 (assets)/liabilities</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Total&nbsp;swap&nbsp;in&nbsp;yens</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>Yen&nbsp;10,000</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>88.3</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>Total</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>616.9</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
</TABLE> <P STYLE="margin-top:18px;margin-bottom:0px; margin-left:2%"><FONT FACE="Times New Roman" SIZE="2"><B><I>Legal actions brought against Telecom Argentina </I></B></FONT></P> <P
STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"><B>1. Originated by the suspension in the payment of the financial debt </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT
FACE="Times New Roman" SIZE="2">As of the date of these financial statements, eight summary attachment proceedings(juicios ejecutivos) for approximately US$3.8 filed against Telecom by individuals alleging to be holders of Telecom&#146;s outstanding
notes had concluded. At September&nbsp;30, 2005, attachments for said proceedings amount approximately US$0.9 million, and are in the process of being released. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px; text-indent:4%"><FONT
FACE="Times New Roman" SIZE="2"><B>2. Originated by the homologation of the APE </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">On October&nbsp;12, 2005, Telecom has requested the
overseeing judge to declare that, by the issuance of debt with new payment and the payment of cash consideration on August&nbsp;31, 2005, Telecom has duly fulfilled the APE according to the terms of section 59 of the Bankruptcy Law. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">As a consequence of said pronouncement, the injunction enjoining Telecom from disposing of certain of its assets shall cease to be in force, holders of
the outstanding notes shall have to file new proceedings for collection in case the terms and conditions of the new notes are not fulfilled and, if such is the case, Telecom shall be authorized to apply the remedies set forth in the Bankruptcy Law
if more than a year elapses from the issuance of the resolution of section 59 of the abovementioned law. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"><B>3. Contingent judicial claims
by non-participant creditors </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">As non-participant creditors might file a judicial claim in foreign countries with the purpose of
collecting their original financial claim, on September&nbsp;13, 2005, Telecom has filed a petition with the New York courts for the acceptance and execution of the APE&#146;s judicial proceedings in the United States of America, which is
well-founded in Section&nbsp;304 of the U.S. Bankruptcy Law, so that the APE&#146;s self-effects shall reach said claim and any other filed in said jurisdiction. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">33 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>TELECOM ARGENTINA S.A. </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"
ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">Corporation non adhered to the Optional Statutory Regime of Compulsory Public Purchase Offer </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman"
SIZE="2"><B>Notes to the Unaudited Consolidated Financial Statements </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">(In millions of Argentine pesos, except as otherwise indicated
&#150; See Note 3.c) </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">The opposing party in these proceedings is the US Bank N.A (First Trust of New York), Indenture
Trustee of the outstanding notes subject to the APE. When the abovementioned trustee first appeared on the file on October&nbsp;11, 2005, said trustee did not object the court&#146;s acceptance of the APE&#146;s effects in the United States of
America. However, The Argo Fund, an alleged creditor to Telecom, has appeared on the file and has opposed to Telecom&#146;s request, despite The Argo Fund is not a party in these proceedings. The file shall be probably open to testimony very soon,
and then the bankruptcy judge shall decide (a)&nbsp;if The Argo Fund is in legal standing; and (b)&nbsp;about The Argo Fund&#146;s opposition, especially the matter of incompetence that was brought forth by said creditor. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">It should be stated that, even if the decision is not favorable to Telecom&#146;s interests, any claim (summary attachment proceedings or bankruptcy
petition) which non-participant creditors may file in Argentina against Telecom shall be rejected due to the application of Sections 56 and 76 of the Bankruptcy Law, which stipulate that the approved agreement is applicable to all unsecured
creditors or to any case prior to the submission of the homologation request. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px; margin-left:2%"><FONT FACE="Times New Roman" SIZE="2"><B><I>(b) Personal </I></B></FONT></P> <P
STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">In November 2004 Personal completed the restructuring of its debt which comprised of a reduction in principal and interest, a cash payout and the
extension of maturity of the remaining indebtedness for a total amount of approximately US$ 413&nbsp;million of which, on April&nbsp;15, 2005, Personal made a prepayment to holders of the new loans for an aggregate amount of US$ 4&nbsp;million, that
will be applied to pay the full amount of the scheduled amortization payments on the new loans payable on April&nbsp;15, 2005 and October&nbsp;15, 2005 and a portion of the scheduled amortization payments on the new loans payable on April&nbsp;15,
2006. Likewise, Personal made an additional optional prepayment for an aggregate amount of US$ 5&nbsp;million, payable on April&nbsp;15, 2006. The outstanding debt is comprised of the following: </FONT></P> <P
STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="59%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>US$</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Equivalent&nbsp;in<BR>Argentine&nbsp;pesos</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Interest&nbsp;rate&nbsp;(i)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Maturity&nbsp;date</B></FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Series A</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">43</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">125</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">5.53%&nbsp;&#150;&nbsp;8%</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">October 2014</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Series B</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">361</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">1,051</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">9%,&nbsp;10%&nbsp;and&nbsp;11%</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">October&nbsp;2011</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Total principal</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>404</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>1,176</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
</TABLE><HR WIDTH="8%" SIZE="1" NOSHADE COLOR="#000000" ALIGN="left">
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">(i)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Escalated interest rates for US dollar denominated notes. </FONT></TD></TR></TABLE> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman"
SIZE="2">The new debt was initially recorded at fair value. Fair value was determined by the present value of the future cash flows to be paid under the terms of the new debt instruments discounted at a rate commensurate with the risks of the debt
instrument and time value of money at the moment of the debt restructuring (November 2004). Based on the opinion of an external financial expert, the restructured debt has been discounted to its present value using a discount rate of 11%.
</FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; margin-left:2%"><FONT FACE="Times New Roman" SIZE="2"><B><I>(c) Nucleo </I></B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">In
November 2004, Nucleo completed the restructuring of its outstanding indebtedness with foreign creditors (as of September&nbsp;30, 2005, US$19 million). Foreign creditors agreed to an extension of maturity to December 2008 and the forgiveness of
accrued penalty interest. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">The restructured debt with local creditors (as of September&nbsp;30, 2005, US$3 million) accrues interest at an
annual fixed interest rate of 7.125% while the restructured debt with foreign creditors accrues interest at a variable interest rate of three-month LIBO plus 4.5%. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
FACE="Times New Roman" SIZE="2">Since contractual rates are commensurate with the risks of the debt instrument and time value of money at the moment of the debt restructuring, the new debt has not been discounted. </FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">34 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>TELECOM ARGENTINA S.A. </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"
ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">Corporation non adhered to the Optional Statutory Regime of Compulsory Public Purchase Offer </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman"
SIZE="2"><B>Notes to the Unaudited Consolidated Financial Statements </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">(In millions of Argentine pesos, except as otherwise indicated
&#150; See Note 3.c) </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">During fiscal year 2005, Nucleo has made optional prepayments to holders of the new loans for an
aggregate amount of US$22 million, that were applied to pay the full amount of the scheduled amortization payments on the new loans payable up to June&nbsp;27, 2007 and a portion of the scheduled amortization payments on the new loans payable up to
December&nbsp;27, 2008 plus the accrued interests as of that dates. Consequently, Nucleo&#146;s outstanding debt as of September&nbsp;30, 2005, amounts to US$22 million with maturity date on December&nbsp;27, 2008. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>8.3. Covenants of the New Notes (to be issued by Telecom Argentina as described above) and the restructured debt of Personal and Nucleo </B></FONT></P> <P
STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"><B>Mandatory prepayments </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">If the relevant
company has generated &#147;Excess Cash&#148; (calculated pursuant to the relevant debt instrument), then such company shall apply the Excess Cash, on a semi-annual basis, to make payments on the relevant debt instrument. Telecom Argentina and
Personal may make payments on the remaining scheduled installments of their debt instruments in direct order of maturity, or, at the company&#146;s option, retire the debt instruments through open market purchases or pro-rata prepayments.
</FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Prior to making any such payment with Excess Cash, each of Telecom Argentina and Personal is permitted to retain a specific portion of the
Excess Cash to (i)&nbsp;supplant the company&#146;s existing cash balance and to (ii)&nbsp;apply it for specified business-related needs. Excess cash payments under Nucleo&#146;s loans are to be applied in direct order of maturity as specified
therein. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Excess cash shall be measured semi-annually based on the financial statements as of June&nbsp;30 and as of December&nbsp;31 of
each year, and any excess cash must be applied no later than the due date of the amortizations immediately subsequent to each June&nbsp;30 or December&nbsp;31, respectively. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">However, if at any time during the excess cash period, Telecom Argentina makes any distribution payment (as defined in the APE, including but not limited
to the payment of dividends) the aggregate amount of the excess cash applied to pay the New Notes will have to be at least two and a half times such distribution payment. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px; text-indent:4%"><FONT
FACE="Times New Roman" SIZE="2"><B>Reinvestment of Personal and Nucleo distribution payments </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">If Personal and/or Nucleo makes any
distribution payment (as defined in the indenture governing of the Notes, including but not limited to the payment of dividends) the aggregate amount of payments is required to be reinvested in the paying entity. </FONT></P> <P
STYLE="margin-top:18px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"><B>Negative covenants </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">The terms and
conditions of the Telecom Argentina&#146;s New Notes as well as the terms of the respective new debt instruments of Personal and Nucleo require that the companies comply with various negative covenants, including limitations on: </FONT></P> <P
STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">a)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Incurrence and/or assumption of, and/or permitting to exist in Telecom Argentina or its restricted subsidiaries (as defined in the relevant debt instruments), any liens on the
respective properties, assets or income for the purpose of securing any indebtedness of any person, except for certain permitted liens; </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">b)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Incurrence of and/or permitting any restricted subsidiaries to incur any indebtedness (other than certain permitted indebtedness) unless the relevant company meets a specified
indebtedness/EBITDA ratio: (i)&nbsp;with respect to Telecom Argentina and its restricted subsidiaries (other than Personal and its subsidiaries), 2.75 to 1 or, if any specified adjustment event has occurred, 2.25 to 1, (ii)&nbsp;with respect to
Personal and its restricted subsidiaries (other than Nucleo and its subsidiaries), 2.25 to 1 and (iii)&nbsp;with respect to Nucleo and its subsidiaries, 2.00 to 1, in addition to certain other conditions; </FONT></TD></TR></TABLE> <P
STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">c)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Making specified restricted payments, including making any investments (other than permitted investments); under this covenant, the company cannot make any investment in securities
or indebtedness </FONT></TD></TR></TABLE> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">35 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>TELECOM ARGENTINA S.A. </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"
ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">Corporation non adhered to the Optional Statutory Regime of Compulsory Public Purchase Offer </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman"
SIZE="2"><B>Notes to the Unaudited Consolidated Financial Statements </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">(In millions of Argentine pesos, except as otherwise indicated
&#150; See Note 3.c) </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:8%"><FONT FACE="Times New Roman" SIZE="2">of, or extend loans to, other persons, unless such transactions are specifically permitted. Under the
Telecom Argentina notes and the Personal loans, specific limits are imposed on the amount and conditions of loans that may be made by Telecom Argentina to Personal and by Personal to Nucleo. These restricted payments covenants also restrict the
ability of Personal and Nucleo to make loans to their respective parent companies (Telecom Argentina and Personal); </FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">d)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">The sale of certain assets with some exceptions, i.e. a minimum 75% of consideration received should be in cash or cash equivalents and the proceeds of certain asset sales shall be
used to pay the relevant debt instrument; </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">e)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Sale and leaseback transactions; </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">f)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Capital expenditures except for those expressly permitted; </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">g)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">With respect to Nucleo, maintenance of certain financial ratios. </FONT></TD></TR></TABLE> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>8.4.
Events of default for Telecom Argentina, Personal and Nucleo </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">The terms and conditions of the Telecom Argentina&#146;s New Notes as well
as the terms of the respective new debt instruments of Personal and Nucleo provide for certain events of default as follows: </FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">(i)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Failure to pay principal or interest; </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">(ii)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Cross-default provisions, such as failure to pay principal or interest on any other outstanding indebtedness of the Company&#146;s subsidiaries, which equals or exceeds an aggregate
amount of US$ 20&nbsp;million in the case of Telecom Argentina and Personal and US$2 million (if any payment default exists) or US$ 3&nbsp;million (if any other default that results in acceleration exists) in the case of Nucleo;
</FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">(iii)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Any final judgment against Telecom Argentina and/or Personal providing for the payment of an aggregate amount exceeding US$ 20 million; </FONT></TD></TR></TABLE> <P
STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">(iv)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Any final judgment against Nucleo providing for the payment of an aggregate amount exceeding US$ 4 million; </FONT></TD></TR></TABLE> <P
STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">(v)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Telecom Argentina, Personal or Nucleo voluntary petition for bankruptcy, special bankruptcy proceedings or out-of-court reorganization agreements and, </FONT></TD></TR></TABLE> <P
STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">(vi)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Any event or condition which results in the revocation or loss of the licenses held by either Telecom Argentina, Personal and/or Nucleo and/or any of their restricted subsidiaries
which would materially affect the entities&acute; business operations, their financial condition and results of operations </FONT></TD></TR></TABLE> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman"
SIZE="2">Should any of the events of default above described occur, with respect to Telecom Argentina, Personal or Nucleo, or, if applicable, any of their restricted subsidiaries, then Telecom Argentina, Personal or Nucleo shall be in default under
the New Notes and the new loan agreements, as applicable. Telecom Argentina&#146;s default does not trigger an event of default under Personal or Nucleo&#146;s loans. Personal&#146;s default does not trigger an event of default under Nucleo&#146;s
loans. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Provided any of the events of default occurs, the creditors (and or their agents or trustees) are entitled, at their option, to
declare the principal amount of the relevant debt instrument to be due and payable. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">36 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>TELECOM ARGENTINA S.A. </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"
ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">Corporation non adhered to the Optional Statutory Regime of Compulsory Public Purchase Offer </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman"
SIZE="2"><B>Notes to the Unaudited Consolidated Financial Statements </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">(In millions of Argentine pesos, except as otherwise indicated
&#150; See Note 3.c) </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>
<A NAME="tx79604_15"></A>9. Shareholders&#146; equity </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"><B>(a) Common stock </B></FONT></P> <P
STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">At September&nbsp;30, 2005, the Company has 502,034,299 authorized, issued and outstanding shares of $1 par value Class&nbsp;A Common Stock, 436,413,941
shares of $1 par value Class B Common Stock and 45,932,738 shares of $1 par value Class C Common Stock. Common stockholders are entitled to one vote for each share held of record on all matters submitted to a vote of shareholders. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">The Company&#146;s shares are authorized by the CNV, the BCBA and the New York Stock Exchange (&#147;NYSE&#148;) for public trading. Only Class B shares
are traded. Nortel owns all of the outstanding Class&nbsp;A shares and Class C shares are dedicated to the employee stock ownership program, as described below. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
FACE="Times New Roman" SIZE="2">Class B shares began trading on the BCBA on March&nbsp;30, 1992. On December&nbsp;9, 1994, these shares began trading on the NYSE under the ticker symbol TEO upon approval of the Exchange Offer by the SEC. Pursuant to
the Exchange Offer, holders of ADRs or ADS which were restricted under Rule 144-A and holders of GDR issued under Regulation S exchanged their securities for unrestricted ADS, each ADS representing 5 Class B shares. Class B also began trading on the
Mexican Stock Exchange on July&nbsp;15, 1997. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"><B>(b) Restrictions on distribution of profits </B></FONT></P> <P
STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">The Company is subject to certain restrictions on the distribution of profits. Under the Argentine Commercial Law, the by-laws of the Company and rules
and regulations of the CNV, a minimum of 5% of net income for the year calculated in accordance with Argentine GAAP must be appropriated by resolution of the shareholders to a legal reserve until such reserve reaches 20% of the outstanding capital
(common stock plus inflation adjustment of common stock accounts). This legal reserve may be used only to absorb deficits. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"><B>(c) Share
ownership program </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">In 1992, a decree from the Argentine Government, which provided for the creation of the Company upon the
privatization of ENTel, established that 10% of the capital stock then represented by 98,438,098 Class C shares was to be included in the &#147;<I>Programa de Propiedad Participada or PPP</I>&#148; (an employee share ownership program sponsored by
the Argentine Government). Pursuant to the PPP, the Class C shares were held by a trustee for the benefit of former employees of the state-owned company who remained employed by the Company and who elected to participate in the plan. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">In 1999, a decree of the Argentine Government eliminated the restrictions on some of the Class C shares held by the Trust, although it excluded
45,932,738 Class C shares subject to an injunction against their use. On March&nbsp;14, 2000, a shareholders&#146; meeting of the Company approved the conversion of up to unrestricted 52,505,360 Class C shares into Class B shares. In May 2000, the
employees sold 50,663,377 shares through an international and national bid. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">In September 2002, the Trustor requested the Company to take
all necessary actions in order to effect the conversion of the shares held in the Trust which had been released from the injunction, to Class B shares. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
FACE="Times New Roman" SIZE="2">The Company requested the Trustor to obtain judicial approval to permit the shareholders&#146; meeting to effect the conversion of the total amount of Class C shares to Class B shares in order to avoid calling for
successive shareholders&#146; meetings every time restrictions on the shares are released for conversion. The Trustor informed the Company that a judicial resolution in favor of the total conversion had not been granted. The Company has also
indicated that it is necessary to reach an agreement with the PPP for a timely and orderly sale of the converted Class B shares, because the sale of an inappropriate number of Class B shares could affect the price of the Class B shares. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">In November 2003, the PPP lacked a legal representative. In March 2004, a judicial resolution nullified the intervention of the PPP and notified the
Ministry of Labor and Social Security to call for elections in order to establish the Executive Committee of the PPP. The Meeting held on September&nbsp;6, 2005, established this Committee with the purpose of the release of the injunction against
40,093,990 shares held in the Trust, in order to effect the conversion to Class B shares. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">37 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>TELECOM ARGENTINA S.A. </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"
ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">Corporation non adhered to the Optional Statutory Regime of Compulsory Public Purchase Offer </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman"
SIZE="2"><B>Notes to the Unaudited Consolidated Financial Statements </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">(In millions of Argentine pesos, except as otherwise indicated
&#150; See Note 3.c) </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"><B>(d) Mandatory reduction of capital </B></FONT></P> <P
STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Under section 206 of the Argentine Companies Law, if at the annual shareholders&#146; meeting, a company&#146;s losses have absorbed its reserves and at
least 50% of the share capital, a company is required to reduce its capital stock. Further, under paragraph 5 of section 94, if a company shareholders&#146; equity is negative, a company is required to commence dissolution proceedings unless its
shareholders take action (either by making a capital contribution or authorizing the issuance of additional shares of the company) resulting in positive shareholders&#146; equity within 90 days of such annual shareholders&#146; meeting. Since the
Company reported significant losses for the year ended December&nbsp;31, 2004, which absorbed the Company&#146;s reserves and significantly reduced its shareholders&#146; equity, the Company qualified for mandatory reduction of capital. This
situation was not maintained as of September&nbsp;30, 2005. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">The requirements of section 206 and paragraph 5 of section 94 had been
temporarily suspended by a governmental decree until December&nbsp;10, 2004. In May 2005, the government has formally issued an extension until December&nbsp;10, 2005. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT
FACE="Times New Roman" SIZE="2"><B>
<A NAME="tx79604_16"></A>10. Income tax </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Income tax expense for the nine-month periods ended September&nbsp;30, 2005 and 2004 consists
of the following: </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="92%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="87%"></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Nine-month&nbsp;periods<BR>ended&nbsp;September&nbsp;30,</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>2005</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>2004</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Current tax expense</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(20</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(4</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Deferred tax expense</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(114</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(5</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Income tax expense</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>$</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>(134</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>$</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>(9</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>)</B></FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">The Company accounts for income taxes in accordance with the guidelines of RT 17. RT 17 prescribes
the use of the liability method whereby deferred tax asset and liability account balances are determined based on differences between financial reporting and tax based assets and liabilities and are measured using the enacted tax rates. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">The tax effects of temporary differences that give rise to significant portions of the Company&#146;s deferred tax assets and liabilities are
presented below: </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="92%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="77%"></TD>
<TD VALIGN="bottom" WIDTH="8%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="8%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>As&nbsp;of</B></FONT></P> <P
STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>September&nbsp;30,<BR>2005</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>As&nbsp;of</B></FONT></P> <P
STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>December&nbsp;31,<BR>2004</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Tax loss carryforwards</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">944</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">1,573</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Foreign exchange gains and losses</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">100</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">161</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Allowance for doubtful accounts</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">68</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">78</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Provision for contingencies</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">114</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">82</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Other deferred tax assets, net</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">40</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">241</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Total deferred tax assets</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">1,266</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">2,135</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Fixed assets</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(220</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(293</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Inflation adjustments (i)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(959</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(1,152</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Total deferred tax liabilities</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(1,179</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(1,445</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Subtotal deferred tax assets</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">87</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">690</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">- Valuation allowance</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(206</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(695</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Net deferred tax liabilities</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(119</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(5</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
</TABLE><HR WIDTH="8%" SIZE="1" NOSHADE COLOR="#000000" ALIGN="left">
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">(i)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Mainly relate to inflation adjustment on fixed assets, intangibles and other assets for financial reporting purposes. </FONT></TD></TR></TABLE> <P
STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">38 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>TELECOM ARGENTINA S.A. </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"
ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">Corporation non adhered to the Optional Statutory Regime of Compulsory Public Purchase Offer </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman"
SIZE="2"><B>Notes to the Unaudited Consolidated Financial Statements </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">(In millions of Argentine pesos, except as otherwise indicated
&#150; See Note 3.c) </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Income tax expense for the nine-month periods ended September&nbsp;30, 2005 and 2004 differed from
the amounts computed by applying the Company&#146;s statutory income tax rate to pre-tax income (loss) as a result of the following: </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="92%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="87%"></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Nine-month&nbsp;periods<BR>ended&nbsp;September&nbsp;30,</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>2005</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>2004</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Income tax (expense) benefit at statutory income tax rate on pretax income (loss)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(616</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">169</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Non taxable items</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">7</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Tax payable</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(14</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Change in valuation allowance</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">489</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(178</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Income tax expense</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>$</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>(134</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>$</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>(9</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>)</B></FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">As of September&nbsp;30, 2005, the Company has accumulated operating tax loss carryforwards of
$944. The following table details the operating tax loss carryforwards segregated by company and expiration date: </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="92%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="64%"></TD>
<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom"> <P STYLE="margin-right:0px;margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Expiration year</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Telecom<BR>Argentina</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Publicom</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Personal</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Total<BR>Consolidated</B></FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">2007</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">757</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">149</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">906</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">2008</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">2</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">2</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">2009</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">34</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">34</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">2010</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">2</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">2</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Total</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">791</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">4</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">149</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">944</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Decree No.&nbsp;2,568/02 of the Argentine Government prescribed that foreign currency exchange
losses arising from holding foreign-currency denominated assets and liabilities existing as of January&nbsp;6, 2002, had to be determined using an exchange rate of $1.40 to US$1. The resulting net foreign currency exchange loss from this calculation
procedure was to be considered deductible for income tax purposes at a rate of 20%&nbsp;per year commencing in fiscal year 2002. As of December&nbsp;31, 2002, the exchange rate was $3.37 to US$1. Therefore, pursuant to the terms of the Decree, the
difference between $1.4 and $3.37 was to be deducted entirely for income tax purposes in fiscal year 2002. On the contrary, the Company and its tax advisors had interpreted the Decree to require the entire amount ($3.37 minus $1) to be deduced for
income tax purposes at a rate of 20%&nbsp;per year commencing in fiscal year 2002 through fiscal year 2006. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">The Company provides a
valuation allowance for deferred tax assets when it is more likely than not that some portion or all of the net deferred tax assets will not be realized. Based on a number of factors, including the Argentine Government&#146;s interpretation of the
Decree as described above, the current expiration period of tax loss carryforwards (5 years) and the fact that the Company anticipates insufficient future taxable income over the periods in which tax assets can be applied, management believes that
there is sufficient uncertainty regarding the realization of a portion of its net deferred tax assets that, as of September&nbsp;30, 2005, a valuation allowance has been provided for Telecom Argentina&#146;s related net deferred tax assets.
</FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"><B>(a) Impact of inflation adjustments on fixed assets </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT
FACE="Times New Roman" SIZE="2">Under Argentine GAAP, there are currently two approaches to the accounting treatment of differences between the tax basis and book basis of non-monetary items for deferred income tax calculation purposes when
companies prepare price-level restated financial statements. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">In one approach, the FACPCE, in line with IFRS and US&nbsp;GAAP, reached a
consensus that when preparing financial statements restated for general price-level changes, temporary differences under RT 17 are determined based on the difference between the price-level restated amount of assets and liabilities reported in the
financial statements and the related tax basis amounts. Accordingly, following the guidelines of RT 17 and related interpretations, the Company has treated the differences between the tax basis and indexed book basis of non-monetary items as
temporary from year 2002. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">39 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>TELECOM ARGENTINA S.A. </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"
ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">Corporation non adhered to the Optional Statutory Regime of Compulsory Public Purchase Offer </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman"
SIZE="2"><B>Notes to the Unaudited Consolidated Financial Statements </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">(In millions of Argentine pesos, except as otherwise indicated
&#150; See Note 3.c) </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">In a second approach, the CPCECABA reached a consensus that differences between the tax basis and the
related indexed amounts of fixed assets would be permanent differences rather than being considered temporary. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">In order to comply with
applicable rules and regulations, in May 2003, the Company consulted with the CNV and requested the regulatory authority to issue a statement on the subject, so as to permit the Company to give proper accounting effect in these financial statements.
As of the date of these financial statements, the CNV has not yet addressed the issue. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">In August 2005, the CPCECABA approved the RT and
Interpretations issued by the FACPCE, in which it is proposed an optional treatment for companies that have not recorded liabilities for the differences arising between the tax basis and the related indexed amounts of fixed assets mentioned above.
Those companies that have recognized related liabilities, as Telecom did, will not be able to apply the option. This resolution will be effective for the Company in the fiscal year 2006. As of the date of these financial statements, the CNV has not
adopted this resolution. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>
<A NAME="tx79604_17"></A>11. Commitments and contingencies </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"><B>(a) Purchase commitments </B></FONT></P> <P
STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">The Company has entered into various purchase commitments aggregating approximately $131 as of September&nbsp;30, 2005, primarily related to the supply of
switching equipment, maintenance and repair of public phones, infrastructure agreements and other service agreements. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"><B>(b) Investment
commitments </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">In August 2003, Telecom Argentina was notified by the Department of Communications of a proposal for the creation of a
$70-million fund (the &#147;Complejo Industrial de las Telecomunicaciones 2003&#148; or &#147;2003 Telecommunications Fund&#148;) to be funded by the major telecommunication companies aimed at developing the telecommunications sector in Argentina.
Banco de Inversion y Comercio Exterior (&#147;BICE&#148;) was designated as Trustee of the Fund. The Fund is aimed at, among others: </FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">-</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Creating alternative mechanisms for financing; </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">-</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Completing projects if they prove to be long-standing, profitable and relate to the telecommunications system; </FONT></TD></TR></TABLE> <P
STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">-</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Developing and consolidating the 2003 Telecommunications Fund; and </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">-</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Being the nexus between the major telecommunication companies and small and medium-sized companies and individual entrepreneurs within the sector, and harmonizing their interests
with those of the State. </FONT></TD></TR></TABLE> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">In November 2003, the Company contributed $1.5 at the inception of the Fund. The Company also
committed further contributions of up to $3.5, payable on the first anniversary of the Fund, provided that the Company completed its financial restructuring successfully. In addition, management announced that it is the Company&#146;s intention to
promote agreements with local suppliers &#150; for an estimated amount of $10 &#150; which would facilitate their access to financing. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman"
SIZE="2"><B>(c) Contingencies </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">The Company is a party to several civil, tax, commercial and labor proceedings and claims that have
arisen in the ordinary course of its business. The Company has established reserves for an aggregate amount of $324 to cover potential losses under these claims. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
FACE="Times New Roman" SIZE="2">In addition, the Company is subject to other claims and legal actions that have arisen in the ordinary course of business. Although there can be no assurance as to the ultimate disposition of these matters, it is the
opinion of the Company&#146;s management based upon the information available at this time and consultation with external legal counsel, that the expected outcome of these other claims and legal actions, individually or in the aggregate, will not
have a material effect on the Company&#146;s financial position or results of operations. Accordingly, no reserves have been established for the outcome of these litigations. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">40 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>TELECOM ARGENTINA S.A. </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"
ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">Corporation non adhered to the Optional Statutory Regime of Compulsory Public Purchase Offer </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman"
SIZE="2"><B>Notes to the Unaudited Consolidated Financial Statements </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">(In millions of Argentine pesos, except as otherwise indicated
&#150; See Note 3.c) </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Below is a summary of the most significant other claims and legal actions for which reserves have not
been established: </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"><I>Labor proceedings </I></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT
FACE="Times New Roman" SIZE="2">Based on a legal theory of successor company liability, Telecom Argentina has been named as a co-defendant with ENTel in several labor lawsuits brought by former employees of ENTel against the state-owned company. The
Transfer Agreement provided that ENTel and the Argentine Government, and not the Company, are liable for all amounts owed in connection with claims brought by former ENTel employees, whether or not such claims were made prior to the Transfer Date,
if the events giving rise to such claims occurred prior to the Transfer Date. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">ENTel and the Argentine Government have agreed to indemnify
and hold the Company harmless in respect of such claims. Under current Argentine legislation, the Argentine Government may settle any amounts payable to the Company for these claims through the issuance of treasury bonds. As of September&nbsp;30,
2005, labor lawsuits in this connection amounted to $17. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"><I>Tax matters </I></FONT></P> <P
STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">In December 2000, Telecom Argentina received notices from the AFIP of proposed adjustments to income taxes for the fiscal years 1993 through 1999 based on
Telecom Argentina&#146;s criteria for calculating depreciation of its fiber optic network. In May 2005 Telecom Argentina was notified of the National Fiscal Court unfavorable resolution which ratified the AFIP tax assessment relating to additional
taxes and interest, although it excluded penalties. Accordingly, in July 2005, Telecom Argentina paid $9.4 million as principal and $24.8 million as interest. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
FACE="Times New Roman" SIZE="2">Under Argentine GAAP, the above referenced payment does not meet the criteria to be recognized as a tax credit. Thus, as of June&nbsp;30, 2005, Telecom Argentina has recorded a charge to income taxes of $9.4 million
and financial results, net (interest generated by liabilities) of $24.8 million in the statement of income. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Telecom Argentina has a
contingent receivable against the National Government amounting to $34.2 million which Telecom Argentina estimates it would be recovered through government bonds in the event judicial appeals are sustained in its favor. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Additionally, in December 2001, Telecom Argentina received notices from the AFIP of proposed adjustments to income taxes based on the amortization period
utilized by Telecom Argentina to depreciate its optic fiber network in Telintar&#146;s submarine cables. Telintar was dissolved and merged in equal parts into Telecom Argentina Internacional S.A. and Telefonica Larga Distancia de Argentina S.A.,
entities controlled by Telecom Argentina and Telefonica, respectively. Telecom Argentina Internacional S.A. was subsequently merged with and into Telecom Argentina in September 1999. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">In July 2005, the National Fiscal Court resolved against Telecom Argentina ratifying the tax assessment relating to additional taxes, although it
excluded interest and penalties. On the same grounds as described in the second paragraph above, as of June&nbsp;30, 2005, Telecom Argentina recorded a current tax liability amounting to $0.5 million against income taxes in the statement of income.
</FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Telecom Argentina together with its legal counsel believes it has meritorious legal defenses to these unfavorable judgments. As of the
date of these financial statements, Telecom Argentina appealed the first sentence issued by the National Fiscal Court and plans to appeal the second judgment in the short term. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">In spite of the unfavorable judgments, Telecom Argentina believes that the ultimate outcome of these cases will not result in an incremental adverse
impact on Telecom Argentina&#146;s results of operations and financial condition. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">41 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>TELECOM ARGENTINA S.A. </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"
ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">Corporation non adhered to the Optional Statutory Regime of Compulsory Public Purchase Offer </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman"
SIZE="2"><B>Notes to the Unaudited Consolidated Financial Statements </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">(In millions of Argentine pesos, except as otherwise indicated
&#150; See Note 3.c) </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"><I>Other claims </I></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT
FACE="Times New Roman" SIZE="2"><I>Consumer Trade Union Proceedings </I></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">In November 1995, Telecom Argentina, together with Telefonica de
Argentina, Telintar and the Argentine Government were named as defendants in a lawsuit filed in Argentine federal courts by a consumer activist group. The complaints in this lawsuit contend that consumers have been injured because of the application
of unjustified tariffs for the provision of fixed line services. Plaintiffs are seeking damages, an injunction against the reduction of tariffs, disgorgement of all monies that the defendants have earned through the charge of the alledged abusive
tariffs and a cap of 16% on the Company&acute;s annual rate of return on its fixed assets. The court has rejected some of the claims but agreed to a stay of the others pending the outcome of the appeal. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">In October 2001, the court awarded the plaintiffs an injunction enjoining the indexing of tariffs by the U.S. C.P.I. as permitted by the Transfer
Agreement pending a final resolution in the case. Telecom Argentina vigorously appealed this decision. Hearings on the case are currently in process. Telecom Argentina believes the claims have no merit. Telecom Argentina cannot predict the outcome
of this case, or reasonably estimate a range of possible loss given the current status of the litigation. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Upon the extension of the
exclusivity period for the provision of telecommunication services, the same consumer group filed a new lawsuit in Argentine federal courts against the service providers and the Argentine Government. Plaintiffs are seeking damages, an injunction
against the revocation of licenses granted to telecommunication service providers and finalization of the exclusivity period. This case is at a preliminary stage, but Telecom Argentina does not believe it has merit and intends to contest it
vigorously. Telecom Argentina is unable, however, to predict the outcome of this case, or reasonably estimate a range of possible loss given the current status of the litigation. </FONT></P> <P
STYLE="margin-top:18px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"><I>Users and Consumer Trade Union Proceedings </I></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman"
SIZE="2">In August 2003, another consumer group filed suit against Telecom Argentina in Argentine federal courts alleging the unconstitutionality of certain resolutions issued by the Department of Communications. These resolutions had amended a
prior resolution which prescribed the way service providers had to refund customers for additional charges included in monthly fixed-line service fees. The amendment was intended to establish another method of refunding customers due to practical
reasons. Telecom Argentina complied with the amended resolution and provided refunds to customers. The case is at a preliminary stage, but Telecom Argentina does not believe it has merit and will contest it vigorously. Telecom Argentina is unable,
however, to predict the outcome of the case, or reasonably estimate a range of possible loss given the current status of the litigation. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman"
SIZE="2">Management of the Company believes that none of the matters discussed above will have a material adverse effect on the Company&#146;s results of operations, liquidity or financial condition. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Certain amounts deposited in the Company&#146;s bank accounts have been restricted as to their use due to some judicial proceedings. As of
September&nbsp;30, 2005, these restricted funds totaled $9. The Company has reclassified these balances to other receivables on the Company&#146;s balance sheet. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman"
SIZE="2"><B>
<A NAME="tx79604_18"></A>12. Segment information </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Operating segments are revenue-producing components of the enterprise for which
separate financial information is produced internally for management. Under this definition, the Company conducts its business through seven legal entities which represent seven operating segments. These operating segments have been aggregated into
reportable segments following the nature of the products and services provided. The Company manages its segments to the net income (loss) level of reporting. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">42 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>TELECOM ARGENTINA S.A. </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"
ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">Corporation non adhered to the Optional Statutory Regime of Compulsory Public Purchase Offer </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman"
SIZE="2"><B>Notes to the Unaudited Consolidated Financial Statements </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">(In millions of Argentine pesos, except as otherwise indicated
&#150; See Note 3.c) </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">The companies aggregated to create the reportable segments are as follows: </FONT></P> <P
STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="51%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="47%"></TD></TR>
<TR>
<TD VALIGN="bottom"> <P STYLE="margin-right:0px;margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Reportable segment</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="border-bottom:1px solid #000000"> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT FACE="Times New Roman" SIZE="1"><B>Consolidated company/ Operating segment</B></FONT></P></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2"><B>Voice, data and Internet</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Telecom Argentina</FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Telecom Argentina USA</FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Micro Sistemas</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2"><B>Wireless</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Personal</FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Nucleo</FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Cable Insignia</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2"><B>Directories publishing</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Publicom</FONT></TD></TR>
</TABLE> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">The accounting policies of the operating segments are the same as those described in Note 4.
Intercompany sales have been eliminated. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">For the nine-month periods ended September&nbsp;30, 2005 and 2004, more than 90 percent of the
Company&#146;s revenues were from services provided within Argentina. More than 95% of the Company&#146;s fixed assets are in Argentina. Segment financial information was as follows: </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT
FACE="Times New Roman" SIZE="2"><B>For the nine-month period ended September&nbsp;30, 2005 </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:2%"><FONT FACE="Times New Roman" SIZE="2"><B><I>Income statement information
</I></B></FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="74%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Voice,&nbsp;data<BR>and&nbsp;Internet</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Wireless</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Directories<BR>publishing</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Total</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Handsets</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">219</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>219</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Services</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">2,122</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">1,699</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">17</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>3,838</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Net sales</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>2,122</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>1,918</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>17</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>4,057</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="3"></TD>
<TD HEIGHT="8" COLSPAN="3"></TD>
<TD HEIGHT="8" COLSPAN="3"></TD>
<TD HEIGHT="8" COLSPAN="3"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Salaries and social security</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">(412</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">(83</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">(9</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>(504</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>)</B></FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Turnover tax</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">(71</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">(84</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>(155</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>)</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Maintenance, materials and supplies</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">(153</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">(55</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">(4</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>(212</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>)</B></FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Bad debt expense</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">(4</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">(15</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">1</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>(18</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>)</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Interconnection costs</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">(107</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>(107</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>)</B></FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Cost of international outbound calls</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">(72</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>(72</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>)</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Lease of circuits</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">(22</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">(12</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>(34</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>)</B></FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Fees for services</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">(57</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">(50</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>(107</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>)</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Advertising</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">(29</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">(66</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">(2</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>(97</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>)</B></FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Cost of cellular handsets</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">(391</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>(391</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>)</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Commissions</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">(42</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">(270</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>(312</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>)</B></FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Others</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">(139</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">(423</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">(5</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>(567</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>)</B></FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Operating income (loss) before depreciation and amortization</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>1,014</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>469</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>(2</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>1,481</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Depreciation of fixed assets</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">(821</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">(278</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">(1</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>(1,100</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>)</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Amortization of intangible assets</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">(7</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">(27</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>(34</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>)</B></FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Operating income (loss)</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>186</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>164</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>(3</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>347</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Equity gain from related companies</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">7</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>7</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Financial results, net</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">172</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">(82</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">1</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>91</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Other expenses, net</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">(82</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">(24</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">(2</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>(108</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>)</B></FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Gain on debt restructuring</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">1,424</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>1,424</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Net income (loss) before income tax and minority interest</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>1,707</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>58</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>(4</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>1,761</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Income tax</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">(172</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">37</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">1</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>(134</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>)</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Minority interest</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">(4</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>(4</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>)</B></FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Net income (loss)</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>1,535</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>91</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>(3</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>1,623</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">43 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>TELECOM ARGENTINA S.A. </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"
ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">Corporation non adhered to the Optional Statutory Regime of Compulsory Public Purchase Offer </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman"
SIZE="2"><B>Notes to the Unaudited Consolidated Financial Statements </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">(In millions of Argentine pesos, except as otherwise indicated
&#150; See Note 3.c) </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="74%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Voice,&nbsp;data<BR>and&nbsp;Internet</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Wireless</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Directories<BR>publishing</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Total</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em"><FONT FACE="Times New Roman" SIZE="2"><B><I>Balance sheet information</I></B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="3"></TD>
<TD HEIGHT="8" COLSPAN="3"></TD>
<TD HEIGHT="8" COLSPAN="3"></TD>
<TD HEIGHT="8" COLSPAN="3"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Fixed assets, net</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">4,655</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">1,460</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>6,115</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Intangible assets, net</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">74</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">661</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">3</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>738</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Capital expenditures excluding materials</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">149</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">191</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>340</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Acquisition of intangible assets</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&#151;&nbsp;&nbsp;</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Depreciation of fixed assets</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">(821</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">(292</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">(1</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>(1,114</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>)</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Amortization of intangible assets</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">(10</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">(36</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>(46</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>)</B></FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Net financial debt</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">(3,199</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">(1,010</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>(4,209</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>)</B></FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em"><FONT FACE="Times New Roman" SIZE="2"><B><I>Cash flow information</I></B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="3"></TD>
<TD HEIGHT="8" COLSPAN="3"></TD>
<TD HEIGHT="8" COLSPAN="3"></TD>
<TD HEIGHT="8" COLSPAN="3"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Cash flows provided by (used in) operating activities</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>955</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>430</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>(1</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>1,384</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Cash flows from investing activities:</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Acquisition of fixed assets and intangible assets</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">(210</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">(210</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>(420</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>)</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Decrease in investments not considered as cash and cash equivalents</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">667</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>667</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Total cash flows provided by (used in) investing activities</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>457</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>(210</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&#151;&nbsp;&nbsp;</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>247</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Cash flows from financing activities:</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Debt proceeds</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">30</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>30</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Payment of debt</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">(3,199</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">(87</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>(3,286</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>)</B></FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Payment of interest and debt-related expenses</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">(722</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">(46</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>(768</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>)</B></FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Total cash flows used in financing activities</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>(3,921</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>(103</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&#151;&nbsp;&nbsp;</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>(4,024</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>)</B></FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>(Decrease) increase in cash and cash equivalents</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">(2,509</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">117</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">(1</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>(2,393</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>)</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Cash and cash equivalents at the beginning of year</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">2,850</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">89</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">1</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>2,940</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Cash and cash equivalents at period end</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>341</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>206</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&#151;&nbsp;&nbsp;</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>547</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD></TR>
</TABLE> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">44 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>TELECOM ARGENTINA S.A. </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"
ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">Corporation non adhered to the Optional Statutory Regime of Compulsory Public Purchase Offer </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman"
SIZE="2"><B>Notes to the Unaudited Consolidated Financial Statements </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">(In millions of Argentine pesos, except as otherwise indicated
&#150; See Note 3.c) </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>For the nine-month period ended September&nbsp;30, 2004 </B></FONT></P> <P
STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="74%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Voice,&nbsp;data<BR>and&nbsp;Internet</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Wireless</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Directories<BR>publishing</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Total</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em"><FONT FACE="Times New Roman" SIZE="2"><B><I>Income statement information</I></B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="3"></TD>
<TD HEIGHT="8" COLSPAN="3"></TD>
<TD HEIGHT="8" COLSPAN="3"></TD>
<TD HEIGHT="8" COLSPAN="3"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Handsets</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">90</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>90</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Services</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">1,998</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">1,115</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">8</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>3,121</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Net sales</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>1,998</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>1,205</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>8</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>3,211</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="3"></TD>
<TD HEIGHT="8" COLSPAN="3"></TD>
<TD HEIGHT="8" COLSPAN="3"></TD>
<TD HEIGHT="8" COLSPAN="3"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Salaries and social security</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">(363</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">(64</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">(7</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>(434</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>)</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Turnover tax</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">(63</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">(54</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>(117</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>)</B></FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Maintenance, materials and supplies</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">(131</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">(23</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">(2</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>(156</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>)</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Bad debt expense</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">8</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">(9</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>(1</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>)</B></FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Interconnection costs</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">(101</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>(101</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>)</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Cost of international outbound calls</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">(60</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>(60</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>)</B></FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Lease of circuits</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">(25</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">(2</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>(27</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>)</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Fees for services</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">(67</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">(18</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">(1</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>(86</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>)</B></FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Advertising</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">(19</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">(43</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">(2</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>(64</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>)</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Cost of cellular handsets</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">(150</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>(150</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>)</B></FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Commissions</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">(40</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">(125</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">(1</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>(166</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>)</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Others</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">(121</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">(246</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>(367</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>)</B></FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Operating income (loss) before depreciation and amortization</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>1,016</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>471</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>(5</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>1,482</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Depreciation of fixed assets</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">(958</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">(234</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">(2</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>(1,194</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>)</B></FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Amortization of intangible assets</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">(46</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">(33</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">(1</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>(80</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>)</B></FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Operating income (loss)</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>12</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>204</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>(8</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>208</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Equity gain from related companies</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">(1</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>(1</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>)</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Financial results, net</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">(485</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">(138</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">1</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>(622</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>)</B></FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Other expenses, net</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">(57</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">(11</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">(1</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>(69</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>)</B></FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Net income (loss) before income tax and minority interest</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>(530</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>55</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>(9</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>(484</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>)</B></FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Income tax</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">(12</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">3</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>(9</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>)</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Minority interest</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">2</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>2</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Net income (loss)</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>(530</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>45</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>(6</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>(491</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>)</B></FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em"><FONT FACE="Times New Roman" SIZE="2"><B><I>Balance sheet information</I></B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="3"></TD>
<TD HEIGHT="8" COLSPAN="3"></TD>
<TD HEIGHT="8" COLSPAN="3"></TD>
<TD HEIGHT="8" COLSPAN="3"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Fixed assets, net</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">5,563</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">1,514</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">2</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>7,079</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Intangible assets, net</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">62</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">697</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">3</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>762</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Capital expenditures excluding materials</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">73</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">177</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>250</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Acquisition of intangible assets</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&#151;&nbsp;&nbsp;</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Depreciation of fixed assets</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">(958</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">(239</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">(2</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>(1,199</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>)</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Amortization of intangible assets</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">(48</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">(39</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">(1</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>(88</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>)</B></FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Net financial debt</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">(5,701</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">(1,426</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>(7,127</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em"><FONT FACE="Times New Roman" SIZE="2"><B><I>Cash flow information</I></B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="3"></TD>
<TD HEIGHT="8" COLSPAN="3"></TD>
<TD HEIGHT="8" COLSPAN="3"></TD>
<TD HEIGHT="8" COLSPAN="3"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Cash flows provided by (used in) operating activities</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>1,185</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>288</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>(1</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>1,472</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Cash flows from investing activities:</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Acquisition of fixed assets and intangible assets</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">(111</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">(190</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>(301</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>)</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Decrease in investments not considered as cash and cash equivalents</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">133</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">56</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>189</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Total cash flows provided by (used in) investing activities</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>22</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>(134</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&#151;&nbsp;&nbsp;</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>(112</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>)</B></FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Cash flows from financing activities:</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Payment of debt</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">(6</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>(6</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>)</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Payment of interest and debt-related expenses</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">(12</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>(12</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>)</B></FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Total cash flows used in financing activities</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&#151;&nbsp;&nbsp;</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>(18</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&#151;&nbsp;&nbsp;</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>(18</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>)</B></FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Increase (decrease) in cash and cash equivalents</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">1,207</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">136</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">(1</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>1,342</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Cash and cash equivalents at the beginning of year</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">1,786</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">428</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">2</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>2,216</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD></TR>
</TABLE> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">45 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>TELECOM ARGENTINA S.A. </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"
ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">Corporation non adhered to the Optional Statutory Regime of Compulsory Public Purchase Offer </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman"
SIZE="2"><B>Notes to the Unaudited Consolidated Financial Statements </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">(In millions of Argentine pesos, except as otherwise indicated
&#150; See Note 3.c) </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="74%"></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD></TR>


<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Voice,&nbsp;data<BR>and&nbsp;Internet</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Wireless</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Directories<BR>publishing</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Total</B></FONT></TD></TR>

<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Cash and cash equivalents at period end</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>2,933</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>564</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>1</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>3,558</B></FONT></TD></TR>
</TABLE> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>
<A NAME="tx79604_19"></A>13. Selected consolidated quarterly information (unaudited) </B></FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="62%"></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom"> <P STYLE="margin-right:0px;margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Quarter ended</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Net&nbsp;sales</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Operating<BR>income&nbsp;before<BR>depreciation<BR>and<BR>amortization</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Operating<BR>income</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Financial<BR>results,&nbsp;net</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Net&nbsp;(loss)<BR>income</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2"><B>Year 2005:</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">March 31,</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">1,237</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">508</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">142</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">175</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">279</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">June 30,</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">1,348</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">464</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">81</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">124</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">179</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">September 30,</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">1,472</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">509</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">124</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">(208</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">1,165</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>4,057</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>1,481</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>347</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>91</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>1,623</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2"><B>Year 2004:</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">March 31,</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">1,017</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">494</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">65</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">95</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">124</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">June 30,</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">1,053</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">489</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">67</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">(393</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">(354</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">September 30,</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">1,141</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">499</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">76</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">(324</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">(261</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">December 31,</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">1,283</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">564</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">192</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">(550</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">(175</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>4,494</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>2,046</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>400</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>(1,172</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>(666</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>)</B></FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>
<A NAME="tx79604_20"></A>14. Unconsolidated information </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">In accordance with Argentine GAAP, the presentation of the parent
company&#146;s individual financial statements is mandatory. Consolidated financial statements are to be included as information supplementary to the individual financial statements. For the purpose of these financial statements, individual
financial statements have been omitted since they are not required for SEC reporting purposes. The tables below present unconsolidated financial statement information, as follows: </FONT></P> <P
STYLE="margin-top:18px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"><I>Balance sheets: </I></FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="81%"></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>As of<BR>September&nbsp;30,<BR>2005</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>As of<BR>December&nbsp;31,<BR>2004</B></FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>ASSETS</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Current Assets</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Cash and banks</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">16</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">24</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Investments</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">377</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">3,554</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Accounts receivable, net</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">328</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">327</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Other receivables</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">51</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">59</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Total current assets</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>772</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>3,964</B></FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Non-Current Assets</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Other receivables, net</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">165</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">143</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Investments</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">974</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">1,068</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Fixed assets, net</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">4,652</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">5,385</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Intangible assets, net</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">74</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">84</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Other assets, net</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">22</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Total non-current assets</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">5,887</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">6,680</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>TOTAL ASSETS</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">6,659</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">10,644</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>LIABILITIES</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Current Liabilities</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Accounts payable</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">340</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">315</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Debt</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">250</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">9,418</FONT></TD></TR>
</TABLE> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">46 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>TELECOM ARGENTINA S.A. </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"
ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">Corporation non adhered to the Optional Statutory Regime of Compulsory Public Purchase Offer </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman"
SIZE="2"><B>Notes to the Unaudited Consolidated Financial Statements </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">(In millions of Argentine pesos, except as otherwise indicated
&#150; See Note 3.c) </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="81%"></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>As of<BR>September&nbsp;30,<BR>2005</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>As of<BR>December&nbsp;31,<BR>2004</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Salaries and social security payable</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">82</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">69</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Taxes payable</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">52</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">61</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Other liabilities</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">27</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">21</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Contingencies</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">32</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">11</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Total current liabilities</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>783</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>9,895</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Non-Current Liabilities</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Accounts payable</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">4</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">7</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Debt</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">3,340</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Salaries and social security payable</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">28</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">33</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Taxes payable</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">158</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Other liabilities</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">58</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">64</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Contingencies</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">163</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">143</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Total non-current liabilities</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>3,751</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>247</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>TOTAL LIABILITIES</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>$</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>4,534</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>$</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>10,142</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>SHAREHOLDERS&#146; EQUITY</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>$</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>2,125</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>$</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>502</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>TOTAL LIABILITIES AND SHAREHOLDERS&#146; EQUITY</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>$</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>6,659</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>$</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>10,644</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em"><FONT FACE="Times New Roman" SIZE="2"><I>Statements of Income:</I></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="8"></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Nine-month periods ended<BR>September&nbsp;30,</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>2005</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>2004</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Net sales</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">2,292</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">2,105</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Cost of services</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(1,422</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(1,445</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Gross profit</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>870</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>660</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">General and administrative expenses</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(120</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(111</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Selling expenses</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(397</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(429</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Operating income</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>353</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>120</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Equity loss from related companies</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(82</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(74</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Financial results, net</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">177</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(483</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Other expenses, net</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(77</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(54</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Gain on debt restructuring</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">1,424</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Net income (loss) before income tax</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">1,795</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(491</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Income tax expense, net</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(172</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Net income (loss)</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">1,623</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(491</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em"><FONT FACE="Times New Roman" SIZE="2"><I>Condensed statements of cash flows:</I></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="8"></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Nine-month periods<BR>ended&nbsp;September&nbsp;30,</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>2005</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>2004</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Cash flows provided by operating activities</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">956</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">1,185</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Cash flows from investing activities</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Acquisition of fixed and intangible assets</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(209</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(111</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Decrease in investments not considered as cash and cash equivalents</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">672</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">133</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Total cash flows provided by investing activities</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>463</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>22</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Cash flows from financing activities</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Payment of debt</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(3,199</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Payment of interest and debt-related expenses</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(722</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Total cash flows provided by investing activities</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>(3,921</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>&#151;&nbsp;&nbsp;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>(Decrease) increase in cash and cash equivalents</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(2,502</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">1,207</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Cash and cash equivalents at the beginning of year</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">2,853</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">1,785</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Cash and cash equivalents at period end</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">351</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">2,992</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">47 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>TELECOM ARGENTINA S.A. </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"
ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">Corporation non adhered to the Optional Statutory Regime of Compulsory Public Purchase Offer </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman"
SIZE="2"><B>Notes to the Unaudited Consolidated Financial Statements </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">(In millions of Argentine pesos, except as otherwise indicated
&#150; See Note 3.c) </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>
<A NAME="tx79604_21"></A>15. Valuation differences between Argentine GAAP and US&nbsp;GAAP </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">The Company&#146;s consolidated financial
statements are prepared in accordance with Argentine GAAP, which differ in certain significant respects from US GAAP. Such differences involve methods of measuring the amounts shown in the consolidated financial statements, as well as additional
disclosures required by US&nbsp;GAAP and Regulation S-X of the SEC. Under the reporting requirements of the SEC and under Argentine GAAP, the Company is not required to prepare a US&nbsp;GAAP reconciliation on a quarterly basis. However, the Company
has elected to present cumulative US&nbsp;GAAP information as it is considered useful for prospective investors. These consolidated financial statements include solely a reconciliation of shareholders&#146; equity and net income (loss) to US GAAP.
This reconciliation does not include disclosure of all information that would be required under US&nbsp;GAAP and SEC rules and regulations. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px; margin-left:2%"><FONT FACE="Times New Roman"
SIZE="2"><B><I>Differences in measurement methods </I></B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"><I>Inflation accounting </I></FONT></P> <P
STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">As indicated in Note 3.c., in March 2003, the Argentine government issued a decree prohibiting companies from restating financial statements for the
effects of inflation and instructing the CNV to issue applicable regulations to ensure that no price-level restated financial statements are accepted. In April 2003, the CNV issued a resolution discontinuing inflation accounting as of March&nbsp;1,
2003. As a result, the Company&#146;s consolidated financial statements include the effects of inflation until February&nbsp;28, 2003. Comparative figures were also restated until that date. Since Argentine GAAP required companies to prepare
price-level restated financial statements through September&nbsp;30, 2003, the application of the CNV resolution represents a departure from Argentine GAAP. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
FACE="Times New Roman" SIZE="2">Under US&nbsp;GAAP, financial statements are prepared on a historical cost basis. However, the following reconciliation does not include the reversal of the adjustments to the consolidated financial statements for the
effects of inflation required by the CNV, because, as permitted by the SEC, the application of this resolution represents a comprehensive measure of the effects of price-level changes in the Argentine economy, and as such, is considered a more
meaningful presentation than is historical cost-based financial reporting for both Argentine and US accounting purposes. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">The principal
differences, other than inflation accounting, between Argentine GAAP and US&nbsp;GAAP are described below, together with an explanation, where appropriate, of the method used in the determination of the necessary adjustments. </FONT></P> <P
STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="89%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="border-bottom:1px solid #000000"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>Nine-month&nbsp;periods</B></FONT></P> <P
STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>ended&nbsp;September&nbsp;30,</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>2005</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>2004</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Reconciliation of net income (loss):</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Total net income (loss) under Argentine GAAP</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">1,623</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(491</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>US&nbsp;GAAP adjustments:</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Foreign currency translation (a)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(12</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(3</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Capitalization of foreign currency exchange differences (b.1)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">29</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Capitalization of foreign currency exchange differences (b.2)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">71</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">89</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Debt Restructurings (c)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(1,339</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Personal Pre-APE Debt Restructurings (d)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">20</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Other adjustments (e)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(3</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(2</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Tax effects on US&nbsp;GAAP adjustments (f.1)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">433</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(38</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Valuation allowance (f.2)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">424</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">5</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
</TABLE> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">48 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>TELECOM ARGENTINA S.A. </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"
ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">Corporation non adhered to the Optional Statutory Regime of Compulsory Public Purchase Offer </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman"
SIZE="2"><B>Notes to the Unaudited Consolidated Financial Statements </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">(In millions of Argentine pesos, except as otherwise indicated -
See Note 3.c) </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="89%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>


<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="5" ALIGN="center" STYLE="border-bottom:1px solid #000000"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>Nine-month&nbsp;periods</B></FONT></P> <P
STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>ended&nbsp;September&nbsp;30,</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>2005</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>2004</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>

<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Minority interest (g)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">4</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">1</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Net income (loss) under US&nbsp;GAAP</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>$</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>1,230</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>$</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>(419</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>)</B></FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="81%"></TD>
<TD VALIGN="bottom" WIDTH="7%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="7%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>As of</B></FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>September&nbsp;30,</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT FACE="Times New Roman"
SIZE="1"><B>2005</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>As of</B></FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>December&nbsp;31,</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT FACE="Times New Roman"
SIZE="1"><B>2004</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Reconciliation of shareholders&#146; equity:</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Total shareholders&#146; equity under Argentine GAAP</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>$</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B> 2,125</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>$</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B> 502</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>US GAAP adjustments:</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Foreign currency translation (a)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">33</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">47</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Capitalization of foreign currency exchange differences (b.1)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(784</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(813</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Capitalization of foreign currency exchange differences (b.2)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">441</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">370</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Debt Restructurings (c)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(1,574</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(235</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Other adjustments (e)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">3</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">1</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Tax effects on US&nbsp;GAAP adjustments (f.1)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">670</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">239</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Valuation allowance (f.2)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(424</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Minority interest (g)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(9</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(13</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Shareholders&#146; equity (deficit) equity under US&nbsp;GAAP</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>$</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>905</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>$</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>(326</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>)</B></FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>As&nbsp;of</B></FONT></P> <P
STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>September&nbsp;30,<BR>2005</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>As&nbsp;of</B></FONT></P> <P
STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>September&nbsp;30,<BR>2004</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Description of changes in shareholders&#146; equity under US GAAP:</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Shareholders&#146; equity (deficit) as of the beginning of the year</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>$</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B> (326</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>$</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B> 456</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Other comprehensive loss</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">1</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Net income (loss) under US&nbsp;GAAP</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">1,230</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(419</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Shareholders&#146; equity as of the end of the period</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>$</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>905</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>$</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>37</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:18px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"><B>a) Foreign currency translation </B></FONT></P> <P
STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">As indicated in Note 4.a., under Argentine GAAP, the financial statements of the Company&#146;s subsidiaries are translated using period-end exchange
rates for assets, liabilities and results of operations. Adjustments resulting from these translations are accumulated and reported as a separate line item between the liability and equity sections of the balance sheet. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Under US&nbsp;GAAP, financial statements of foreign subsidiaries have been translated into Argentine pesos following the guidelines established in SFAS
No.&nbsp;52, &#147;Foreign Currency Translation&#148; (&#147;SFAS 52&#148;). Under SFAS 52, in the case of foreign subsidiaries whose local currency is not the functional currency, the monetary/non-monetary method of translation has been used to
re-measure assets and liabilities to the functional currency prior to translation. This method involves the translation of monetary assets and liabilities at the exchange rate in effect at the end of each period, and the non-monetary assets and
liabilities and equity at historical exchange rates (i.e., the exchange rates in effect when the transactions occur). Average exchange rates have been applied for the translation of the accounts that make up the results of the periods, except for
those charges related to non-monetary assets and liabilities, which have been translated using historical exchange rates. Translation adjustments are included in the statement of income. Once the assets and liabilities have been re-measured to the
functional currency, the current rate method of translation has been used to translate them to the reporting currency, the Argentine Peso for the Company. This method involves the translation of assets and liabilities at the exchange rate in effect
at the end of each period. Average exchange rates have been applied for the translation of the accounts that make up the results of the periods. In this case, translation adjustments are recorded as a separate component of shareholders&#146; equity.
</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">49 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>TELECOM ARGENTINA S.A. </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"
ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">Corporation non adhered to the Optional Statutory Regime of Compulsory Public Purchase Offer </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman"
SIZE="2"><B>Notes to the Unaudited Consolidated Financial Statements </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">(In millions of Argentine pesos, except as otherwise indicated
&#150; See Note 3.c) </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"><B>b) Capitalization of foreign currency exchange differences </B></FONT></P> <P
STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"><B>b.1)</B> Under Argentine GAAP, foreign currency exchange differences (gains or losses) on or after January&nbsp;6, 2002 through July&nbsp;29, 2003,
related to foreign-currency denominated debts as of such dates were allocated to the cost of assets acquired or constructed with such financing, as long as a series of conditions and requirements established were fulfilled. Under US&nbsp;GAAP,
foreign currency exchange differences cannot be capitalized, and are expensed as incurred. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"><B>b.2)</B> This adjustment represents the
effect on accumulated depreciation of the adjustment described in b.1 above. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"><B>c) Debt Restructurings </B></FONT></P> <P
STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">As discussed in Note 8.2., Telecom Argentina completed the restructuring of its outstanding indebtedness in August 2005. Also, in November 2004 Personal
and Personal&#146;s subsidiary, Nucleo, completed the restructuring of their respective outstanding indebtedness. The restructuring of Telecom Argentina, Personal and Nucleo&acute;s (referred herein to as the &#147;entities&#148;) outstanding
indebtedness are collectively referred hereinafter as to the &#147;Debt Restructurings&#148;. The Debt Restructurings involved (i)&nbsp;the full settlement of certain outstanding loans of the entities and (ii)&nbsp;the combination of a partial debt
settlement and a refinancing of the remaining outstanding loans of the entities with modified terms, as indicated in Note 8.2. In connection with (ii), the entities issued new debt instruments. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Under Argentine GAAP, during the nine-month period ended September&nbsp;30, 2005 Telecom Argentina recorded a gain of $1,424 (before tax effects). In the
fourth quarter of the year ended December&nbsp;31, 2004, a gain of $230 (before tax effects) related to Personal and Nucleo&#146;s restructurings was also recorded. Under Argentine GAAP, the new debt instruments were present-valued at their
respective restructuring dates and accordingly, the entities recorded a loss on accretion of $30 for the nine-month period ended September&nbsp;30, 2005. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
FACE="Times New Roman" SIZE="2">US&nbsp;GAAP requires an analysis to be performed under SFAS No.15, &#147;Accounting by Debtors and Creditors for Troubled Debt Restructurings&#148; and EITF 02-04, &#147;Debtors Accounting for a Modification or an
Exchange of Debt Instruments in accordance with SFAS 15&#148;, to assess whether the Debt Restructurings constituted troubled debt restructurings. The entities concluded that the Debt Restructurings were in fact troubled debt restructurings as the
entities were in financial difficulties and creditors had granted a concession, under the definitions of such conditions in the EITF 02-04 guidance. The concessions resulted primarily from the discount on principal and accrued interest, extension of
maturity and forgiveness of penalty interest. Accordingly, under US&nbsp;GAAP, the Debt Restructurings were accounted for as (i)&nbsp;a full settlement of certain outstanding loans with cash and (ii)&nbsp;a combination of a partial debt settlement
and a continuation of debt with modified terms. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">For those outstanding loans which were fully settled, there was no difference in
accounting treatment between Argentine GAAP and US GAAP. The gain was measured by the excess of the carrying amount of the payables over the cash surrendered. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
FACE="Times New Roman" SIZE="2">For those outstanding loans which were restructured by a partial cash settlement and the issuance of new debt instruments with modified terms, SFAS 15 requires an assessment of the total future cash payments specified
by the new terms of the debt, including, principal, interest and contingent payments on a payable-by-payable basis. No gain on restructuring is recognized unless the remaining carrying amount of the debt exceeds the total future cash payments
specified by the new terms. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Accordingly, for those restructured loans where their carrying value does not exceed the total future cash
payments specified by the terms of the new instruments, no gain was recognized under US&nbsp;GAAP as of the date of the Debt Restructurings. The carrying value of the loans will be reduced as payments are made. Interest expense is computed as the
discount rate that equated the present value of the future cash payments specified by the new debt with the carrying amount of the original loans. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman"
SIZE="2">In the case of the remaining loans where their total future cash payments specified by the new terms are less than the respective carrying amounts, the entities reduced the carrying amounts to an amount equal to the total future </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">50 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>TELECOM ARGENTINA S.A. </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"
ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">Corporation non adhered to the Optional Statutory Regime of Compulsory Public Purchase Offer </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman"
SIZE="2"><B>Notes to the Unaudited Consolidated Financial Statements </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">(In millions of Argentine pesos, except as otherwise indicated
&#150; See Note 3.c) </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">cash payments specified by the new terms. Accordingly, a gain on restructuring was recognized under US&nbsp;GAAP
equal to the amount of the reduction. Thereafter, all cash payments under the new terms are accounted for as reductions of the carrying amount of the payables and no interest expense is recognized. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">In summary, the US&nbsp;GAAP reconciling item reflects the (a)&nbsp;reversal of the loss on accretion of new debt instruments recognized under Argentine
GAAP, (b)&nbsp;reversal of a portion of gain on restructuring recognized under Argentine GAAP for those outstanding loans restructured by a partial cash settlement and the issuance of new debt instruments with modified terms, (c)&nbsp;reversal of
the interest expense computed under Argentine GAAP and (d)&nbsp;the computation of the interest expense under US&nbsp;GAAP as described above. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman"
SIZE="2">The US&nbsp;GAAP reconciling item for the Debt Restructurings is comprised as follows: </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"><I>Included in the reconciliation of net
income (loss): </I></FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="85%"></TD>
<TD VALIGN="bottom" WIDTH="11%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Nine-month&nbsp;period<BR>ended&nbsp;September&nbsp;30,<BR>2005</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Reversal of loss on accretion of new debt instruments recognized under Argentine GAAP (a)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">30</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Reversal of a portion of gain on restructuring recognized under Argentine GAAP (b)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(1,393</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Reversal of interest expense computed under Argentine GAAP (c)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">106</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Computation of interest expense under US&nbsp;GAAP (d)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(82</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Total US&nbsp;GAAP reconciling item for Debt Restructurings</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>$</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>(1,339</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>)</B></FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:18px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"><I>Included in the reconciliation of shareholders&#146; equity: </I></FONT></P> <P
STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="81%"></TD>
<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>As of<BR>September&nbsp;30,<BR>2005</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>As of<BR>December&nbsp;31,<BR>2004</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Reversal of loss on accretion of new debt instruments recognized under Argentine GAAP (a)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">31</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">1</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Reversal of a portion of gain on restructuring recognized under Argentine GAAP (b)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(1,632</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(239</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Reversal of interest expense computed under Argentine GAAP (c)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">118</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">12</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Computation of interest expense under US&nbsp;GAAP (d)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(91</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(9</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Total US&nbsp;GAAP reconciling item for Debt Restructurings</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>$</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>(1,574</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>$</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>(235</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>)</B></FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:18px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"><B>d) Personal Pre-APE Debt Restructurings </B></FONT></P> <P
STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">In December 2002, Personal restructured a portion of its outstanding indebtedness as of that date. Under Argentine GAAP, Personal recognized a gain to
carry the restructured debt to its present value. Under US&nbsp;GAAP, Personal assessed the transaction under SFAS No.&nbsp;15 and EITF 02-04 and treated the restructuring as a troubled debt restructuring. As the carrying value of the old debt did
not exceed the total future cash payments specified by the new debt, no gain was recognized under US GAAP. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">During the nine months ended
September&nbsp;30, 2004, Personal received notices of acceleration for the restructured debt in December 2002 amounting to US$ 27 million. Accordingly, Personal recorded a loss of $20 under Argentine GAAP to carry such debt at fair value. Since no
gain had been originally recorded under US&nbsp;GAAP and the old debt had not been derecognized, the US&nbsp;GAAP adjustment reflects the reversal of the loss recorded under Argentine GAAP. </FONT></P> <P
STYLE="margin-top:18px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"><B>e) Other adjustments </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">The Company has
aggregated under this caption certain reconciling items which management believes are not significant to the Company&#146;s financial position and results of operations. The US&nbsp;GAAP reconciling items included under &#147;other adjustments&#148;
were as follows for all periods presented: </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">51 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>TELECOM ARGENTINA S.A. </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"
ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">Corporation non adhered to the Optional Statutory Regime of Compulsory Public Purchase Offer </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman"
SIZE="2"><B>Notes to the Unaudited Consolidated Financial Statements </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">(In millions of Argentine pesos, except as otherwise indicated
&#150; See Note 3.c) </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"><I>Included in the reconciliation of net income (loss) </I></FONT></P> <P
STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="88%"></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Nine-month&nbsp;periods<BR>ended&nbsp;September&nbsp;30,</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>2005</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>2004</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Inventories</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">1</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Present-value accounting</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">1</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(3</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Accounting for investments in debt securities</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(5</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Equity gain (loss) on related companies</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">1</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2"><B>Total other adjustments (e)</B>`<B></B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(3</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(2</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:18px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"><I>Included in the reconciliation of shareholders&#146; equity </I></FONT></P> <P
STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="80%"></TD>
<TD VALIGN="bottom" WIDTH="8%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="8%"></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>As of<BR>September&nbsp;30,<BR>2005</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>As of<BR>December&nbsp;31,<BR>2004</B></FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Inventories</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">1</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Present-value accounting</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">2</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">1</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Total other adjustments (e)</B>`<B></B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(3</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">1</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:18px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"><I>- Inventories </I></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT
FACE="Times New Roman" SIZE="2">Under Argentine GAAP, inventories are stated at the lower of replacement cost or net realizable value. Under US&nbsp;GAAP, inventories are stated at the lower of cost or market. </FONT></P> <P
STYLE="margin-top:18px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"><I>- Present-value accounting </I></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">As
indicated in Note 4.f., under Argentine GAAP, certain monetary assets and liabilities are measured based on the calculation of their discounted value using the internal rate of return of such assets or liabilities at the time of measurement, unless
the company has the intent and ability to dispose of those assets or advance settlement of liabilities. Under US&nbsp;GAAP, present valuing or discounting of these assets and liabilities is precluded. </FONT></P> <P
STYLE="margin-top:18px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"><I>- Accounting for investments in debt securities </I></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT
FACE="Times New Roman" SIZE="2">Under Argentine GAAP, certain investments (discount bonds) were recorded at fair value with unrealized gain of $5 recognized in the statement of income. Under US&nbsp;GAAP, these investments are classified as
available-for-sale. Accordingly, unrealized gain is excluded from earnings and reported as a separate component of shareholders equity. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman"
SIZE="2"><I>- Equity gain (loss) on related companies </I></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">As of December&nbsp;31, 2004, the Company held a 5.75% ownership interest in
Nahuelsat. Under Argentine GAAP, the Company had recorded this investment at the lower of cost or net realizable value. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">For US&nbsp;GAAP
purposes, the Company accounts for investments in non-marketable equity securities in accordance with Accounting Principles Board Opinion No.&nbsp;18 (&#147;APB 18&#148;) and related interpretations. Under APB 18, investments in less than 20% of the
capital stock are generally carried at cost. Under the cost method, investments are recorded and reported at original cost until they are partially or entirely disposed of or the original cost value has been impaired. Subsequent write-ups are
prohibited under US GAAP. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">As of December&nbsp;31, 2002, the investment in Nahuelsat was written down to zero since its original cost was
deemed to be permanently impaired. The cost basis of this investment was zero for both Argentine GAAP and US&nbsp;GAAP for the year ended December&nbsp;31, 2002. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">52 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>TELECOM ARGENTINA S.A. </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"
ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">Corporation non adhered to the Optional Statutory Regime of Compulsory Public Purchase Offer </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman"
SIZE="2"><B>Notes to the Unaudited Consolidated Financial Statements </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">(In millions of Argentine pesos, except as otherwise indicated
&#150; See Note 3.c) </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Subsequently, during the year ended December&nbsp;31, 2003, the investment in Nahuelsat was written
up for Argentine GAAP purposes. Since management considered that Nahuelsat&#146;s financial condition had improved, a write-up of $2 was included in equity gain (loss) from related companies in the statement of income. For US&nbsp;GAAP purposes, the
permanent impairment recorded in 2002 established a new cost basis for the investment, thus, the write-up recorded in 2003 was reversed. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman"
SIZE="2">During the nine-month period ended September&nbsp;30, 2004, the Company recorded a new write-down of the investment of $1 for Argentine GAAP purposes. For US&nbsp;GAAP purposes, for the reasons described above, such write-down was reversed.
</FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">During the nine-month period ended September&nbsp;30, 2005, the Company sold its investment in Nahuelsat, recording a gain of US$ 50.000
for both Argentine GAAP and US GAAP. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"><B>f) Income taxes </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT
FACE="Times New Roman" SIZE="2"><B>f.1) Tax effects on US&nbsp;GAAP adjustments </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">The adjustment represents the effect on deferred income
taxes of the foregoing reconciling items, as appropriate. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"><B>f.2) Valuation allowance </B></FONT></P> <P
STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">This adjustment represents the partial reversal of the previously established valuation allowance related to Telecom Argentina, due to the outcome of the
Debt Restructuring as described in Note 8 and based on current projections. Additionally, Personal has recorded under US&nbsp;GAAP the total reversal of its previously established valuation allowance based on current projections. </FONT></P> <P
STYLE="margin-top:18px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"><B>g) Minority interest </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">The adjustment
represents the effect on minority interest of the foregoing reconciling items, as appropriate. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"><B>h) Accounting for stock transferred by
the Argentine government to employees </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Under Argentine GAAP, there are no specific rules governing the accounting to be followed by
employers when a principal shareholder transfers shares to a company&#146;s employees. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Under US&nbsp;GAAP, the Company has elected to
follow Accounting Principles Board Opinion No.&nbsp;25 (&#147;APB No.&nbsp;25&#148;), &#147;Accounting for Stock Issued to Employees,&#148; and related interpretations, as permitted by SFAS No.&nbsp;123. In accordance with AIN-APB No 25
&#147;Accounting for Stock Issued to Employees - Accounting Interpretations of APB Opinion No 25&#148;, the economic substance of a plan established by the principal stockholders is substantially the same for the company and the employee, whether
the plan is adopted by the company or a principal stockholder. Consequently, the company should account for this type of plan when one is established or financed by a principal stockholder unless (1)&nbsp;the relationship between the stockholder and
the company&#146;s employee is one which would normally result in generosity, (2)&nbsp;the stockholder has an obligation to the employee which is completely unrelated to the latter&#146;s employment, or (3)&nbsp;the company clearly does not benefit
from the transaction. The rationale established in this Interpretation has been applied to other situations in which a principal stockholder undertakes transactions for the benefit of the company. Staff Accounting Bulletin (&#147;SAB&#148;)
No.&nbsp;79 (SAB Topic 5T) requires any transaction undertaken by a company&#146;s principal stockholder for the benefit of the company to be accounted for according to its substance and not its form. Under APB No.&nbsp;25, compensation expense is
based on the difference, if any, on the date of the grant, between the fair value of the company&#146;s stock and the exercise price. SFAS No.&nbsp;123 defines a &#147;fair value&#148; based method of accounting for an employee stock option or
similar equity investment. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">The Argentine government agreed to establish a Share Ownership Plan, principally for the benefit of the former
employees of ENTel transferred to the Company. Under the terms of the plan, employees eligible to participate acquired the shares of the Company previously held by the Government for an amount significantly less than the </FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">53 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>TELECOM ARGENTINA S.A. </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"
ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">Corporation non adhered to the Optional Statutory Regime of Compulsory Public Purchase Offer </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman"
SIZE="2"><B>Notes to the Unaudited Consolidated Financial Statements </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">(In millions of Argentine pesos, except as otherwise indicated
&#150; See Note 3.c) </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">then market value of the shares as of the Transfer Date. This discount arises because the eligible employees were
only required to pay cash for the shares in an amount equivalent to the cash portion of the proceeds received by the Argentine Government from Nortel. The purchase price formula was originally established during the privatization. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Had the Company been required by SEC regulations to include a reconciliation between Argentine GAAP and US&nbsp;GAAP for the fiscal year 1991, it would
have included as a reconciling item a charge amounting to $465 in the statement of income. However, this charge represented a reclassification between equity accounts, and consequently, it had no impact on shareholders&#146; equity or cash flows
determined under US GAAP. The charge was calculated based upon the difference between the estimated total price per share paid by Nortel as of the Transfer Date and the purchase price to be paid by eligible employees. </FONT></P> <P
STYLE="margin-top:18px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"><B>i) Indefinite-life intangibles impairment testing </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT
FACE="Times New Roman" SIZE="2">As indicated in Note 4.k., the Company identified the PCS license as an indefinite life intangible. Under Argentine GAAP, indefinite life intangibles are not amortized but tested annually for impairment. The carrying
value of these intangibles is considered impaired by the Company when the expected cash flows, undiscounted and without interest, from such assets are separately identifiable and less than its carrying value. In that event, a loss would be
recognized based on the amount by which the carrying value exceeds the fair market value of the long-lived asset. Fair market value is determined primarily using the anticipated cash flows discounted at a rate commensurate with the risk involved.
The Company concluded that an impairment loss was not necessary. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Under US&nbsp;GAAP, the Company adopted SFAS No.&nbsp;142, Goodwill and
Other Intangible Assets (&#147;SFAS 142&#148;), on January&nbsp;1, 2002. The Company determined that its license met the definition of indefinite-lived intangible assets under SFAS 142. Under SFAS No.&nbsp;142, indefinite-life intangibles are not
amortized but subject to annual impairment testing or more frequent testing if an event occurs or circumstances change that would more likely than not reduce the fair value of the intangible asset below its carrying value. The Company has assessed
the impairment of its PCS license under SFAS No.&nbsp;142 in fiscal years 2004 and 2003. The impairment testing involves determining the fair market value of its PCS license and comparing the value with its carrying value. Based on this assessment,
there was no impairment identified for the periods presented. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"><B>j) Recently issued accounting pronouncements </B></FONT></P> <P
STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">On November&nbsp;7, 2003, the FASB issued the final FASB Staff Position (&#147;FSP&#148;) FAS 150-3, &#147;Effective Date, Disclosures, and Transition for
Mandatorily Redeemable Financial Instruments of Certain Nonpublic Entities and Certain Mandatorily Redeemable Non-controlling Interests under FASB Statement No.&nbsp;150 (&#147;FAS 150&#148;), Accounting for Certain Financial Instruments with
Characteristics of Both Liabilities and Equity&#148;. The final FSP affects how public and nonpublic entities classify, measure, and disclose certain mandatorily redeemable non-controlling interests associated with finite-lived subsidiaries and
mandatorily redeemable financial instruments and requires entities that have already adopted FAS 150 to rescind the adoption of certain provisions of FAS 150 and to permit them to present the adoption of the FSP either by restating previously issued
financial statements or as a cumulative effect in the period of adoption. The Company has analyzed its financial instruments in light of FAS 150 and has determined that this statement is not applicable to its financial position and that the adoption
of this statement has no impact on its consolidated statements. The classification and measurement provisions of SFAS 150 for certain mandatorily redeemable non-controlling interests with finite lived subsidiaries are deferred for an indefinite
period. The Company will continue to evaluate the impact of SFAS 150, if any, and any further clarifications that may result from SFAS 150. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman"
SIZE="2">In December 2004, the FASB issued SFAS No.&nbsp;153, &#147;Exchanges of Nonmonetary Assets&#148; - An Amendment of APB Opinion No.&nbsp;29. APB Opinion No.&nbsp;29, &#147;Accounting for Nonmonetary Transactions&#148;, is based on the
principle that exchanges of nonmonetary assets should be measured based on the fair value of the assets exchanged. SFAS No.&nbsp;153 amends Opinion No.&nbsp;29 to eliminate the exception for nonmonetary exchanges of similar productive assets and
replaces it with a general exception for exchanges of nonmonetary assets whose results are not expected to significantly change the future cash flows of the entity. The adoption of SFAS No.&nbsp;153 is not expected to have any impact on the
Company&#146;s current financial condition or results of operations. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">54 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>TELECOM ARGENTINA S.A. </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"
ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">Corporation non adhered to the Optional Statutory Regime of Compulsory Public Purchase Offer </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman"
SIZE="2"><B>Notes to the Unaudited Consolidated Financial Statements </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">(In millions of Argentine pesos, except as otherwise indicated
&#150; See Note 3.c) </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">In May 2005, the FASB issued SFAS No.&nbsp;154, &#147;Accounting Changes and Error Corrections&#148;,
a replacement of APB Opinion No.&nbsp;20, &#147;Accounting Changes&#148;, and SFAS No.&nbsp;3, &#147;Reporting Accounting Changes in Interim Financial Statements&#148; (&#147;FAS 154&#148;). FAS 154 changes the requirements for the accounting for,
and reporting of, a change in accounting principle. Previously, most voluntary changes in accounting principles were required to be recognized by way of a cumulative effect adjustment within net income during the period of the change. FAS 154
requires retrospective application to prior periods financial statements, unless it is impracticable to determine either the period-specific effects or the cumulative effect of the change. FAS 154 is effective for accounting changes made in fiscal
years beginning after December&nbsp;15, 2005; however, the Statement does not change the transition provisions of any existing accounting pronouncements. The Company is currently analyzing the impact that the adoption of FAS 154 will have on the
consolidated financial position, results of operations or cash flows. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>
<A NAME="tx79604_22"></A>16. Other financial statement information </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">The following tables present additional consolidated financial
statement disclosures required under Argentine GAAP: </FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">a.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Fixed assets, net </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">b.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Intangible assets, net </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">c.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Securities and equity investments </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">d.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Current investments </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">e.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Allowances and provisions </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">f.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Cost of services </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">g.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Foreign currency assets and liabilities </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">h.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Expenses </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">i.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Aging of assets and liabilities </FONT></TD></TR></TABLE> <P STYLE="margin-top:18px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"><B>(a) Fixed assets, net
</B></FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="57%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="14" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Original value</B></FONT></TD></TR>
<TR>
<TD VALIGN="bottom" NOWRAP> <P STYLE="margin-right:0px;margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Principal account</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>As of the<BR>beginning<BR>of year</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Additions</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Foreign<BR>currency<BR>translation<BR>adjustments</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Transfers</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Decreases</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>As&nbsp;of&nbsp;the&nbsp;end&nbsp;of<BR>the period</B></FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Land</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">118</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">(8</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">110</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Building</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">1,654</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">9</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">(47</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">1,616</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Transmission equipment</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">5,241</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">5</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">8</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">24</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">(39</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">5,239</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Switching equipment</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">3,922</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">2</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">2</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">121</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">(28</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">4,019</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Power equipment</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">534</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">1</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">7</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">(3</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">539</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">External wiring</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">5,951</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">49</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">(38</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">5,962</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Telephony equipment and instruments</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">883</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">1</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">4</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">8</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">(2</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">894</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Cellular handsets given to customers at no cost</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">342</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Vehicles</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">114</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">14</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">(1</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">127</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Furniture</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">108</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">1</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">109</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Installations</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">446</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">3</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">449</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Improvements in third parties buildings</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">102</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">1</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">3</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">106</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Computer equipment</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">2,582</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">9</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">4</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">28</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">(10</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">2,613</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Work in progress</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">147</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">(*)</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">307</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">(252</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">(2</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">200</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Fixed assets excluding materials</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>22,144</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>340</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>24</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&#151;&nbsp;&nbsp;</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>(181</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>22,327</B></FONT></TD></TR>
</TABLE> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">55 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>TELECOM ARGENTINA S.A. </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"
ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">Corporation non adhered to the Optional Statutory Regime of Compulsory Public Purchase Offer </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman"
SIZE="2"><B>Notes to the Unaudited Consolidated Financial Statements </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">(In millions of Argentine pesos, except as otherwise indicated
&#150; See Note 3.c) </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="56%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD></TR>


<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="13" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Original value</B></FONT></TD></TR>
<TR>
<TD VALIGN="bottom" NOWRAP> <P STYLE="margin-right:0px;margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Principal account</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>As of the<BR>beginning<BR>of year</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Additions</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Foreign<BR>currency<BR>translation<BR>adjustments</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Transfers</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Decreases</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>As&nbsp;of&nbsp;the&nbsp;end&nbsp;of<BR>the period</B></FONT></TD></TR>

<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Materials</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">96</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">(**)</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">68</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">(45</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">119</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Total as of September&nbsp;30, 2005</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>22,240</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>408</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>24</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>&#151;&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>(a)&nbsp;(226</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>22,446</B></FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Total as of September&nbsp;30, 2004</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>21,818</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>312</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>12</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>&#151;&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>(58</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>22,084</B></FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD></TR>
</TABLE><HR WIDTH="8%" SIZE="1" NOSHADE COLOR="#000000" ALIGN="left">
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">(*)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Includes $127 transferred from materials. </FONT></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">(**)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Net of $127 transferred to fixed assets. </FONT></TD></TR></TABLE> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="37%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="8%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="11" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Depreciation</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ROWSPAN="2" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>Net</B></FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>carrying<BR>value</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>as
of<BR>September&nbsp;30,<BR>2005</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ROWSPAN="2" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Net carrying<BR>value as of<BR>December&nbsp;31,<BR>2004</B></FONT></TD></TR>
<TR>
<TD VALIGN="bottom" NOWRAP> <P STYLE="margin-right:0px;margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Principal account</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Accumulated<BR>as of the<BR>beginning of<BR>the year</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000"> <P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>Annual&nbsp;rate<BR>(%)</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Amount</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Decreases<BR>and<BR>transfers</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>Accumulated<BR>as&nbsp;of&nbsp;the&nbsp;end&nbsp;of</B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>the</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>period</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Land</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>110</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>118</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Building</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">(745</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">4&nbsp;&#150;&nbsp;9</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">(54</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">17</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">(782</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>834</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>909</B></FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Transmission equipment</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">(3,600</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">10 &#150; 14</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">(329</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">18</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">(3,911</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>1,328</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>1,641</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Switching equipment</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">(2,994</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">10 &#150; 14</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">(222</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">39</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">(3,177</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>842</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>928</B></FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Power equipment</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">(365</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">10</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">(36</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">6</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">(395</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>144</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>169</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">External wiring</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">(3,880</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">6</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">(230</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">35</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">(4,075</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>1,887</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>2,071</B></FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Telephony equipment and instruments</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">(744</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">10 &#150; 18</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">(40</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">1</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">(783</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>111</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>139</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Cellular handsets given to customers at no cost</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">(337</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">100</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Vehicles</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">(98</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">20</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">(5</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">2</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">(101</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>26</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>16</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Furniture</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">(84</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">10</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">(5</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">1</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">(88</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>21</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>24</B></FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Installations</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">(330</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">10 &#150; 25</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">(21</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">(351</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>98</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>116</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Improvements in third parties buildings</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">(74</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">2</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">(2</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">(75</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>30</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>28</B></FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Computer equipment</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">(2,094</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">19 &#150; 33</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">(161</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">6</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">(2,249</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>364</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>488</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Work in progress</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>200</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>147</B></FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Fixed assets excluding materials</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>(15,345</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>(1,114</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>128</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>(16,331</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>5,996</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>6,799</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Materials</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">119</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">96</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Total as of September&nbsp;30, 2005</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>(15,345</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>(b)&nbsp;(1,114</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>(c)&nbsp;128</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>(16,331</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>(d) 6,115</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>(d)&nbsp;6,895</B></FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Total as of September&nbsp;30, 2004</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>(13,817</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>(e)&nbsp;(1,199</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>11</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>(15,005</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>(d)&nbsp;7,079</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
</TABLE><HR WIDTH="8%" SIZE="1" NOSHADE COLOR="#000000" ALIGN="left">
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">(a)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Includes $(29) corresponding to the reversal of capitalized foreign currency exchange differences included in Gain on debt restructuring and $(50) corresponding to the original
value of the buildings held for sale included in Other assets. </FONT></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">(b)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Includes $(88) corresponding to the depreciation of capitalized foreign currency exchange differences and $(14) corresponding to foreign currency translation adjustments.
</FONT></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">(c)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Includes $17 corresponding to the reversal of depreciation of capitalized foreign currency exchange differences, included in Gain on debt restructuring and $16 corresponding to the
accumulated depreciation of the buildings held for sale, included in Other assets. </FONT></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">(d)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Includes $7 in September 2005, $6 in December 2004 and $4 in September 2004, corresponding to the net carrying value of the capitalized cost of asset retirement obligations.
</FONT></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">(e)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Includes $(89) corresponding to the depreciation of capitalized foreign currency exchange differences and $(5) corresponding to foreign currency translation adjustments.
</FONT></TD></TR></TABLE> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">56 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>TELECOM ARGENTINA S.A. </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"
ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">Corporation non adhered to the Optional Statutory Regime of Compulsory Public Purchase Offer </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman"
SIZE="2"><B>Notes to the Unaudited Consolidated Financial Statements </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">(In millions of Argentine pesos, except as otherwise indicated
&#150; See Note 3.c) </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"><B>(b) Intangible assets, net </B></FONT></P> <P
STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="60%"></TD>
<TD VALIGN="bottom" WIDTH="7%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="7%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="7%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="7%"></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="7" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Original value</B></FONT></TD></TR>
<TR>
<TD VALIGN="bottom" NOWRAP> <P STYLE="margin-right:0px;margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Principal account</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>As of the<BR>beginning&nbsp;of&nbsp;the<BR>year</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Additions</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Foreign&nbsp;currency<BR>translation<BR>adjustments</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>As&nbsp;of&nbsp;the&nbsp;end&nbsp;of<BR>the period</B></FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Software obtained or developed for internal use</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">431</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">-2</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">433</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Debt issue costs</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">81</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">1</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">82</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">PCS license</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">662</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">662</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Band B license (Paraguay)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">123</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">8</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">131</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Rights of use</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">69</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">69</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Exclusivity agreements</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">98</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">98</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Trademarks</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">8</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">8</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Total as of September&nbsp;30, 2005</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>1,472</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>&#151;&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>11</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>1,483</B></FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Total as of September&nbsp;30, 2004</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>1,440</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>&#151;&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>5</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>1,445</B></FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD></TR>
</TABLE> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="54%"></TD>
<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="7" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Amortization</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ROWSPAN="2" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Net carrying<BR>value as of<BR>September&nbsp;30,<BR>2005</B></FONT></TD>
<TD VALIGN="bottom" ROWSPAN="2"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ROWSPAN="2" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Net carrying<BR>value as of<BR>December&nbsp;31,<BR>2004</B></FONT></TD></TR>
<TR>
<TD VALIGN="bottom" NOWRAP> <P STYLE="margin-right:0px;margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Principal account</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Accumulated&nbsp;as<BR>of&nbsp;the&nbsp;beginning<BR>of the year</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Amount</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Accumulated&nbsp;as<BR>of&nbsp;the&nbsp;end&nbsp;of&nbsp;the<BR>period</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Software obtained or developed for internal use</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">(373</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">(18</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">(391</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>42</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>58</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Debt issue costs</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">(78</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">(4</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">(82</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&#151;&nbsp;&nbsp;</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>3</B></FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">PCS license</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">(71</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">(71</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>591</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>591</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Band B license (Paraguay)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">(89</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">(17</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">(106</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>25</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>34</B></FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Rights of use</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">(23</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">(3</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">(26</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>43</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>46</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Exclusivity agreements</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">(60</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">(4</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">(64</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>34</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>38</B></FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Trademarks</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">(5</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">(5</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>3</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>3</B></FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Total as of September&nbsp;30, 2005</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>(699</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>(a)&nbsp;(46</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>(745</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>738</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>773</B></FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Total as of September&nbsp;30, 2004</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>(595</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>(b)&nbsp;(88</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>(683</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>(762</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
</TABLE><HR WIDTH="8%" SIZE="1" NOSHADE COLOR="#000000" ALIGN="left">
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">a)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">An amount of $(25) is included in cost of services, $(2) in general and administrative expenses, $(7) in selling expenses, $(1) in financial results, net and $(2) in Gain on debt
restructuring. Also includes $(9) corresponding to foreign currency translation adjustments. </FONT></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">b)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">An amount of $(30) is included in cost of services, $(5) in general and administrative expenses, $(45) in selling expenses and $(4) in financial results, net. Also includes $(4)
corresponding to foreign currency translation adjustments. </FONT></TD></TR></TABLE> <P STYLE="margin-top:18px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"><B>(c) Securities and equity investments </B></FONT></P> <P
STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="34%"></TD>
<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom" NOWRAP> <P STYLE="margin-right:0px;margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Issuer and characteristic of the securities</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Type</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Nominal<BR>value/Market<BR>value</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Number of<BR>securities/<BR>shares</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>Net</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px"
ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>realizable<BR>value as of<BR>September&nbsp;30,<BR>2005</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Cost value as<BR>of&nbsp;September&nbsp;30,<BR>2005</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Book value as<BR>of&nbsp;September&nbsp;30,<BR>2005</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Book value as<BR>of&nbsp;December&nbsp;31,<BR>2004</B></FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2"><B>CURRENT INVESTMENTS</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2"><B>Government bonds</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Secured 2018 Bond</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">1</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">8,399,999</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">12</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">9</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">12</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">10</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Discount Peso Bond</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">1</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">11,358,852</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">15</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">11</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">15</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Discount US$ Bond</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">US$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"> 1</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">3,894,131</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">13</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">11</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">13</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Argentina 2004 Bond</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">US$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"> 1</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">79</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Other bonds</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">Euro </FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">1</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">218</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:5.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Total government bonds</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>40</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>31</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>40</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>307</B></FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">57 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>TELECOM ARGENTINA S.A. </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"
ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">Corporation non adhered to the Optional Statutory Regime of Compulsory Public Purchase Offer </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman"
SIZE="2"><B>Notes to the Unaudited Consolidated Financial Statements </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">(In millions of Argentine pesos, except as otherwise indicated
&#150; See Note 3.c) </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="39%"></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom" NOWRAP> <P STYLE="margin-right:0px;margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Issuer and characteristic of the securities</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Type</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Nominal<BR>value/Market<BR>value</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Number of<BR>securities/<BR>shares</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>Net</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px"
ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>realizable<BR>value as of<BR>September&nbsp;30,<BR>2005</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Cost value as<BR>of&nbsp;September&nbsp;30,<BR>2005</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>Book value</B></FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>as of</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT FACE="Times New Roman"
SIZE="1"><B>September&nbsp;30,<BR>2005</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>Book value<BR>as of</B></FONT></P> <P
STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>December&nbsp;31,<BR>2004</B></FONT></P></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Mutual funds</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">ROBLE$</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">1.1</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">24,667,028</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">26</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">26</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">26</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">SUPERAHORRO$</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">0.2</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">203,120,936</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">48</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">48</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">48</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">1784A$</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">1.0</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">15,115,648</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">15</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">15</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">15</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">NUEVO RENTA$</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">2.2</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">5,209,207</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">12</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">12</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">12</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">PREMIER RENTA$</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">1.8</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">2,337,392</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">4</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">4</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">4</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Other</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">1</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">41</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:5.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Total mutual funds</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>105</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>105</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>105</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>41</B></FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Equity investments</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Intelsat Ltd.</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">8</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:5.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Total equity investments</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">8</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Total current investments</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>145</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>136</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>145</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>356</B></FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"><B>(d) Current investments </B></FONT></P> <P
STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="71%"></TD>
<TD VALIGN="bottom" WIDTH="7%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="7%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="7%"></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ROWSPAN="2" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>September&nbsp;30,</B></FONT></P> <P
STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>2005</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="5" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Book value as of</B></FONT></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>September&nbsp;30,<BR>2005</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>December&nbsp;31,<BR>2004</B></FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2"><B>CURRENT INVESTMENTS</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Time deposits</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">In foreign currency</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">319</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">319</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">3,026</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">In Argentine pesos</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">102</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">102</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">304</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Total current investments</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>$</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>421</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>$</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>421</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>$</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>3,330</B></FONT></TD></TR>
</TABLE> <P STYLE="margin-top:18px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"><B>(e) Allowances and provisions </B></FONT></P> <P
STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="60%"></TD>
<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom" NOWRAP> <P STYLE="margin-right:0px;margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Items</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Opening<BR>balances</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Additions</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Reclassifications</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Deductions</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>As of<BR>September&nbsp;30,<BR>2005</B></FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Deducted from current assets</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Allowance for doubtful accounts receivables</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">104</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">18</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">(19</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">103</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Allowance for obsolescence</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">3</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">(2</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">1</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Impairment loss on the Argentina 2004 bond</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">56</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">(56</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Total deducted from current assets</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>163</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>(a) </B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>18</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>&#151;&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>(77</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>104</B></FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Deducted from non-current assets</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Valuation allowance of net deferred tax assets</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">695</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">(489</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">206</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Allowance for doubtful accounts</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">4</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">2</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">6</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Allowance for obsolescence</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">12</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">12</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Total deducted from non-current assets</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>699</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>(b)</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>14</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>&#151;&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>(489</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>224</B></FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Total deducted from assets as of September&nbsp;30, 2004</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>564</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>(c)</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>238</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>&#151;&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>(6</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>796</B></FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Included under current liabilities</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Provision for commissions</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">14</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">49</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">(25</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">38</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Provision for contingencies</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">16</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">28</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">(7</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">37</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">58 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>TELECOM ARGENTINA S.A. </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"
ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">Corporation non adhered to the Optional Statutory Regime of Compulsory Public Purchase Offer </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman"
SIZE="2"><B>Notes to the Unaudited Consolidated Financial Statements </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">(In millions of Argentine pesos, except as otherwise indicated
&#150; See Note 3.c) </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="61%"></TD>
<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom" NOWRAP> <P STYLE="margin-right:0px;margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Items</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Opening<BR>balances</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Additions</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Reclassifications</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Deductions</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>As of<BR>September&nbsp;30,<BR>2005</B></FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Total included under current liabilities</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>30</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>(a)</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>49</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>28</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>(32</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>75</B></FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Included under non-current liabilities</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Provision for contingencies</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">214</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">63</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">(28</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">249</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Total included under non-current liabilities</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>214</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>(b) </B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>63</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>(28</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&#151;&nbsp;&nbsp;</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>249</B></FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Total included under liabilities as of September&nbsp;30, 2004</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>225</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>(d) </B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>38</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&#151;&nbsp;&nbsp;</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>(12</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>251</B></FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD></TR>
</TABLE><HR WIDTH="8%" SIZE="1" NOSHADE COLOR="#000000" ALIGN="left">
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">(a)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Included in selling expenses. </FONT></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">(b)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Included in other expenses, net. </FONT></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">(c)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Includes $1 in selling expenses, $57 in financial results, net, $178 in income tax expenses and $2 in other expenses, net. </FONT></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">(d)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Includes $10 in selling expenses and $28 in other expenses, net. </FONT></TD></TR></TABLE> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman"
SIZE="2"><B>(f) Cost of services </B></FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="88%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="6" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Nine-month&nbsp;periods<BR>ended&nbsp;September&nbsp;30,</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>2005</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>2004</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Inventory balance at the beginning of the year</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">82</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">16</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Plus:</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Purchases</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">475</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">239</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Holding results on inventories</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(13</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(3</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Cellular handsets given to customers at no cost (a)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(1</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(2</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Replacements</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(3</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(10</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Cost of services (Note 16.h)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">2,245</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">2,003</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Less:</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Inventory balance at the end of the period</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(149</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(90</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>COST OF SERVICES</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>$</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>2,636</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>$</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>2,153</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
</TABLE><HR WIDTH="8%" SIZE="1" NOSHADE COLOR="#000000" ALIGN="left">
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">(a)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Under certain circumstances, the Company lends handsets to customers at no cost pursuant to term agreements. Handsets remain the property of the Company and customers are generally
obligated to return them at the end of the respective agreements. </FONT></TD></TR></TABLE> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">59 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>TELECOM ARGENTINA S.A. </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"
ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">Corporation non adhered to the Optional Statutory Regime of Compulsory Public Purchase Offer </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman"
SIZE="2"><B>Notes to the Unaudited Consolidated Financial Statements </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">(In millions of Argentine pesos, except as otherwise indicated
&#150; See Note 3.c) </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="86%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="6" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Nine-month periods<BR>ended September&nbsp;30,</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>2005</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>2004</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2"><B>Handsets</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Net sales</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">219</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">90</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Cost of sales</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(391</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(150</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Gross loss from handsets</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>$</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>(172</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>$</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>(60</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>)</B></FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2"><B>Services</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Net sales</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">3,838</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">3,121</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Cost of sales</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(2,245</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(2,003</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Gross profit from services</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>$</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>1,593</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>$</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>1,118</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>TOTAL GROSS PROFIT</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>$</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>1,421</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>$</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>1,058</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:18px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"><B>(g) Foreign currency assets and liabilities </B></FONT></P> <P
STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="54%"></TD>
<TD VALIGN="bottom" WIDTH="8%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="8%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="8%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="8%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="7" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>As of September&nbsp;30, 2005</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>As of<BR>December&nbsp;31,&nbsp;2004</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="bottom" NOWRAP> <P STYLE="margin-right:0px;margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Items</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Amount&nbsp;of&nbsp;foreign<BR>currency (i)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Current&nbsp;exchange<BR>rate</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Amount&nbsp;in&nbsp;local<BR>currency</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Amount in local<BR>currency</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2"><B>Current assets</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2"><B>Cash and banks</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Bank accounts</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">US$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">4</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">2.91000</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">12</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">12</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">G</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">4,220</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">0.0004739</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">2</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">1</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2"><B>Investments</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Time deposits</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">US$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">85</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">2.91000</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">246</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">1,507</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">EURO</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">20</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">3.4981</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">71</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">1,515</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">G</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">3,850</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">0.0004739</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">2</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">4</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Government bonds</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">EURO</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">218</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">US$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">4</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">2.91000</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">13</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">79</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Impairment loss on the Argentina 2004 bond</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">US$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(56</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2"><B>Accounts receivable</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">US$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">13</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">2.91000</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">37</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">48</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">G</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">45,906</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">0.0004739</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">22</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">41</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Related parties</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">US$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">2</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">2.91000</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">5</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2"><B>Other receivables</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Tax credits</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">G</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">3,698</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">0.0004739</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">2</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">3</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Prepaid expenses</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">US$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">1</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">2.91000</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">2</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">2</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">G</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">4,268</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">0.0004739</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">2</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Others</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">US$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">1</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">2.91000</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">2</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">11</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">G</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">3,096</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">0.0004739</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">1</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">1</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2"><B>Non-current assets</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2"><B>Other receivables</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Others</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">US$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">2</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">2.91000</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">5</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">9</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Total assets</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>$</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>424</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>$</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>3,395</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2"><B>Current liabilities</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2"><B>Accounts payable</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Suppliers</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">US$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">74</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">2.91000</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">215</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">170</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">G</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">9,740</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">0.0004739</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">4</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">6</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">SDR</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">1</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">4.2179</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">2</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">5</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">EURO</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">3</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">3.4981</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">11</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">5</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Advances from customers</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">G</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">7,624</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">0.0004739</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">4</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">2</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Related parties</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">US$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">14</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2"><B>Debt</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Notes - Principal</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">US$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">75</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">2.91000</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">219</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">644</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">EURO</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">2</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">3.4981</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">7</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">4,709</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&yen;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">49</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">0.0256</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">2</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Banks loans and others &#150; Principal</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">US$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">17</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">2.91000</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">50</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">1,026</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&yen;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">80</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Fixed assets financing &#150; Principal</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">US$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">978</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
</TABLE> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">60 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>TELECOM ARGENTINA S.A. </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"
ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">Corporation non adhered to the Optional Statutory Regime of Compulsory Public Purchase Offer </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman"
SIZE="2"><B>Notes to the Unaudited Consolidated Financial Statements </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">(In millions of Argentine pesos, except as otherwise indicated
&#150; See Note 3.c) </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="54%"></TD>
<TD VALIGN="bottom" WIDTH="7%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="7%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="7%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="7%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="8" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>As of September&nbsp;30, 2005</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>As of<BR>December&nbsp;31,&nbsp;2004</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="bottom" NOWRAP> <P STYLE="margin-right:0px;margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Items</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>Amount&nbsp;of&nbsp;foreign</B></FONT></P> <P
STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>currency (i)</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Current&nbsp;exchange<BR>rate</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Amount&nbsp;in&nbsp;local<BR>currency</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>Amount in</B></FONT></P> <P
STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>local currency</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">EURO</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">157</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&yen;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">340</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Accrued interest</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">US$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">5</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">2.91000</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">15</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">369</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">EURO</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">2</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">3.4981</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">7</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">851</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&yen;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">26</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Penalty interest</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">US$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">92</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">EURO</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">71</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&yen;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">7</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2"><B>Salaries and social security payable</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Vacation, bonuses and social security payable</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">G</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">2,713</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">0.0004739</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">2</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2"><B>Taxes payable</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">VAT</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">G</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">1,437</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">0.0004739</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">1</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Income tax</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">G</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">12,857</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">0.0004739</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">6</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">1</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2"><B>Other liabilities</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Other</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">US$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">1</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">2.91000</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">2</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">1</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2"><B>Non-current liabilities</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2"><B>Accounts payable</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Suppliers</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">US$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">1</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">2.91000</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">4</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">7</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2"><B>Debt</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Notes &#150; Principal</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">US$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">613</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">2.91000</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">1,785</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">EURO</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">451</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">3.4981</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">1,577</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&yen;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">10,405</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">0.0256</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">266</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Banks loans and others &#150; Principal</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">US$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">396</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">2.91000</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">1,152</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">1,260</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Gain on discounting of debt</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">US$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(23</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">2.91000</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(67</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(41</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">EURO</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(68)</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">3.4981</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(237</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&yen;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(2,271</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">0.0256</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(59</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Derivatives</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">US$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">9</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">2.91000</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">27</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2"><B>Taxes payable</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Deferred tax liabilities</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">G</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">4,220</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">0.0004739</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">2</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">6</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2"><B>Other liabilities</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Deferred revenue on sale of capacity</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">US$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">10</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">2.91000</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">27</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">31</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Total liabilities</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>$</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>5,024</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>$</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>10,817</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P><HR WIDTH="8%" SIZE="1" NOSHADE COLOR="#000000" ALIGN="left">
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">(i)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">US$ = United States dollars; SDR = Special drawing rights; G = Guaran&iacute;es; &yen; = Japanese Yen. </FONT></TD></TR></TABLE> <P
STYLE="margin-top:18px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"><B>(h) Expenses </B></FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="69%"></TD>
<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="8" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Expenses</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ROWSPAN="2" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Nine-month<BR>period ended<BR>September&nbsp;30,<BR>2005</B></FONT></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Cost of<BR>services</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>General and<BR>administrative</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Selling</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Salaries and social security</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">233</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">95</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">176</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">504</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Depreciation of fixed assets</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">961</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">34</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">105</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">1,100</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Amortization of intangible assets</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">25</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">2</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">7</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">34</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Taxes</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">99</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">8</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">18</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">125</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Turnover tax</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">155</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">155</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Maintenance, materials and supplies</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">167</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">10</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">35</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">212</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Transportation and freight</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">9</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">4</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">20</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">33</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Insurance</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">4</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">3</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">2</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">9</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Energy, water and others</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">23</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">7</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">7</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">37</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Bad debt expense</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">18</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">18</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Interconnection costs</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">107</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">107</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Cost of international outbound calls</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">72</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">72</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Lease of circuits</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">34</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">34</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Rental expense</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">32</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">2</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">9</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">43</FONT></TD></TR>
</TABLE> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">61 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>TELECOM ARGENTINA S.A. </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"
ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">Corporation non adhered to the Optional Statutory Regime of Compulsory Public Purchase Offer </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman"
SIZE="2"><B>Notes to the Unaudited Consolidated Financial Statements </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">(In millions of Argentine pesos, except as otherwise indicated
&#150; See Note 3.c) </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="68%"></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="8" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Expenses</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ROWSPAN="2" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Nine-month<BR>period ended<BR>September&nbsp;30,<BR>2005</B></FONT></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Cost of<BR>services</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>General and<BR>administrative</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Selling</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Fees for services</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">39</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">35</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">33</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">107</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Advertising</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">97</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">97</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Commissions</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">312</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">312</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Roaming</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">88</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">88</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Charges for termination of calls coming from other cellular operators</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">184</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">184</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Others</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">13</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">2</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">33</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">48</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Total</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>$</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>2,245</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>$</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>202</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>$</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>872</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>$</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>3,319</B></FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD></TR>
<TR>
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="9"></TD>
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="8" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Expenses</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ROWSPAN="2" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Nine-month<BR>period ended<BR>September 30,<BR>2005</B></FONT></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Cost of<BR>services</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>General and<BR>administrative</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Selling</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Salaries and social security</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">217</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">70</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">147</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">434</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Depreciation of fixed assets</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">1,022</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">31</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">141</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">1,194</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Amortization of intangible assets</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">30</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">5</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">45</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">80</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Taxes</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">76</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">6</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">17</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">99</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Turnover tax</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">117</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">117</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Maintenance, materials and supplies</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">121</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">3</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">32</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">156</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Transportation and freight</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">6</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">3</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">17</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">26</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Insurance</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">14</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">3</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">3</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">20</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Energy, water and others</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">22</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">5</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">7</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">34</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Bad debt expense</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">1</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">1</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Interconnection costs</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">101</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">101</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Cost of international outbound calls</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">60</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">60</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Lease of circuits</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">27</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">27</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Rental expense</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">28</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">2</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">9</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">39</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Fees for services</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">22</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">45</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">19</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">86</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Advertising</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">64</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">64</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Commissions</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">9</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">157</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">166</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Roaming</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">39</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">39</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Charges for termination of calls coming from other cellular operators</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">90</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">90</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Others</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">11</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">2</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">7</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">20</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Total</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>$</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>2,003</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>$</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>184</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>$</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>666</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>$</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>2,853</B></FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:18px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"><B>(i) Aging of assets and liabilities </B></FONT></P> <P
STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="50%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom"> <P STYLE="margin-right:0px;margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Date due</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Investments</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Accounts<BR>receivable</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Other<BR>receivables</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Accounts<BR>payable</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Debt</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Salaries<BR>and<BR>social<BR>security<BR>payable</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Taxes<BR>payable</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Other<BR>liabilities</B></FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2"><B>Total due</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>&#151;&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>158</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>&#151;&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>&#151;&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>&#151;&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>&#151;&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>&#151;&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>&#151;&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2"><B>Not due</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Fourth quarter 2005</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">564</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">467</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">66</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">803</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">299</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">53</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">146</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">21</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">First quarter 2006</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">2</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">9</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">5</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">10</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">4</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Second quarter 2006</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">2</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">4</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">19</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">9</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">17</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">1</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Third quarter 2006</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">16</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">12</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">22</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">2</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Oct. 2006 thru Set. 2007</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">94</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">4</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">45</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">9</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">3</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Oct. 2007 thru Set. 2008</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">6</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">138</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">6</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">10</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Oct. 2008 thru Set. 2009</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">153</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">981</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">4</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">4</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Oct. 2009 thru Set. 2010</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">2</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">1,130</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">3</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">4</FONT></TD></TR>
</TABLE> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">62 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>TELECOM ARGENTINA S.A. </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"
ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">Corporation non adhered to the Optional Statutory Regime of Compulsory Public Purchase Offer </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman"
SIZE="2"><B>Notes to the Unaudited Consolidated Financial Statements </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">(In millions of Argentine pesos, except as otherwise indicated
&#150; See Note 3.c) </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="46%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom" NOWRAP> <P STYLE="margin-right:0px;margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Date due</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Investments</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Accounts<BR>receivable</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Other<BR>receivables</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Accounts<BR>payable</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Debt</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Salaries&nbsp;and<BR>social<BR>security<BR>payable</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Taxes<BR>payable</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Other<BR>liabilities</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Oct. 2010 thru Set. 2011</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">2</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">1,018</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">2</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">4</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Oct. 2011 and thereafter</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">2</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">4</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">1,517</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">4</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">119</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">43</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Not date due established</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">(363</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">(3</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Total not due</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>568</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>478</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>352</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>807</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>4,796</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>122</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>282</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>93</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Total as of September&nbsp;30, 2005</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>568</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>636</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>352</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>(a)&nbsp;807</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>4,796</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>122</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>282</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>93</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Balances with indexation clauses</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>&#151;&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>&#151;&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>&#151;&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>1</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&#151;&nbsp;&nbsp;</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>&#151;&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>&#151;&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&#151;&nbsp;&nbsp;</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Balances bearing interest</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">566</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">171</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">4,796</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Balances not bearing interest</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">2</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">465</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">352</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">806</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">122</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">282</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">93</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Total</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>568</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>636</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>352</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>807</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>4,796</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>122</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>282</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>93</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Average annual interest rate (%)</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>3.92</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>(c)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>&#151;&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>&#151;&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>(b)</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>&#151;&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>&#151;&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&#151;&nbsp;&nbsp;</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
</TABLE><HR WIDTH="8%" SIZE="1" NOSHADE COLOR="#000000" ALIGN="left">
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">(a)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">There are payables in kind that amounted to $1. </FONT></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">(b)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">See Note 8. </FONT></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">(c)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">$117 bear 50% over the Banco Naci&oacute;n Argentina notes payable discount rate and $54 bear 8.04%. </FONT></TD></TR></TABLE> <P
STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="48%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom"> <P STYLE="margin-right:0px;margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Date due</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Investments</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Accounts<BR>receivable</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Other<BR>receivables</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Accounts<BR>payable</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Debt</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Salaries<BR>and<BR>social<BR>security<BR>payable</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Taxes<BR>payable</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Other<BR>liabilities</B></FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Total due</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>&#151;&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>123</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>&#151;&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>&#151;&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>6,505</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>&#151;&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>&#151;&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>&#151;&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2"><B>Not due</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Payable on demand</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">2,913</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">First quarter 2005</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">3,630</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">463</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">53</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">509</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">51</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">134</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">20</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Second quarter 2005</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">23</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">3</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">9</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">12</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">17</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">2</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Third quarter 2005</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">3</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">3</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">8</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">2</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Fourth quarter 2005</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">19</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">7</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">8</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Jan. 2006 thru Dec. 2006</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">11</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">1</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">53</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">13</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">1</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">3</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Jan. 2007 thru Dec. 2007</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">4</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">1</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">78</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">6</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">4</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">5</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Jan. 2008 thru Dec. 2008</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">2</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">1</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">296</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">5</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">5</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Jan. 2009 thru Dec. 2009</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">76</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">1</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">350</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">3</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">5</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Jan. 2010 thru Dec. 2010</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">2</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">1</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">337</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">2</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">4</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Jan. 2011 and thereafter</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">2</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">133</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">2</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">146</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">4</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">49</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Not date due established</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">(41</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Total not due</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>3,632</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>489</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>306</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>516</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>4,148</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>112</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>158</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>93</B></FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Total as of December&nbsp;31, 2004</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>3,632</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>612</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>306</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>(a)</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>516</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>10,653</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>112</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>158</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>93</B></FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Balances with indexation clauses</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">20</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">5</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Balances bearing interest</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">3,599</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">128</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">10,483</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Balances not bearing interest</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">33</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">464</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">306</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">511</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">170</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">112</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">158</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">93</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Total</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>3,632</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>612</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>306</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>516</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>10,653</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>112</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>158</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>93</B></FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Average annual interest rate (%)</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>2.28</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>(d)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>&#151;&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>&#151;&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&#151;&nbsp;&nbsp;</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>&#151;&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>&#151;&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>&#151;&nbsp;&nbsp;</B></FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD></TR>
</TABLE><HR WIDTH="8%" SIZE="1" NOSHADE COLOR="#000000" ALIGN="left">
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">(d)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">$96 bear 50% over the Banco Naci&oacute;n Argentina notes payable discount rate, and $32 bear 9.44%. </FONT></TD></TR></TABLE> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">63 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>TELECOM ARGENTINA S.A. </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"
ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">Corporation non adhered to the Optional Statutory Regime of Compulsory Public Purchase Offer </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman"
SIZE="2"><B>Notes to the Unaudited Consolidated Financial Statements </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">(In millions of Argentine pesos, except as otherwise indicated
&#150; See Note 3.c) </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="34%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD></TR>
<TR>
<TD VALIGN="bottom" ALIGN="center"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>Valerio Cavallo</B></FONT></P> <P
STYLE="margin-left:0px;margin-right:0px;margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>Chief Financial Officer</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>Carlos Felices</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px"
ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>Chief Executive Officer</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>Amadeo R. V&aacute;zquez</B></FONT></P> <P
STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>President</B></FONT></P></TD></TR>
</TABLE> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">64 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>
<A NAME="tx79604_31"></A>Review Report of Interim Financial Statements </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; margin-left:2%; text-indent:-2%"><FONT FACE="Times New Roman" SIZE="2">To the Directors and Shareholders of
</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:2%; text-indent:-2%"><FONT FACE="Times New Roman" SIZE="2">Telecom Argentina S.A. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">1.
We have reviewed the accompanying consolidated balance sheet of Telecom Argentina S.A. (&#147;Telecom&#148;) and its consolidated subsidiaries as of September&nbsp;30, 2005, and the related consolidated statements of income, changes in
shareholders&#146; equity and cash flows for the nine month periods ended September&nbsp;30, 2005 and 2004. These financial statements are the responsibility of the Company&#146;s management. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">2. We conducted our reviews of these statements in accordance with Technical Resolution N&deg; 7 of the Argentine Federation of Professional Councils in Economic
Sciences for limited reviews of interim financial statements. A review of interim financial information consists principally of applying analytical procedures and making inquiries of persons responsible for financial and accounting matters. It is
substantially less in scope than an audit conducted in accordance with generally accepted auditing standards in Argentina, the objective of which is to express an opinion regarding the financial statements taken as a whole. Accordingly, we do not
express such an opinion. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">3. Our review report on the consolidated financial statements of Telecom as of September&nbsp;30, 2004, dated November&nbsp;10,
2004, included observations related to: </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%"><FONT FACE="Times New Roman" SIZE="2">i. a departure from generally accepted accounting principles because the Company has discontinued
the restatement of the consolidated financial statements in constant currency as from March&nbsp;1, 2003. The Professional Council of Economics Sciences of the City of Buenos Aires (&#147;CPCECABA&#148;) required restatement for inflation until
September&nbsp;30, 2003. The estimated effects of not having performed the restatement into constant pesos from April&nbsp;1 through September&nbsp;30, 2003 has been quantified by the Company and included in Note 3.c. </FONT></P> <P
STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%"><FONT FACE="Times New Roman" SIZE="2">ii. an uncertainty related to the effects of the suspension of principal and interest payments decided by the Board of Directors of Telecom and Telecom
Personal S.A. (&#147;Telecom Personal&#148;, a wholly owned subsidiary of Telecom) and the outcome of the restructurings of the financial indebtedness of Telecom, Telecom Personal and its subsidiary N&uacute;cleo, and the preparation of the
consolidated financial statements of Telecom as a going concern. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%"><FONT FACE="Times New Roman" SIZE="2">In connection with 3.i., as of September&nbsp;30, 2005, this effect is no
longer material to the consolidated financial statements of Telecom. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%"><FONT FACE="Times New Roman" SIZE="2">In connection with 3.ii., and as mentioned in Note 8 to the
consolidated financial statements, this uncertainty has been resolved due to the completion of the restructuring process of Telecom (which occurred in August 2005) and Telecom Personal and N&uacute;cleo (which occurred in November 2004).
Accordingly, our observations on the consolidated financial statements as of September&nbsp;30, 2004, related to the uncertainty mentioned in this paragraph, differ from such originally reported. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">4. Based on the work done and on our examination of Telecom&#146;s consolidated financial statements for the year ended December&nbsp;31, 2004 on which we issued our
report dated March&nbsp;8, 2005 (with qualifications as described in paragraphs 3.i. and 3.ii. of this review report), we report that: </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%"><FONT FACE="Times New Roman" SIZE="2">a)
the consolidated financial statements of Telecom as of September&nbsp;30, 2005 and 2004, described in paragraph 1, prepared in conformity with generally accepted accounting principles (GAAP) in Argentina, as approved by the CPCECABA, consider all
significant facts and circumstances which are known to us and we have no observations to make other than the one indicated in paragraph 3.i. of this review report (only related to the financial statements as of September&nbsp;30, 2004); </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%"><FONT FACE="Times New Roman" SIZE="2">b) comparative information included in the accompanying consolidated balance sheets, derives from Telecom&#146;s consolidated financial statements for
the year ended December&nbsp;31, 2004. </FONT></P>

<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">5. Accounting principles generally accepted in Argentina vary in certain significant respects from accounting principles
generally accepted in the United States of America (&#147;US GAAP&#148;). Information relating to the nature and effect of such differences is presented in Note 15 to the consolidated financial statements. Such information does not include
disclosure of all information that would be required under US&nbsp;GAAP and SEC rules and regulations. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">6. In compliance with current regulations, we
report that: </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%"><FONT FACE="Times New Roman" SIZE="2">a) the financial statements mentioned in paragraph 1 of this report have been transcribed to the Inventory and Balance Sheet
book and are, as regards those matters that are within our competence, in conformity with relevant rules and regulations of the Commercial Corporation Law and CNV; </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%"><FONT
FACE="Times New Roman" SIZE="2">b) the financial statements of Telecom at September&nbsp;30, 2005 arise from accounting records carried in all formal respects in accordance with current legal regulations; </FONT></P> <P
STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%"><FONT FACE="Times New Roman" SIZE="2">c) we have read the Summary of Activity on the financial statements on which, as regards those matters that are within our competence, we have no
observations to make other than the one indicated in paragraph 3.i. of this review report (only related to the financial statements as of September&nbsp;30, 2004); </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%"><FONT
FACE="Times New Roman" SIZE="2">d) at September&nbsp;30, 2005, the debt corresponding to withholdings and contributions to the Integrated Retirement and Survivors&#146; Benefit System according to the Company&#146;s accounting records amounts to
$9.431.789, none of which was claimable at that date. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Autonomous City of Buenos Aires, November&nbsp;9, 2005. </FONT></P> <P
STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0">

<TR>
<TD WIDTH="100%"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">PRICE WATERHOUSE &amp; CO. S.R.L.</FONT></P></TD></TR>
<TR>
<TD HEIGHT="16"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">by</FONT></P></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">(Partner)</FONT></P> <P
STYLE="font-size:1px;margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000">&nbsp;</P></TD></TR>
<TR>
<TD VALIGN="top" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">Juan C. Grassi</FONT></TD></TR>
</TABLE></DIV>

<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>TELECOM ARGENTINA S.A. </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"
ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">Corporation non adhered to the Optional Statutory Regime of Compulsory Public Purchase Offer </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>
<A NAME="tx79604_32"></A>Summary of Activity on the Unaudited Consolidated Financial Statements </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>as of September&nbsp;30, 2005
</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">(In millions of Argentine pesos, except as otherwise indicated) </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
FACE="Times New Roman" SIZE="2"><B><I>1. General considerations </I></B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Telecom Argentina reached a consolidated net income of $1,623 million for the
nine-month period ended September&nbsp;30, 2005 (&#147;9M05&#148;) mainly due to the positive effect of $1,424 million as a consequence of the closing of the debt restructuring process of Telecom Argentina. Comparatively, consolidated net loss for
the nine-month period ended September&nbsp;30, 2004 (&#147;9M04&#148;) was $491 million. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Earnings/loss per share and ADR for 9M05 amounted to $1.65 and
$8.25, respectively. In comparison, (loss) per share and ADR for 9M04 were $(0.50) and $(2.49), respectively. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Operating profit before depreciation and
amortization, operating profit/(loss) and net income/(loss) for 9M05 represented 37%, 9% and 40% of net sales, respectively; compared with 46%, 6% and (15%), respectively, for 9M04. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
FACE="Times New Roman" SIZE="2">The expansion in the number of subscribers in the cellular telephony business has resulted in higher revenues but also increased costs, this latter mainly generated by higher amounts of agent commissions and subsidies
in the sale of handsets. As a consequence, the Operating Profit before Depreciation and Amortization for 9M05 has remained at the same level as in 9M04 reaching $1,481 million. </FONT></P> <P
STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="85%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="4" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Nine-month&nbsp;periods<BR>ended&nbsp;September&nbsp;30,</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>2005</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>2004</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Net sales</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">4,057</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">3,211</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Cost of services</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">(2,636</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">(2,153</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Gross profit</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>1,421</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>1,058</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">General and administrative expenses</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">(202</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">(184</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Selling expenses</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">(872</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">(666</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Operating income</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>347</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>208</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Equity gain from related companies</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">7</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">(1</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Financial results, net</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">91</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">(622</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Other expenses, net</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">(108</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">(69</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Gain on debt restructuring</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">1,424</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Net income (loss) before income tax and minority interest</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>1,761</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>(484</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>)</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Income tax expense</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">(134</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">(9</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Minority interest</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">(4</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">2</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Net income (loss)</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>1,623</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>(491</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>)</B></FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Net income (loss) per share (in pesos)</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>1.65</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>(0.50</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>)</B></FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B><I>2. Company activities </I></B></FONT></P> <P
STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2"><B>Consolidated net revenues</B> </FONT></TD></TR></TABLE> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Consolidated net revenues for 9M05
totaled $4,057 million, an increase of $846 million, or 26%, compared with $3,211 million for 9M04, mainly as a consequence of the increase in revenues generated by the cellular and Internet businesses. </FONT></P> <P
STYLE="margin-top:18px;margin-bottom:0px; margin-left:2%"><FONT FACE="Times New Roman" SIZE="2"><B><I>Fixed telephony (Voice, data and Internet) </I></B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT
FACE="Times New Roman" SIZE="2"><I>Voice </I></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">In fixed telephony operations, local measured service revenues increased by $10 million to $387 million during
9M05. Domestic long distance (DLD) revenues increased by $12 million reaching $334 million. Revenues in both </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">I </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>TELECOM ARGENTINA S.A. </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"
ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">Corporation non adhered to the Optional Statutory Regime of Compulsory Public Purchase Offer </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">services increased as a consequence of the higher traffic due to incremental demand and higher number of Lines in
Service. Traffic in Domestic Long Distance service increased by 9% as a consequence of the implementation of new discount plans while local traffic increased by 1% mainly due to the increase of lines in service. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; margin-left:2%; text-indent:-2%"><FONT FACE="Times New Roman" SIZE="2">Total traffic volume (Local and DLD), measured in minutes, increased by 2%. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Monthly charges increased by $30 million, or 6%, to $501 million for 9M05, mainly due to the increase in customer lines that had reached 3,582,000, equivalent to an
increase of 4%. It must be noted that the number of lines in service has recovered in 3Q05 to the same level it had as of December 2001, when the economic crisis began. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
FACE="Times New Roman" SIZE="2">Revenues generated by interconnection services increased by $31 million, or 21%, to $181 million, mainly due to the increase in cellular traffic transported and terminated on the fixed line network. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Regarding international telephony activities, during 9MH05 revenues reached $167 million increasing by $9 million or 6%, mainly due to higher incoming and outgoing
traffic partially offset by a decrease in rates. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"><I>Data transmission and Internet </I></FONT></P> <P
STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Revenues generated by the data transmission and Internet business totaled $342 million, representing an increase of $34 million, or 11%, mainly due to the increase in
revenues generated by the Internet business as a consequence of the increase in the number of ADSL clients. Since 4Q04, the Company has been experiencing a migration process of dial-up clients to ADSL services. This process has intensified and has
resulted in lower dial-up traffic. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">As of September&nbsp;30, 2005 total lines in service with ADSL connections amounted to 188,000, an increase of 75,000,
or 66%. The number of Arnet&#146;s ADSL subscribers reached approximately 129,000, increasing by 84% while Internet dial-up customers reached approximately 137,000, decreasing 12%. Internet dial-up minutes represented 27% of total traffic measured
in minutes transported over the fixed-line network. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px; margin-left:2%"><FONT FACE="Times New Roman" SIZE="2"><B><I>Cellular Telephony </I></B></FONT></P> <P
STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">The cellular market in Argentina has grown rapidly during the last months helped by the evolution of the GSM technology and the introduction of new value added services
and handsets that has resulted in a substantial increase in the total number of subscribers and penetration. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">In this environment, total cellular
subscribers of Personal in Argentina reached approximately 5,308,000 as of September&nbsp;30, 2005, representing an increase of approximately 1,933,000 customers, or 57%. This increase in the client base was fueled by an impressive growth in the
number of GSM subscribers, which currently represent 51% of the total customer base. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">The customer base in Argentina as of September&nbsp;30, 2005 amounted
to approximately 3,579,000 prepaid subscribers, representing 67% of the total customer base, and approximately 1,729,000 post-paid subscribers, representing the remaining 33% (including clients of &#147;Cuentas Claras&#148; a hybrid prepaid/postpaid
product). These percentages were 76% and 24%, respectively, as of September&nbsp;30, 2004. The substantial improvement of the composition of the customer base is a consequence of the strategy of Personal in Argentina to focus in the acquisition of
high-end clients and to increase the participation in the postpaid services, among them the &#147;Cuentas Claras&#148; product, taking into account the current demand of the cellular market. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Revenues of Personal in Argentina, after inter-company eliminations, reached $1,763 million increasing by $679 million, or 63%, mainly due to the higher number of
subscribers, to the increase in total traffic, to incremental use of value added services and to the increase in sales of handsets. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">The average monthly
revenue per customer in Argentina increased to $36 or 3% when compared with 9M04 notwithstanding the significant increase in the number of clients. Additionally, total cellular traffic increased by 53% when compared with 9M04. </FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">II </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>TELECOM ARGENTINA S.A. </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"
ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">Corporation non adhered to the Optional Statutory Regime of Compulsory Public Purchase Offer </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Nucleo, Personal&#146;s subsidiary that provides cellular services in Paraguay, generated $155 million in revenues
during 9M05 that represent an increase of $34 million, or 28%. The revenues of Nucleo are consolidated into the mobile telephony business together with the revenues of Personal. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
FACE="Times New Roman" SIZE="2">As of September&nbsp;30, 2005, Nucleo had approximately 591,000 customers an increase of 133,000, or 29%. Nucleo&#146;s postpaid subscribers increased by 20% reaching 112,000 clients, representing 19% of the customer
base. Prepaid customers increased by 31% reaching 479,000, equivalent to 81% of the customer base. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px; margin-left:2%"><FONT FACE="Times New Roman" SIZE="2"><B><I>Directories publishing
</I></B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Publicom sales increased by $9 million or 113% reaching $17 million due to higher sales of advertising space and the acquisition of new customers.
</FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="88%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="3" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Nine-month&nbsp;periods<BR>ended&nbsp;September&nbsp;30,</B></FONT></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>2005</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>2004</B></FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">National fixed telephone service</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">1,613</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">1,532</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">International telephone service</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">167</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">158</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Data transmission</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">112</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">114</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Internet</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">230</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">194</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Fixed telephony</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>2,122</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>1,998</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Wireless</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">1,918</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">1,205</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Directories publishing</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">17</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">8</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Total net sales</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>4,057</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>3,211</B></FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD></TR>
</TABLE> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2"><B>Operating costs</B> </FONT></TD></TR></TABLE> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">The cost of services provided, administrative
expenses and selling expenses for 9M05 increased by $707 million, or 24%, to $3,710 million. The evolution of costs is mainly related to the increase in sales and competition in the mobile telephony business in Argentina. As an example of this,
subscriber acquisition cost (including handset subsidies, agent commissions and advertising) increased by $240 million or 152% reaching $398 million. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman"
SIZE="2">Salaries and social security contributions increased by $70 million, or 16%, to $504 million primarily due to the increase in salaries. As of September&nbsp;30, 2005, the headcount totaled 14,369 compared to 14,263 as of September&nbsp;30,
2004. The increase in headcount is also related to the expansion of the cellular business. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Taxes reached $280 million, an increase of $64 million when
compared with 9M04 due to the impact of taxes that are calculated on the basis of revenues and higher fees paid to the regulator, the latter, in the cellular telephony activity. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
FACE="Times New Roman" SIZE="2">The allowance for doubtful accounts increased to $18 million, equivalent to 0.4% of revenues. The increase of $17 million is mainly due to a lower level of recovery of past due receivables in the fixed telephony
business and a slight increase of uncollectables in the postpaid cellular telephony after the significant expansion of the customer base. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Sales
commissions increased by $132 million, or 107%, to $255 million for 9M05, mainly as a consequence of the commissions paid for new customers and higher sales of prepaid cards in the cellular business. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Costs related to advertising increased by $33 million or 52% to $97 million, as Personal and Arnet continued with their promotions and media advertising campaigns.
</FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">The cost of cellular handsets increased by $241 million reaching $391 million mainly due to the increase in handset sales as the number of subscribers in
the market has increased substantially. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">TLRD (termination charges in third parties cellular networks) and roaming cost increased by $143 million reaching
$272 million, due to the increase in traffic among cellular operators. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">III </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>TELECOM ARGENTINA S.A. </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"
ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">Corporation non adhered to the Optional Statutory Regime of Compulsory Public Purchase Offer </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Depreciation of fixed and intangible assets decreased by $140 million, or 11%, to $1,143 million during 9M05 as a
consequence of the end of the amortization period of certain assets in the fixed telephony business. </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="85%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="4" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Nine-month&nbsp;periods<BR>ended&nbsp;September&nbsp;30,</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>2005</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>2004</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Salaries and social security</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">(504</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">(434</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Taxes</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">(125</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">(99</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Turnover tax</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">(155</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">(117</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Maintenance, materials and supplies</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">(212</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">(156</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Transportation and freight</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">(33</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">(26</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Bad debt expense</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">(18</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">(1</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Interconnection costs</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">(107</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">(101</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Cost of international outbound calls</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">(72</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">(60</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Lease of circuits</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">(34</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">(27</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Fees for services (*)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">(107</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">(86</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Advertising</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">(97</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">(64</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Cost of cellular handsets</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">(391</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">(150</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Commissions</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">(312</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">(166</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Roaming</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">(88</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">(39</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Charges for termination of calls coming from other cellular operators</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">(184</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">(90</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Others</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">(137</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">(113</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Subtotal</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>(2,576</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>(1,729</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>)</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Depreciation of fixed assets</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">(1,100</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">(1,194</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Amortization of intangibles assets</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">(34</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">(80</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Operating costs</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>(3,710</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>(3,003</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>)</B></FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
</TABLE><HR WIDTH="8%" SIZE="1" NOSHADE COLOR="#000000" ALIGN="left">
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">(*)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Includes (31)&nbsp;in September&#146;04 corresponding to fees for debt restructuring. </FONT></TD></TR></TABLE> <P STYLE="font-size:18px;margin-top:0px;margin-bottom:0px">&nbsp;</P>

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2"><B>Financial results, net</B> </FONT></TD></TR></TABLE> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">The gain resulting from net financial
results reached $91 million for 9M05 as compared to a loss of $622 million in 9M04. The difference can be largely attributed to the $711 million registered as net currency exchange differences. The gain was a consequence of the effect of the
appreciation of the Argentine Peso against the Euro and the Dollar on the net financial debt of the Company. </FONT></P> <P STYLE="font-size:18px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2"><B>Other expenses, net</B> </FONT></TD></TR></TABLE> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Other expenses (net) increased by $39 million,
or 57%, to $108 million for the 9M05 mainly as a consequence of higher provisions for lawsuits and other contingencies partially compensated by lower severance charges. </FONT></P> <P
STYLE="font-size:18px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2"><B>Net financial debt (nominal value) and gain on debt restructuring</B> </FONT></TD></TR></TABLE> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman"
SIZE="2">On August&nbsp;31, 2005, Telecom Argentina successfully completed its debt restructuring process by issuing the new Notes and paying the cash consideration in exchange for the Outstanding Debt, in accordance with the terms of the Acuerdo
Preventivo Extrajudicial entered into by Telecom Argentina and its financial creditors (the &#147;APE&#148;), resulting in the extinguishment of all Outstanding Debt pursuant to the APE. The Company also made prepayments on the new Notes issued
pursuant to the APE, further strengthening it post-restructuring debt profile. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">As a consequence of the successful Closing of the Debt Restructuring of
Telecom Argentina, the Company has registered in 3Q05 a profit of $1,424 million pesos mainly due to forgiveness of principal of $167 million, forgiveness of interest (contractual and penalty) of $984 million and effect of the net present value of
$352 million. This gain was partially compensated by charges related to exchange differences, accelerated amortization of expenses for the debt issuance and other expenses that amounted to $79 million. </FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">IV </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>TELECOM ARGENTINA S.A. </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"
ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">Corporation non adhered to the Optional Statutory Regime of Compulsory Public Purchase Offer </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">The nominal value of Net Debt (Loans minus Cash and Banks plus Investments) decreased by $2,582 million, or 36%, to
$4,545 million for 9M05 compared with 9M04 ($7,127 million), mainly as a consequence of the reduction of the debt due to the successful restructuring of Telecom Argentina and the positive cash flow generation of the Group. </FONT></P> <P
STYLE="font-size:18px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2"><B>Investments</B> </FONT></TD></TR></TABLE> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Of the total amount of $340 million invested in fixed
assets during 9M05, $149 million, or 44%, corresponds to fixed-line telephony, data transmission and Internet, and $191 million or 56% to the cellular business. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman"
SIZE="2">Additionally, during 9M05 the Company has invested $68 million in materials (of which $43 correspond to cellular telephony) that in a short period will be classified as investments in fixed assets. </FONT></P> <P
STYLE="font-size:18px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2"><B>Other matters</B> </FONT></TD></TR></TABLE> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:2%"><FONT FACE="Times New Roman" SIZE="2"><B><I>Creation of a Global Program
of Personal </I></B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">On October&nbsp;6, 2005, the Ordinary and Extraordinary Shareholders Meeting of Personal resolved the creation of a Global Program for
the issuance of Simple, Unsecured Notes, up to the maximum outstanding at any time of US$500,000,000 or its equivalent in other currencies. Additionally, the Company requested to the Comisi&oacute;n Nacional de Valores the authorization for Personal
to enter in the public offer regime, and the authorization of the Global Program, in order to be in condition to obtain the authorization of public offer of Notes that will be issued under such program. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">The Board of Directors of Personal assumed the commitment that the issuance of new debt will be made under the Global Program and up to the maximum amount and in strict
compliance with the commitments assumed by Personal and Telecom Argentina with its financial creditors in the respective debt restructuring documents. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman"
SIZE="2"><B><I>3. Summary comparative consolidated balance sheets </I></B></FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="71%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="9" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>As of September&nbsp;30,</B></FONT></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>2005</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>2004</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>2003</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>2002</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>2001</B></FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Current assets</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">1,476</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">4,416</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">2,589</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">2,283</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">2,819</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Non current assets</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">7,138</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">8,100</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">9,381</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">11,452</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">12,061</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Total assets</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>8,614</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>12,516</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>11,970</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>13,735</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>14,880</B></FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Current liabilities</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">1,493</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">11,465</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">9,981</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">12,478</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">3,802</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Non current liabilities</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">4,931</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">321</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">343</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">144</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">5,810</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Total liabilities</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>6,424</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>11,786</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>10,324</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>12,622</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>9,612</B></FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Minority interest</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>36</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>30</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>23</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>8</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>27</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Foreign currency translation adjustments</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>29</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>23</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>27</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>39</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>&#151;&nbsp;&nbsp;</B></FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Shareholders&#146; equity</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>2,125</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>677</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>1,596</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>1,066</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>5,241</B></FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Total liabilities, minority interest, foreign currency translation adjustments and Shareholders&#146; equity</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>8,614</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>12,516</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>11,970</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>13,735</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>14,880</B></FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B><I>4. Summary comparative consolidated statements of operations </I></B></FONT></P> <P
STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="75%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="13" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Nine-month periods ended September&nbsp;30,</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>2005</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>2004</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>2003</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>2002</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>2001</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Net sales</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">4,057</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">3,211</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">2,711</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">3,151</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">5,356</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Operating costs</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">(3,710</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">(3,003</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">(2,687</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">(3,294</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">(4,606</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Operating income (loss)</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>347</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>208</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>24</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>(143</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>750</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Equity gain (loss) from related companies</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">7</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">(1</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">2</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">(18</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">(5</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD></TR>
</TABLE> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="80%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD></TR>


<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="10" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Nine-month periods ended<BR>September&nbsp;30,</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>2005</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>2004</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>2003</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>2002</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>2001</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>

<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Amortization of goodwill</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">(10</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">(13</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD></TR>
</TABLE> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">V </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>TELECOM ARGENTINA S.A. </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"
ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">Corporation non adhered to the Optional Statutory Regime of Compulsory Public Purchase Offer </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="78%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="13" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Nine-month periods ended September&nbsp;30,</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>2005</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>2004</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>2003</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>2002</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>2001</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Financial results, net</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">91</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">(622</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">529</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">(5,862</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">(365</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Other expenses, net</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">(108</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">(69</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">(138</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">(115</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">(109</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Gain on debt restructuring</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">1,424</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">375</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Net income (loss) before income tax and minority interest</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>1,761</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>(484</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>792</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>(6,148</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>258</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Income tax benefit (expense), net</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">(134</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">(9</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">1,990</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">(116</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Minority interest</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">(4</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">2</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">(13</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">21</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Net income (loss)</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>1,623</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>(491</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>779</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>(4,137</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>142</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Net income (loss) per share (in pesos)</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>1.65</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>(0.50</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>0.79</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>(4.20</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>0.14</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B><I>5. Statistical data (in physical units) </I></B></FONT></P> <P
STYLE="margin-top:6px;margin-bottom:0px; margin-left:2%"><FONT FACE="Times New Roman" SIZE="2"><B><I>Fixed telephone service </I></B></FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="30%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom" ROWSPAN="2" NOWRAP> <P STYLE="margin-right:0px;margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>September&nbsp;30,</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="3" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>2005</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="3" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>2004</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="3" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>2003</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="3" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>2002</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="3" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>2001</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Accumulated</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Quarter</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Accumulated</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Quarter</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Accumulated</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Quarter</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Accumulated</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Quarter</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Accumulated</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Quarter</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Installed lines</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">3,825,809</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">4,214</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">3,800,672</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">(738</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">3,800,604</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">304</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">3,802,400</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">6</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">3,796,460</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">13,624</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Lines in service (a)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">3,906,212</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">52,651</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">3,749,964</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">49,342</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">3,622,749</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">44,192</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">3,610,130</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">(22,129</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">3,892,229</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">(21,913</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Customers lines</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">3,582,437</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">48,418</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">3,453,026</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">43,765</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">3,327,514</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">42,444</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">3,310,342</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">(20,921</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">3,586,679</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">(28,937</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Public phones installed</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">83,951</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">189</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">83,286</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">1,875</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">79,446</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">86</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">79,497</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">(182</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">82,574</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">(158</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Percentage of lines connected to digital exchanges</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">100,0</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">100,0</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">100,0</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">100,0</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">100,0</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Lines in service per 100 inhabitants (b)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">20,6</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">0,2</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">19,9</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">0,2</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">19,4</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">0,2</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">19,6</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">(0,1</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">21,3</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">(0,2</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Lines in service per employee</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">345</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">5</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">328</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">5</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">342</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">10</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">326</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">(1</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">379</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">1</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
</TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P><HR WIDTH="8%" SIZE="1" NOSHADE COLOR="#000000" ALIGN="left">
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">(a)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Includes direct inward dialing numbers that do not occupy lines installed capacity. </FONT></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">(b)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Corresponding to the northern region of Argentina. </FONT></TD></TR></TABLE> <P STYLE="margin-top:18px;margin-bottom:0px; margin-left:2%"><FONT FACE="Times New Roman"
SIZE="2"><B><I>Cellular telephone service </I></B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2"><I>Personal </I></FONT></P> <P
STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="29%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom" ROWSPAN="2"> <P STYLE="margin-right:0px;margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>September&nbsp;30,</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="3" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>2005</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="3" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>2004</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="3" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>2003</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="3" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>2002</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="3" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>2001</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Accumulated</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Quarter</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Accumulated</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Quarter</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Accumulated</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Quarter</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Accumulated</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Quarter</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Accumulated</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Quarter</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Post-paid subscribers</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">1,729,000</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">240,000</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">768,000</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">142,600</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">407,000</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">1,600</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">510,000</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">(60,000</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">784,000</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">(45,900</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Prepaid subscribers</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">3,579,000</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">255,000</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">2,607,000</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">131,000</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">2,018,000</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">169,100</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">1,642,000</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">95,500</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">1,410,000</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">59,500</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR>
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="3"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="3"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="3"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="text-indent:2.00em"><FONT FACE="Times New Roman" SIZE="2"><I>N&uacute;cleo</I></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="5"></TD>
<TD HEIGHT="16" COLSPAN="5"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD>
<TD HEIGHT="16" COLSPAN="5"></TD>
<TD HEIGHT="16" COLSPAN="5"></TD></TR>
<TR>
<TD VALIGN="bottom" ROWSPAN="2" NOWRAP> <P STYLE="margin-right:0px;margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>September&nbsp;30,</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="3" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>2005</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="3" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>2004</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="3" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>2003</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="3" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>2002</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="3" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>2001</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Accumulated</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Quarter</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Accumulated</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Quarter</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Accumulated</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Quarter</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Accumulated</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Quarter</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Accumulated</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Quarter</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Post-paid subscribers</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">112,000</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">5,000</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">92,000</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">4,000</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">75,000</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">1,400</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">76,000</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">(1,600</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">64,000</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">6,600</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Prepaid subscribers</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">479,000</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">19,000</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">365,000</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">(22,700</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">444,000</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">1,700</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">469,000</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">2,300</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">414,000</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">37,600</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD></TR>
<TR>
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="3"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="3"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="3"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em"><FONT FACE="Times New Roman" SIZE="2"><B><I>Internet</I></B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="5"></TD>
<TD HEIGHT="16" COLSPAN="5"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD>
<TD HEIGHT="16" COLSPAN="5"></TD>
<TD HEIGHT="16" COLSPAN="5"></TD></TR>
<TR>
<TD VALIGN="bottom" ROWSPAN="2" NOWRAP> <P STYLE="margin-right:0px;margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>September&nbsp;30,</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="3" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>2005</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="3" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>2004</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="3" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>2003</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="3" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>2002</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="3" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>2001</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Accumulated</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Quarter</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Accumulated</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Quarter</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Accumulated</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Quarter</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Accumulated</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Quarter</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Accumulated</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Quarter</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Dial Up subscribers</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">129,700</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">(8,700</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">149,500</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">(1,200</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">148,700</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">2,200</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">143,200</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">(9,900</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">246,600</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">(8,900</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD></TR>
</TABLE> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">VI </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>TELECOM ARGENTINA S.A. </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"
ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">Corporation non adhered to the Optional Statutory Regime of Compulsory Public Purchase Offer </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="31%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD></TR>


<TR>
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="bottom" ROWSPAN="2" NOWRAP> <P STYLE="margin-right:0px;margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>September&nbsp;30,</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="3" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>2005</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="3" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>2004</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="3" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>2003</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="3" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>2002</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="3" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>2001</B></FONT></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Accumulated</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Quarter</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Accumulated</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Quarter</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Accumulated</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Quarter</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Accumulated</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Quarter</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Accumulated</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Quarter</B></FONT></TD></TR>

<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">ADSL subscribers</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">184,200</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">25,200</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">110,800</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">17,200</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">62,100</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">8,400</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">38,600</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">3,400</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">17,000</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">8,100</FONT></TD></TR>
</TABLE> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B><I>6. Consolidated ratios </I></B></FONT></P> <P
STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="75%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom"> <P STYLE="margin-right:0px;margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>September&nbsp;30,</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>2005</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>2004</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>2003</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>2002</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>2001</B></FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Liquidity (1)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">0.99</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">0.39</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">0.26</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">0.18</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">0.74</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Solvency (2)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">0.34</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">0.06</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">0.16</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">0.09</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">0.55</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Locked up capital (3)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">0.83</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">0.65</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">0.78</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">0.83</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">0.81</FONT></TD></TR>
</TABLE><HR WIDTH="8%" SIZE="1" NOSHADE COLOR="#000000" ALIGN="left">
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">(1)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Current assets/Current liabilities. </FONT></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">(2)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Shareholders&#146; equity plus minority interest and temporary differences from translation/Total liabilities. </FONT></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">(3)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Non current assets/Total assets. </FONT></TD></TR></TABLE> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B><I>7. Outlook </I></B></FONT></P> <P
STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">During the 3Q05 the main variables of the Argentine economy continued to show positive trends. The indicators of production output and economic activity continued to show
a positive evolution, and in some cases with important levels of growth. With respect to the evolution of prices and inflation, indications of acceleration in the rhythm of price increases started to arise, after a period of two years of very low
inflation. Monetary and economic authorities, together with the population in general, showed concerns on this issue, and took concrete actions to neutralize this effect, and achieved a deceleration in the evolution of prices. These actions could
affect the positive performance of the Argentine economy. Meanwhile, as a result of the increase of tax collection and to the control of expenditure, fiscal results continued to show important levels of surplus. It must be pointed out that the
latter has shown an increase due to wages increases granted to people working in the public sector and to the passive sector. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">With respect to the
operations of the Telecom Group, as in previous quarters, the fixed-line business continued to register increases in the number of lines in service and levels of traffic. Notwithstanding, the effect of the freeze of the fixed line tariffs enforced
by the Government limits any potential absorption of incremental costs caused by the inflationary effect. It must be noted that the resolution of the renegotiation of the Transfer Agreement with the National authorities continues to be a pending
issue. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">The cellular business continued with the sustained growth of the customer base and the levels of traffic, although the market environment is highly
competitive. This implied a substantial growth in sales and an increase in commercial costs, mainly vendor commissions and handset subsidies, although this permitted to capture a higher number of customers, but affected the margin of the business.
</FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Regarding the debt of Telecom Argentina, on August&nbsp;31, 2005 the Company successfully completed its debt restructuring process by issuing the new
Notes and paying the cash consideration in exchange for the outstanding debt, in accordance with the terms of the APE. As a consequence, the Company recorded an unusual gain of $1,424 millions. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">The closing of the debt restructuring process was the necessary step so the Telecom Group could continue to work hard in order to improve the quality of its service and
its market position, to gain operating efficiency that all together will allow to address the increasing demand of the telecommunications market. This will allow the Company to continue undertaking important investment projects in areas and services
that have the potential to contribute a substantial increase in the generation of operating cash flow of the Telecom Group. The Company expects that such actions will result in the improvement in the levels of profitability. </FONT></P> <P
STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0">

<TR>
<TD WIDTH="100%"></TD></TR>
<TR>
<TD VALIGN="top" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>Amadeo R. V&aacute;zquez</B></FONT></TD></TR>
<TR>
<TD VALIGN="top" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>President</B></FONT></TD></TR>
</TABLE></DIV> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">VII </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>
<A NAME="tx79604_33"></A>TELECOM ARGENTINA S.A. </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">Corporation non adhered to the Optional Statutory Regime of Compulsory Public Purchase
Offer </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>Corporate Information </B></FONT></P> <P
STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2"><B>INDEPENDENT AUDITORS</B> Price Waterhouse&nbsp;&amp; Co S.R.L. (member of PricewaterhouseCoopers) </FONT></TD></TR></TABLE> <P
STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2"><B>STOCK MARKET INFORMATION</B> (Source: Bloomberg) </FONT></TD></TR></TABLE> <P STYLE="margin-top:12px;margin-bottom:0px; margin-left:2%"><FONT FACE="Times New Roman"
SIZE="2"><B><I>BCBA </I></B></FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="62%"></TD>
<TD VALIGN="bottom" WIDTH="9%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="9%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="9%"></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Market&nbsp;quotation&nbsp;($/share)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Volume&nbsp;of&nbsp;shares</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="bottom"> <P STYLE="margin-right:0px;margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Quarter</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>High</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Low</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>traded&nbsp;(in&nbsp;million)</B></FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">September&#146;04</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">6.48</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">5.16</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">25.6</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">December&#146;04</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">6.60</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">5.78</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">28.3</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">March&#146;05</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">8.65</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">6.00</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">32.2</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">June&#146;05</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">7.50</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">6.59</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">23.3</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">September&#146;05</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">7.46</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">6.55</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">55.3</FONT></TD></TR>
<TR>
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em"><FONT FACE="Times New Roman" SIZE="2"><B><I>NYSE</I></B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Market quotation<BR>(US$/ADR*)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Volume of ADRs</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="bottom"> <P STYLE="margin-right:0px;margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Quarter</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>High</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Low</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>traded (in million)</B></FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">September&#146;04</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">10.92</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">8.49</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">12.1</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">December&#146;04</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">11.11</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">9.60</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">15.7</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">March&#146;05</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">14.63</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">10.20</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">29.1</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">June&#146;05</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">13.18</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">11.37</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">14.5</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">September&#146;05</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">13.27</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">11.20</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">27.6</FONT></TD></TR>
</TABLE><HR WIDTH="8%" SIZE="1" NOSHADE COLOR="#000000" ALIGN="left">
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">*</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Calculated at 1 ADR = 5 shares </FONT></TD></TR></TABLE> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2"><B>INVESTOR RELATIONS</B> for information about Telecom Argentina S.A., please contact: </FONT></TD></TR></TABLE> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
FACE="Times New Roman" SIZE="2"><B>In Argentina </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:2%; text-indent:-2%"><FONT FACE="Times New Roman" SIZE="2">Telecom Argentina S.A. </FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px; margin-left:2%; text-indent:-2%"><FONT FACE="Times New Roman" SIZE="2">Investor Relations Departments </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:2%; text-indent:-2%"><FONT
FACE="Times New Roman" SIZE="2">Alicia Moreau de Justo 50, 10th Floor </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:2%; text-indent:-2%"><FONT FACE="Times New Roman" SIZE="2">(1107) Ciudad Aut&oacute;noma de Buenos Aires
</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:2%; text-indent:-2%"><FONT FACE="Times New Roman" SIZE="2">Tel.: 54-11-4968-4000 </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:2%; text-indent:-2%"><FONT
FACE="Times New Roman" SIZE="2">Argentina </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>Outside Argentina </B></FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px; margin-left:2%; text-indent:-2%"><FONT FACE="Times New Roman" SIZE="2">Morgan Guaranty Trust Co. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:2%; text-indent:-2%"><FONT
FACE="Times New Roman" SIZE="2">ADR Department </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:2%; text-indent:-2%"><FONT FACE="Times New Roman" SIZE="2">60 Wall Street </FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px; margin-left:2%; text-indent:-2%"><FONT FACE="Times New Roman" SIZE="2">New York, New York 10260-0060 </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:2%; text-indent:-2%"><FONT
FACE="Times New Roman" SIZE="2">USA </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:2%; text-indent:-2%"><FONT FACE="Times New Roman" SIZE="2">Tel.: 1-212-648-9935 </FONT></P> <P
STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2"><B>INTERNET</B> http://www.telecom.com.ar </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2"><B>DEPOSIT AND TRANSFER AGENT FOR ADRs</B> </FONT></TD></TR></TABLE> <P STYLE="margin-top:18px;margin-bottom:0px; margin-left:2%; text-indent:-2%"><FONT FACE="Times New Roman"
SIZE="2">JP Morgan Chase Bank </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">4 New York Plaza, Wall Street </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:2%; text-indent:-2%"><FONT
FACE="Times New Roman" SIZE="2">New York, 212-623-1546 </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:2%; text-indent:-2%"><FONT FACE="Times New Roman" SIZE="2">USA </FONT></P>



<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="50%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="48%"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">
<A NAME="tx79604_28"></A>Item&nbsp;4</FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT FACE="Times New Roman" SIZE="2"><B><U>FOR IMMEDIATE
RELEASE</U></B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right">

<IMG SRC="g796041.jpg" ALT="LOGO"></TD></TR>
</TABLE> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="50%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="48%"></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B><U>Market Cap: P$7,7 billion</U></B></FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B><U>(March 9, 2006)</U></B></FONT></TD></TR>
</TABLE> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>Contacts: </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman"
SIZE="2"><B>Pedro Insussarry </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>Pablo Caride </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman"
SIZE="2"><B>Telecom Argentina </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>(54-11) 4968-3743/3602 </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT
FACE="Times New Roman" SIZE="2"><B>TELECOM ARGENTINA S.A. ANNOUNCES </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>CONSOLIDATED ANNUAL AND </B></FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>FOURTH QUARTER RESULTS (&#147;4Q05&#148;) </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman"
SIZE="2"><B>FOR FISCAL YEAR 2005 (&#147;FY05&#148;)* </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B><U>SUMMARY OF MAJOR EVENTS AND DEVELOPMENTS </U></B></FONT></P> <P
STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">During FY05 the following results were achieved: </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="WINGDINGS" SIZE="2" COLOR="#000000">&#216;</FONT><FONT FACE="Times New Roman" SIZE="2"></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Net Revenues increased by P$1.224 million (+27% vs. FY04) reaching P$5.718 million mainly due to the significant expansion of the mobile business. </FONT></TD></TR></TABLE> <P
STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="WINGDINGS" SIZE="2" COLOR="#000000">&#216;</FONT><FONT FACE="Times New Roman" SIZE="2"></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Operating Profit before Depreciation and Amortization reached P$2.002 million (-P$44 million or -2% vs FY04) as a consequence higher commercial costs due to the expansion of the
cellular business and the inflationary pressure evidenced in the overall cost structure of the Company, </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="WINGDINGS" SIZE="2" COLOR="#000000">&#216;</FONT><FONT FACE="Times New Roman" SIZE="2"></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">The Net Income was P$1.334 million (+P$2.000 million vs FY04), as a consequence of the extraordinary gain of P$1.424 million registered as a result of the Telecom Argentina&#146;s
financial debt. </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="WINGDINGS" SIZE="2" COLOR="#000000">&#216;</FONT><FONT FACE="Times New Roman" SIZE="2"></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Shareholders Equity as of December&nbsp;31, 2005 amounted to P$1.836 million. However, Retained Earnings continued to be negative by P$2.469 million. </FONT></TD></TR></TABLE> <P
STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">The nominal value of the Net Financial Debt as of December&nbsp;31, 2005 reached P$4.505 million (- P$2.527 million or -36% vs. FY04). </FONT></TD></TR></TABLE> <P
STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="WINGDINGS" SIZE="2" COLOR="#000000">&#216;</FONT><FONT FACE="Times New Roman" SIZE="2"></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">The Ratio of Net Financial Debt to Operating Profit before Depreciation and Amortization for the last 12 months decreased to 2.2 from 3.4 as of December&nbsp;31, 2004.
</FONT></TD></TR></TABLE> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="80%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="3" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>As of December&nbsp;31</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>2005</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>2004</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B></B></FONT><FONT FACE="SYMBOL" SIZE="1" COLOR="#000000"><B>D</B></FONT><FONT FACE="Times New Roman"
SIZE="1"><B><B></B></B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B></B></FONT><FONT FACE="SYMBOL" SIZE="1" COLOR="#000000"><B>D</B></FONT><FONT FACE="Times New Roman"
SIZE="1"><B><B></B>%</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Consolidated net revenues (in MM P$)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">5.718</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">4.494</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">1.224</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">27</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">%</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Fixed Telephony</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">2.871</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">2.718</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">153</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">6</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">%</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Cellular</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">2.797</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">1.733</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">1.064</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">61</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">%</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Directories edition</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">50</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">43</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">7</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">16</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">%</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Operating Profit before D&amp;A (in MM P$)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">2.002</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">2.046</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">(44</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">-2</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">%</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Operating Profit (in MM P$)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">504</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">400</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">104</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">26</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">%</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Net income/(Loss) (in MM P$)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">1.334</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">(666</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">2.000</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">-300</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">%</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Shareholder's equity (in MM P$)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">1.836</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">502</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">1.334</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">266</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">%</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Net financial debt - Nominal value (in MM P$)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">4.505</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">7.032</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">(2.527</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">-36</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">%</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">CAPEX (in MM P$)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">553</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">425</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">128</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">30</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">%</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Lines in service (Fixed lines -in thousands)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">3.950</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">3.790</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">160</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">4</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">%</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Cellular customers (in thousands)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">6.801</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">4.337</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">2.464</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">57</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">%</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Telecom Personal</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">6.150</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">3.835</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">2.315</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">60</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">%</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">N&uacute;cleo (Paraguay)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">651</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">502</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">149</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">30</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">%</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">ADSL Total lines (in thousands)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">226</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">128</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">98</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">77</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">%</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Arnet subscribers (in thousands)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">287</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">233</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">54</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">23</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">%</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Dial-up and others</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">125</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">152</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">(27</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">-18</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">%</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">ADSL</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">162</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">81</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">81</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">100</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">%</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Fixed line traffic (in MM minutes, Internet Traffic not included)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">16.949</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">16.642</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">307</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">2</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">%</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Incoming/Outgoing cellular traffic in Argentina (in MM minutes)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">5.578</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">3.602</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">1.976</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">55</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">%</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Average Revenue per user (ARPU) Fixed Telephony/voice (in P$)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">40</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">40</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">0</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">0</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">%</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Average Revenue per user (ARPU) Cellular Telephony Arg. (in P$)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">36</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">35</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">1</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">3</FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">%</FONT></TD></TR>
</TABLE><HR WIDTH="8%" SIZE="1" NOSHADE COLOR="#000000" ALIGN="left">
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">*</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Non-financial data unaudited. </FONT></TD></TR></TABLE> <P STYLE="margin-top:18px;margin-bottom:0px" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">www.telecom.com.ar
</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">1 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Item&nbsp;4 </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>Buenos
Aires, March&nbsp;9, 2006 &#150; Telecom Argentina (BASE: TECO2, NYSE: TEO),</B> one of Argentina's largest telecommunications groups, announced today <B>consolidated net income</B> of <B>P$1,334 million</B> for the fiscal year ended
December&nbsp;31, 2005 (&#147;FY05&#148;) mainly due to the positive effect of <B>P$1,424 million</B> as a consequence of the closing of the debt restructuring process of Telecom Argentina. Comparatively, consolidated net loss for fiscal year 2004
(&#147;FY04&#148;) was <B>P$666 million</B>. Consolidated net loss for the fourth quarter of fiscal year 2005 (&#147;4Q05&#148;) was <B>P$289 million,</B> due in part to the depreciation of the Argentine Peso. Comparatively, consolidated net loss
for the fourth quarter of fiscal year 2004 (&#147;4Q04&#148;) was <B>P$175 million.</B> </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>Earnings/loss per share and ADR</B> for FY05 amounted to
<B>P$1.36</B> and <B>P$6.78</B>, respectively. In comparison, (loss) per share and ADR for FY04 were <B>P$(0.68)</B> and <B>P$(3.38)</B>, respectively. Earnings/loss per share and ADR for 4Q05 amounted to <B>P$(0.29)</B> and <B>P$(1.47)</B>,
respectively. In comparison, (loss) per share and ADR for 4Q04 were <B>P$(0.18)</B> and <B>P$(0.89)</B>, respectively. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>Consolidated net revenues</B>
for FY05 totaled <B>P$5,718 million</B>, an increase of <B>P$1,224 million</B>, or <B>27%</B>, compared with <B>P$4,494 million</B> for FY04, mainly as a consequence of the increase in revenues generated by the cellular business. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>Operating profit before depreciation and amortization, operating profit/(loss) and net income/(loss)</B> for FY05 represented <B>35%, 9%</B> and <B>23%</B> of net
revenues, respectively; compared with <B>46%, 9%</B> and <B>(15%)</B>, respectively, for FY04. Operating profit before depreciation and amortization, operating profit/(loss) and net income/(loss) for 4Q05 represented <B>31%, 9%</B> and
<B>(17%)</B>&nbsp;of net revenues, respectively; compared with <B>44%, 15%</B> and <B>(14%)</B>, respectively, for 4Q04. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">The strong expansion evidenced in
the cellular market, resulted in a substantial increase in subscriber acquisition costs (including handset subsidies, agent commissions and advertising) eroding the operational margins. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"
ALIGN="center">

<IMG SRC="g796042.jpg" ALT="LOGO"> </P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B><U>Company Activities</U> </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman"
SIZE="2"><B>Evolution of Consolidated Net Revenues </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;&nbsp;&nbsp;&nbsp;(FY05 vs. FY04) </B></FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; margin-left:2%; text-indent:-2%"><FONT FACE="Times New Roman" SIZE="2">The evolution of <B>Consolidated Net Revenues</B> for the different activities was as follows: </FONT></P> <P
STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>Fixed Telephony </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">In fixed telephony operations, <B>local measured
service </B>revenues increased by <B>P$6 million</B> to <B>P$524 million</B>. <B>Domestic long distance</B> (&#147;DLD&#148;) revenues increased by <B>P$8 million</B> reaching <B>P$449 million</B>. Revenues in both services increased as a
consequence of a higher number of lines in service. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">www.telecom.com.ar </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">2 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center">

<IMG SRC="g7960431.jpg" ALT="LOGO"> </P> <P STYLE="margin-top:12px;margin-bottom:0px; margin-left:2%; text-indent:-2%"><FONT FACE="Times New Roman" SIZE="2">Total <B>traffic volume</B> (Local and DLD) measured in minutes increased by <B>2%</B> compared to
FY04. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center">

<IMG SRC="g7960432.jpg" ALT="LOGO"> </P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>Monthly charges</B> increased by <B>P$41 million</B>, or <B>6%,</B> to <B>P$676 million</B>, mainly due to the increase in
customer lines that had reached <B>3,625,000,</B> equivalent to an increase of <B>4%</B>. It must be noted that the number of lines in service recovered by the end of 2005 to the same level it had as of December 2001, when the economic crisis began.
</FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Revenues generated by <B>interconnection services</B> increased by <B>P$44 million</B>, or <B>21%</B>, to <B>P$254 million</B>, mainly due to the
increases in cellular traffic transported and terminated on Telecom&#146;s fixed line network. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">During FY05 <B>international telephony </B>activities
generated revenues of <B>P$224 million,</B> increasing by <B>P$9 million</B> or <B>4%</B>. This increase was mainly due to higher incoming and outgoing traffic partially offset by a decrease in prices. </FONT></P> <P
STYLE="margin-top:18px;margin-bottom:0px" ALIGN="center">

<IMG SRC="g7960433.jpg" ALT="LOGO"> </P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>Internet and Data Transmission </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman"
SIZE="2">Revenues generated by <B>the data transmission and Internet </B>business totaled <B>P$467 million</B>, representing an increase of <B>P$51 million</B>, or <B>12%</B>, due to the increase in ADSL connections as a consequence of commercial
policies, an enhanced portfolio of products and an increased coverage of the services. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px" ALIGN="center">

<IMG SRC="g7960434.jpg" ALT="LOGO"> </P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">As of December&nbsp;31, 2005, total lines in service with ADSL connections amounted to <B>226,000,</B> an increase of
<B>98,000,</B> or <B>77%</B>. ADSL subscribers with Telecom ISP reached approximately <B>162,000</B>, increasing by <B>100%</B> while Internet dial-up customers reached approximately <B>125,000</B>, decreasing <B>18%</B>. In addition, migration of
customers to ADSL connections has caused a decrease in dial-up traffic. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">www.telecom.com.ar </FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">3 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center">

<IMG SRC="g7960441.jpg" ALT="LOGO"> </P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>Cellular Telephony </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">The
economic environment and the implementation of new technologies and state-of-the-art services fueled the significant growth in the cellular market, increasing penetration to over <B>50%</B> of the population. This resulted in the increase of the
customer base and consumption of cellular services. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">In this context, <B>total cellular subscribers of Telecom Personal in Argentina</B> reached
approximately <B>6,150,000</B> as of December&nbsp;31, 2005, representing an increase of approximately <B>2,315,000</B> customers, or <B>60%</B>. This increase in the client base was fueled by an significant growth in the number of GSM subscribers,
which currently represents <B>64%</B> of the total customer base. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px" ALIGN="center">

<IMG SRC="g7960442.jpg" ALT="LOGO"> </P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">The customer base in Argentina as of December&nbsp;31, 2005 amounted to approximately <B>4,038,000</B> prepaid subscribers,
representing <B>66%</B> of the total customer base, and approximately <B>2,112,000 </B>postpaid subscribers, representing the remaining <B>34%</B> (including clients of &#147;Cuentas Claras&#148; a hybrid prepaid/postpaid product). These percentages
were <B>74%</B> and <B>26%</B>, respectively, as of December&nbsp;31, 2004. The substantial improvement in the composition of the customer base resulted from the strategy of Telecom Personal in Argentina of focusing in the acquisition of high-value
subscribers and increasing the participation in the postpaid services, among them the &#147;Cuentas Claras&#148; product, taking into account the current demand of the cellular market. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
FACE="Times New Roman" SIZE="2"><B>Telecom Personal in Argentina revenues</B>, after inter-company revenue elimination, reached <B>P$2,797 million</B>, increasing by <B>P$1,064 million</B>, or <B>61%</B>. This growth is explained by the increase in
the customer base, total traffic, and sales of handsets. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px" ALIGN="center">

<IMG SRC="g7960443.jpg" ALT="LOGO"> </P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B></B>In spite of the strong competition, the <B>average monthly revenue per customer in Argentina</B> increased to <B>P$36</B>,
or <B>3%</B>, when compared with FY04. Additionally, <B>total cellular </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">www.telecom.com.ar </FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">4 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>traffic</B> increased by <B>55%</B> when compared with FY04. <B>Outgoing SMS </B>grew from an average of
<B>33&nbsp;million</B> per month in FY04 to an average of <B>243&nbsp;million</B> per month in FY05. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>N&uacute;cleo</B>, Telecom Personal&#146;s
controlled subsidiary that provides cellular services in Paraguay, generated the equivalent of <B>P$221 million</B> in revenues during FY05 representing an increase of <B>P$55 million</B>, or <B>33%</B>. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">As of December&nbsp;31, 2005, N&uacute;cleo had approximately <B>651,000 customers</B>, an increase of <B>149,000,</B> or <B>30%</B>. Nucleo&#146;s postpaid and
&#147;Cuentas Claras&#148; subscribers increased by <B>29%</B> reaching <B>121,000</B> clients, representing <B>19%</B> of the customer base. Prepaid customers increased by <B>30%</B>, reaching <B>530,000</B>, equivalent to <B>81%</B> of the
customer base. GSM subscribers as of December&nbsp;31, 2005 represented <B>43%</B> of the subscriber base. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px" ALIGN="center">

<IMG SRC="g7960451.jpg" ALT="LOGO"> </P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>Directories </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>Publicom</B>
sales increased by <B>P$7 million</B>, or <B>16%</B>, reaching <B>P$50 million</B> due to the higher advertising space sales and the acquisition of new customers. Customer base grew by <B>39%</B> in FY05. </FONT></P> <P
STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>Evolution of Operating Costs </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">The <B>cost of services provided,
administrative expenses and selling expenses</B> for FY05 totaled <B>P$5,214 million</B>, which represented an increase of <B>P$1,120 million</B> or <B>27%</B>. The evolution of costs is mainly related to the increase in sales, the effect of
inflation in the overall cost structure and the competition in the mobile telephony business in Argentina. For example, subscriber acquisition costs (including handset subsidies, agent commissions and advertising) increased by <B>P$391 million</B>,
or <B>157%</B>, reaching <B>P$640 million</B>. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>Salaries and social security contributions</B> increased by <B>P$92 million</B>, or <B>16%</B>, to
<B>P$685 million</B> primarily due to the increase in salaries. As of December&nbsp;31, 2005, the headcount totaled <B>14,542</B> employees compared to <B>14,053</B> employees as of December&nbsp;31, 2004. The increase in headcount is also related
to the expansion of the cellular business. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px" ALIGN="center">

<IMG SRC="g7960452.jpg" ALT="LOGO"> </P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>Taxes</B> reached <B>$395 million</B>, an increase of <B>$94 million</B> when compared with FY04 due to the impact of taxes that
are calculated on the basis of revenues and higher fees paid to the regulator in connection with the cellular telephony activity. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="right"><FONT FACE="Times New Roman"
SIZE="2">www.telecom.com.ar </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">5 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:2%; text-indent:-2%"><FONT FACE="Times New Roman" SIZE="2">The <B>allowance for doubtful accounts</B> increased to <B>P$29 million</B>, equivalent
to <B>0.5%</B> of net revenues. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>Sales commissions</B> increased by <B>P$209 million</B>, or <B>118%</B>, to <B>P$386 million</B> for FY05, mainly as a
consequence of the commissions paid for the acquisition of new customers and higher sales of prepaid cards, primarily in the cellular business. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Costs
related to <B>advertising</B> increased by <B>P$59 million</B>, or <B>63%</B>, to <B>P$152 million</B>, mainly due to higher media advertising expenses for the cellular and Internet businesses. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">The cost of cellular handsets increased by <B>P$376 million</B> reaching <B>P$613 million</B> mainly due to the increase in handset sales related to the expansion of the
subscriber base. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>TLRD (termination charges in third parties cellular networks) and roaming</B> costs increased by <B>P$184 million</B> reaching
<B>P$386 million</B>, due to the increase in traffic among cellular operators. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>Depreciation of fixed and intangible assets</B> decreased by <B>P$148
million</B>, or <B>9%</B>, to <B>P$1.498 million</B> during FY05 as a consequence of the end of the amortization period of certain assets in the fixed telephony business. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT
FACE="Times New Roman" SIZE="2"><B>Financial and Holding Results </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">The <B>Financial and Holding Results</B> resulted in a loss of <B>P$306 million</B>
for FY05 that compares to a loss of <B>P$1.172 million</B> in FY04. The difference can be largely attributed to the <B>P$865 million </B>gain registered as net currency exchange differences. The gain was mainly as a consequence of the fluctuation of
the Peso-to-Euro exchange rate during FY04 and FY05. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>Other Expenses </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT
FACE="Times New Roman" SIZE="2"><B>Other expenses (net</B>) increased by <B>P$87 million</B>, or <B>112%</B>, to <B>P$165 million</B> mainly as a consequence of higher provisions for lawsuits and other contingencies. </FONT></P> <P
STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>Net Financial Debt (Nominal Value) - Debt Restructuring Results </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">On
<B>August&nbsp;31, 2005</B>, Telecom Argentina successfully completed its debt restructuring process by issuing the new Notes and paying the cash consideration in exchange for the Outstanding Debt, in accordance with the terms of the <I>Acuerdo
Preventivo Extrajudicial</I> entered into by Telecom Argentina and its financial creditors (the &#147;<U>APE&#148;</U>), resulting in the extinguishment of all Outstanding Debt pursuant to the APE. The Company also made prepayments on the new Notes
issued pursuant to the APE, further strengthening it post-restructuring debt profile. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px; margin-left:2%; text-indent:-2%"><FONT FACE="Times New Roman" SIZE="2">As a consequence, the Company has
registered a profit of <B>P$1,424 million </B>in 3Q05. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">The nominal value of <B>Net Debt</B> (Loans minus Cash and Banks plus Investments) decreased by
<B>P$2,527 million</B>, or <B>36%</B>, to <B>P$4,505 million</B> for FY05 compared to <B>P$7,032 million</B> in FY04, mainly as a consequence of the debt reduction due to the successful restructuring of Telecom Argentina and the positive cash flow
generation in FY05. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>Telecom Personal Debt Refinancing </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman"
SIZE="2">On <B>December&nbsp;22, 2005</B>, Telecom Personal successfully concluded the refinancing of all the debt instruments issued as a consequence of its financial restructuring </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"
ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">www.telecom.com.ar </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">6 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">process. The new debt incurred in this refinancing transaction was approximately <B>US$381 million</B>. The main
objective of this transaction was to improve the amortization profile of the debt and to eliminate certain restrictions affecting the ability of Telecom Personal to continue developing its growing cellular business. </FONT></P> <P
STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>Capital Expenditures </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Of the total amount of <B>P$553 million</B>
invested in fixed assets during FY05, <B>P$260 million</B>, or <B>47%</B>, corresponds to fixed-line telephony, data transmission and Internet, and <B>P$293 million</B> or <B>53%</B> to the cellular business. The most significant Expenditures in the
cellular business are related to the development and expansion of the GSM network. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px" ALIGN="center">

<IMG SRC="g7960471.jpg" ALT="LOGO"> </P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>Note: Materials and supplies not included </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
FACE="Times New Roman" SIZE="2"><B>Others matters </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">On <B>March&nbsp;6, 2006</B> the Company subscribed a Letter of Understanding with the <I>Unidad de
Renegociaci&oacute;n y An&aacute;lisis de Contratos de Servicios P&uacute;blicos</I> (&#147;UNIREN&#148;) on behalf of the Argentine government. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Among the
terms agreed upon, the Telecom Group committed to continue making investments in its network, the termination charge for incoming international calls will be increased and the hour bands for off-peak local tariffs will be reduced. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">The technical control entities (the <I>Comision Nacional de Comunicaciones</I> and the UNIREN) have determined that Telecom Argentina has complied with the obligations
contemplated in the Transfer Agreement, observing only certain breaches that have been subject to the respective penalty procedures and that are still pending resolution, and that such issues that are related to the normal and ordinary development
of the activities as licensee. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">In addition, the Company and its indirect shareholders Telecom Italia SpA and the W de Argentina - Inversiones, S.L.,
assume certain commitments related to demands presented or that could be presented in relation to the effects of Law N&ordm;25.561 (Public Emergency Law). </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman"
SIZE="2">The parties agree to comply and maintain the contractual conditions established in the Transfer Agreement and in the current regulation. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Finally,
the Executive Branch compromises its efforts to develop an adequate and homogeneous regulatory framework for the telecommunication industry. To that effect, a bill will be presented to the Legislative Branch. </FONT></P> <P
STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>Bondholders&#146; Meeting - Consent Solicitation </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Aiming to eliminate
certain restrictions affecting the subsidiary Telecom Personal, Telecom Argentina has summoned to Holders of Notes to attend an Extraordinary Meeting to be held on <B>March&nbsp;27, 2006,</B> in order to deal with some amendments to the covenants of
the Notes issued under the Indenture dated <B>August&nbsp;31, 2005</B>. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">The Company is soliciting authorizations from holders of its Notes, authorizing
representatives to vote in favor of the proposed modifications. The solicitation period will expire in <B>March&nbsp;17, 2006.</B> </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman"
SIZE="2">*********** </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">www.telecom.com.ar </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">7 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Telecom is the parent company of a leading telecommunications group in Argentina, where it offers directly or through its
controlled subsidiaries local and long distance fixed-line telephony, cellular, data transmission, and Internet services, among other services. Additionally, through a controlled subsidiary the Telecom Group offers cellular services in Paraguay. The
Company commenced operations on November&nbsp;8, 1990, upon the Argentine Government&#146;s transfer of the telecommunications system in the northern region. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman"
SIZE="2"><B>Nortel Inversora S.A</B>. ("Nortel"), which acquired the majority of the Company from the Argentine government, holds <B>54.74%</B> of Telecom's common stock. Nortel is a holding company where the common stock (approximately <B>68%</B>
of capital stock) is owned by Sofora Telecomunicaciones S.A.. Additionally, the Nortel capital stock is comprised of preferred shares that are held by minority shareholders. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; margin-left:2%; text-indent:-2%"><FONT FACE="Times New Roman" SIZE="2">On <B>December&nbsp;31, 2005</B>, Telecom had <B>984,380,978</B> shares outstanding. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center">

<IMG SRC="g7960481.jpg" ALT="LOGO"> </P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P><HR WIDTH="8%" SIZE="1" NOSHADE COLOR="#000000" ALIGN="left">
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2"><B>(*)</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Employee Stock Ownership Program </FONT></TD></TR></TABLE> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center">

<IMG SRC="g7960482.jpg" ALT="LOGO"> </P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center">

<IMG SRC="g7960483.jpg" ALT="LOGO"> </P> <P STYLE="margin-top:12px;margin-bottom:0px; margin-left:2%; text-indent:-2%"><FONT FACE="Times New Roman" SIZE="2">For more information, please contact the Financial Planning&nbsp;&amp; Investor Relations
Department: </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; margin-left:2%; text-indent:-2%"><FONT FACE="Times New Roman" SIZE="2">Pedro Insussarry </FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px; margin-left:2%; text-indent:-2%"><FONT FACE="Times New Roman" SIZE="2">54-11-4968-3743 </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:2%; text-indent:-2%"><FONT FACE="Times New Roman"
SIZE="2"><U>pinsussa@ta.telecom.com.ar</U> </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; margin-left:2%; text-indent:-2%"><FONT FACE="Times New Roman" SIZE="2">Mariano Martire </FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px; margin-left:2%; text-indent:-2%"><FONT FACE="Times New Roman" SIZE="2">54-11-4968-3718 </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:2%; text-indent:-2%"><FONT FACE="Times New Roman"
SIZE="2"><U>mmartire@ta.telecom.com.ar</U> </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; margin-left:2%; text-indent:-2%"><FONT FACE="Times New Roman" SIZE="2">Gast&oacute;n Urbina </FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px; margin-left:2%; text-indent:-2%"><FONT FACE="Times New Roman" SIZE="2">54-11-4968-6236 </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:2%; text-indent:-2%"><FONT FACE="Times New Roman"
SIZE="2"><U>gurbina@ta.telecom.com.ar</U> </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; margin-left:2%; text-indent:-2%"><FONT FACE="Times New Roman" SIZE="2">Voice Mail: 54-11-4968-3628 </FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px; margin-left:2%; text-indent:-2%"><FONT FACE="Times New Roman" SIZE="2">Fax: 54-11-4313-5842 </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; margin-left:2%; text-indent:-2%"><FONT
FACE="Times New Roman" SIZE="2">For information about Telecom Group services visit: </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:2%; text-indent:-2%"><FONT FACE="Times New Roman" SIZE="2"><U>www.telecom.com.ar</U> </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; margin-left:2%; text-indent:-2%"><FONT FACE="Times New Roman" SIZE="2"><U>www.telecompersonal.com.ar</U> </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; margin-left:2%; text-indent:-2%"><FONT
FACE="Times New Roman" SIZE="2"><U>www.arnet.com.ar</U> </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; margin-left:2%; text-indent:-2%"><FONT FACE="Times New Roman" SIZE="2"><U>www.highway.arnet.com.ar</U> </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; margin-left:2%; text-indent:-2%"><FONT FACE="Times New Roman" SIZE="2"><U>www.paginasamarillas.com.ar</U> </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="right"><FONT FACE="Times New Roman"
SIZE="2">www.telecom.com.ar </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">8 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Item 4 </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; margin-left:2%; text-indent:-2%"><FONT
FACE="Times New Roman" SIZE="2"><U>Disclaimer </U></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">This document may contain statements that could constitute forward-looking statements, including, but not
limited to the Company&#146;s expectations for its future performance, revenues, income, earnings per share, capital expenditures, dividends, liquidity and capital structure; the effects of its debt restructuring process; the impact of emergency
laws enacted by the Argentine Government; and the impact of rate changes and competition on the Company&#146;s future financial performance. Forward looking statements may be identified by words such as &#147;believes&#148;, &#147;expects&#148;,
&#147;anticipates&#148;, &#147;projects&#148;, &#147;intends&#148;, &#147;should&#148;, &#147;seeks&#148;, &#147;estimates&#148;, &#147;future&#148; or other similar expressions. Forward-looking statements involve risks and uncertainties that could
significantly affect the Company&#146;s expected results. The risks and uncertainties include, but are not limited to the impact of emergency laws enacted by the Argentine Government which have resulted in the repeal of Argentina&#146;s
Convertibility law, the devaluation of the peso, various changes in restrictions on the ability to exchange pesos into foreign currencies, and currency transfer policy generally, the &#147;pesification&#148; of tariffs charged for public services,
the elimination of indexes to adjust rates charged for public services and the Executive branch announcement to renegotiate the terms of the concessions granted to public service providers, including Telecom. Due to extensive changes in laws and
economic and business conditions in Argentina, it is difficult to predict the impact of these changes on the Company&#146;s financial condition. Other factors may include, but are not limited to, the evolution of the economy in Argentina, growing
inflationary pressure and evolution in consumer spending and the outcome of certain legal proceedings. Readers are cautioned not to place undue reliance on forward looking statements, which speak only as the date of this document. The Company
undertakes no obligation to release publicly the results of any revisions to forward looking statements which may be made to reflect events and circumstances after the date of this press release, including, without limitation, changes in the
Company&#146;s business or to reflect the occurrence of unanticipated events. Readers are encouraged to consult the Company&#146;s Annual Report on Form 20-F as well as periodic filings made on Form 6-K, which are filed with or furnished to the
United States Securities and Exchange Commission for further information concerning risks and uncertainties faced by Telecom. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">*******
</FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>(Financial tables follow) </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman"
SIZE="2"><B>******* </B></FONT></P> <P STYLE="margin-top:24px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>Amadeo R. V&aacute;zquez </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT
FACE="Times New Roman" SIZE="2"><B><U>President </U></B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>******* </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"
ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">www.telecom.com.ar </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">9 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B><U>TELECOM ARGENTINA S.A.</U> </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"
ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>Consolidated information </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B><U>TWELVE MONTH PERIOD AND FOURTH QUARTER- FISCAL
YEAR 2005. </U></B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B><U>(In millions of Argentine pesos, except statistical data) </U></B></FONT></P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2"><B>1-&nbsp;</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2"><B><U>Consolidated Balance Sheet</U></B> </FONT></TD></TR></TABLE> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="92%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="73%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Dec-31<BR>2005</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Dec-04<BR>2004</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B></B></FONT><FONT FACE="SYMBOL" SIZE="1" COLOR="#000000"><B>D</B></FONT><FONT FACE="Times New Roman" SIZE="1"><B><B></B>
$</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B></B></FONT><FONT FACE="SYMBOL" SIZE="1" COLOR="#000000"><B>D</B></FONT><FONT FACE="Times New Roman" SIZE="1"><B><B></B>
%</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>Cash, equivalents and investments</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>642</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>3,662</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>(3,020</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>-82</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>%</B></FONT></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>Trade receivables</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>705</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>612</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>93</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>15</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>%</B></FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>Other current assets</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>185</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>159</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>26</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>16</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>%</B></FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>TOTAL CURRENT ASSETS</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>1,532</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>4,433</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>(2,901</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>-65</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>%</B></FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>Fixed &amp; Intangible assets</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>6,723</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>7,668</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>(945</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>-12</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>%</B></FONT></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>Other non-current assets</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>292</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>221</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>71</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>32</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>%</B></FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>TOTAL NON-CURRENT ASSETS</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>7,015</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>7,889</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>(874</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>-11</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>%</B></FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>TOTAL ASSETS</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>8,547</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>12,322</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>(3,775</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>-31</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>%</B></FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>Accounts payable</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>824</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>508</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>316</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>62</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>%</B></FONT></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>Loans</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>905</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>9,434</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>(8,529</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>-90</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>%</B></FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>Reserves</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>110</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>30</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>80</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>267</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>%</B></FONT></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>Other current liabilities</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>357</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>254</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>103</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>41</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>%</B></FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>TOTAL CURRENT LIABILITIES</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>2,196</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>10,226</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>(8,030</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>-79</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>%</B></FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>Loans</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>3,996</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>1,219</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>2,777</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>228</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>%</B></FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>Reserves</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>247</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>214</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>33</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>15</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>%</B></FONT></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>Other non-current liabilities</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>200</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>107</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>93</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>87</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>%</B></FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>TOTAL NON-CURRENT LIABILITIES</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>4,443</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>1,540</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>2,903</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>189</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>%</B></FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>TOTAL LIABILITIES</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>6,639</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>11,766</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>(5,127</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>-44</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>%</B></FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>Minority Interest</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>41</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>30</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>11</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>37</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>%</B></FONT></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>Temporary differences from transaltion</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>31</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>24</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>7</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>29</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>%</B></FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>Shareholders&#146; equity</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>1,836</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>502</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>1,334</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>266</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>%</B></FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>TOTAL LIABILITIES AND EQUITY</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>8,547</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>12,322</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>(3,775</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>-31</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>%</B></FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2"><B>2-&nbsp;</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2"><B><U>Consolidated Loans</U></B> </FONT></TD></TR></TABLE> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="92%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="72%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Dec-31<BR>2005</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Dec-04<BR>2004</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B></B></FONT><FONT FACE="SYMBOL" SIZE="1" COLOR="#000000"><B>D</B></FONT><FONT FACE="Times New Roman" SIZE="1"><B><B></B>
$</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B></B></FONT><FONT FACE="SYMBOL" SIZE="1" COLOR="#000000"><B>D</B></FONT><FONT FACE="Times New Roman" SIZE="1"><B><B></B>
%</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>Corporate Bonds</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>761</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>5,353</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>(4,592</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>-86</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>%</B></FONT></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>Banks</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>39</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>1,177</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>(1,138</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>-97</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>%</B></FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>On purchase of fixed assets and inventories</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&#151;&nbsp;&nbsp;</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>1,475</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>(1,475</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>-100</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>%</B></FONT></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>Accrued interest</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>59</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>1,259</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>(1,200</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>-95</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>%</B></FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>Derivaties</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>46</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>170</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>(124</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>-73</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>%</B></FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>TOTAL CURRENT LOANS</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>905</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>9,434</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>(8,529</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>-90</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>%</B></FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>Corporate Bonds</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>3,856</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>1,260</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>2,596</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>206</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>%</B></FONT></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>Banks</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>386</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&#151;&nbsp;&nbsp;</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&#151;&nbsp;&nbsp;</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&#151;&nbsp;&nbsp;</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>On purchase of fixed assets and inventories</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&#151;&nbsp;&nbsp;</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&#151;&nbsp;&nbsp;</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&#151;&nbsp;&nbsp;</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&#151;&nbsp;&nbsp;</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>Net Present Value</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>(277</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>(41</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>(236</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>576</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>%</B></FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>Derivaties valuation effect</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>31</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&#151;&nbsp;&nbsp;</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&#151;&nbsp;&nbsp;</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&#151;&nbsp;&nbsp;</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>TOTAL NON-CURRENT LOANS</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>3,996</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>1,219</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>2,777</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>228</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>%</B></FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>TOTAL LOANS</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>4,901</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>10,653</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>(5,752</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>-54</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>%</B></FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">10 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2"><B>3-&nbsp;</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2"><B><U>Consolidated Income Statement</U></B> </FONT></TD></TR></TABLE> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%"><FONT FACE="Times New Roman" SIZE="2"><B><U>Twelve
- -Month Comparison</U></B> </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="92%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="72%"></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="4" ALIGN="center" STYLE="border-bottom:1px solid #000000"> <P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>Dec-31</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>2005</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>2004</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B></B></FONT><FONT FACE="SYMBOL" SIZE="1" COLOR="#000000"><B>D</B></FONT><FONT FACE="Times New Roman" SIZE="1"><B><B></B>
$</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B></B></FONT><FONT FACE="SYMBOL" SIZE="1" COLOR="#000000"><B>D</B></FONT><FONT FACE="Times New Roman" SIZE="1"><B><B></B>
%</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>Net revenues</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>5,718</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>4,494</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>1,224</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>27</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>%</B></FONT></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>Cost of services provided</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>(3,704</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>(2,968</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>(736</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>25</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>%</B></FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>GROSS PROFIT</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>2,014</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>1,526</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>488</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>32</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>%</B></FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>Administrative expenses</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>(249</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>(229</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>(20</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>9</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>%</B></FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>Selling expenses</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>(1,261</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>(897</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>(364</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>41</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>%</B></FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>OPERATING (LOSS)/PROFIT</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>504</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>400</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>104</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>26</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>%</B></FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>Equity income from related companies</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>7</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>(2</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>9</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>-450</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>%</B></FONT></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>Financial and holding results</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>(306</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>(1,172</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>866</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>-74</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>%</B></FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>Debt Restructuring Results</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>1,424</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>209</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>1,215</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>581</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>%</B></FONT></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>Other incomes &amp; expenses</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>(165</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>(78</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>(87</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>112</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>%</B></FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>RESULTS FROM ORDINARY OPERATIONS</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>1,464</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>(643</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>2,107</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>Taxes on income</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>(122</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>(26</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>(96</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>369</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>%</B></FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>Minority interest</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>(8</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>3</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>(11</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>-367</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>%</B></FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>NET (LOSS)/INCOME</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>1,334</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>(666</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>2,000</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>-300</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>%</B></FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>Operating (Loss)/Profit before D&amp;A</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>2,002</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>2,046</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>(44</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>-2</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>%</B></FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B></B><B><I>As a % of Net Revenues</I></B><B></B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>35</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>%</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>46</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>%</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
</TABLE> <P STYLE="margin-top:12px;margin-bottom:0px; margin-left:4%"><FONT FACE="Times New Roman" SIZE="2"><U><B>Consolidated Income Statement</B></U> </FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%"><FONT FACE="Times New Roman" SIZE="2"><U><B>Three -Month Comparison</B></U> </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="92%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="73%"></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="4" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Dec-31</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>2005</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>2004</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B></B></FONT><FONT FACE="SYMBOL" SIZE="1" COLOR="#000000"><B>D</B></FONT><FONT FACE="Times New Roman" SIZE="1"><B><B></B>
$</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B></B></FONT><FONT FACE="SYMBOL" SIZE="1" COLOR="#000000"><B>D</B></FONT><FONT FACE="Times New Roman" SIZE="1"><B><B></B>
%</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>Net revenues</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>1,661</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>1,283</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>378</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>29</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>%</B></FONT></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>Cost of services provided</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>(1,068</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>(815</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>(253</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>31</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>%</B></FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>GROSS PROFIT</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>593</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>468</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>125</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>27</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>%</B></FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>Administrative expenses</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>(47</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>(45</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>(2</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>4</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>%</B></FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>Selling expenses</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>(389</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>(231</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>(158</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>68</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>%</B></FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>OPERATING (LOSS)/PROFIT</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>157</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>192</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>(35</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>-18</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>%</B></FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>Equity income from related companies</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&#151;&nbsp;&nbsp;</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>(1</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>1</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>-100</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>%</B></FONT></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>Financial and holding results</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>(397</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>(550</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>153</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>-28</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>%</B></FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>Debt Restructuring Results</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&#151;&nbsp;&nbsp;</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>209</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>(209</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>-100</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>%</B></FONT></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>Other incomes &amp; expenses</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>(57</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>(9</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>(48</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>533</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>%</B></FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>RESULTS FROM ORDINARY OPERATIONS</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>(297</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>(159</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>(138</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>Taxes on income</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>12</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>(17</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>29</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>-171</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>%</B></FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>Minority interest</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>(4</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>1</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>(5</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>-500</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>%</B></FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>NET (LOSS)/INCOME</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>(289</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>(175</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>(114</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>65</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>%</B></FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>Operating (Loss)/Profit before D&amp;A</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>521</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>564</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>(43</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>-8</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>%</B></FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B></B><B><I>As a % of Net Revenues</I></B><B></B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>31</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>%</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>44</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>%</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
</TABLE> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2"><B>4-&nbsp;</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2"><B><U>Consolidated Statement of Cash Flow</U></B> </FONT></TD></TR></TABLE> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%"><FONT FACE="Times New Roman"
SIZE="2"><U><B>Twelve -Month Comparison</B></U> </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="92%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="72%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="4" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Dec-31</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>2005</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>2004</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B></B></FONT><FONT FACE="SYMBOL" SIZE="1" COLOR="#000000"><B>D</B></FONT><FONT FACE="Times New Roman" SIZE="1"><B><B></B>
$</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B></B></FONT><FONT FACE="SYMBOL" SIZE="1" COLOR="#000000"><B>D</B></FONT><FONT FACE="Times New Roman" SIZE="1"><B><B></B>
%</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>Net income</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>1,334</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>(666</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>2,000</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>300</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>%</B></FONT></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>Depreciation and Amortization</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>1,498</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>1,646</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>(148</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>-9</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>%</B></FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>Increase in provisions</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>230</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>112</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>118</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>105</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>%</B></FONT></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>(Increase)/decrease in assets</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>(166</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>(198</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>32</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>16</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>%</B></FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>(Decrease)/increase in liabilities</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>230</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>20</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>210</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>1050</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>%</B></FONT></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>Debt Reestructurings results</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>(1,424</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&#151;&nbsp;&nbsp;</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>(1,424</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>Others, net</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>265</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>1,286</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>(1,021</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>-79</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>%</B></FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>Total Funds generated by Operating Activities</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>1,967</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>2,200</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>(233</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>-11</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>%</B></FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>Total Funds applied to Investing Activities</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>87</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>(851</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>938</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>110</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>%</B></FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>Increase in financial debt, net</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>1,236</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&#151;&nbsp;&nbsp;</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>1,236</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>Debt payments</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>(4,684</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>(471</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>(4,213</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>894</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>%</B></FONT></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>Interests and financial expenses</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>(944</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>(154</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>(790</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>-513</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>%</B></FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>Total Funds applied to Financing Activities</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>(4,392</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>(625</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>(3,767</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>-603</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>%</B></FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>Increase/(decrease) of Funds</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>(2,338</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>724</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>(3,062</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>-423</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>%</B></FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:12px;margin-bottom:0px; margin-left:4%"><FONT FACE="Times New Roman" SIZE="2"><B><U>Consolidated Statement of Cash Flow</U></B> </FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%"><FONT FACE="Times New Roman" SIZE="2"><U><B>Three -Month Comparison</B></U> </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="92%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="75%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="4" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Dec-31</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>2005</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>2004</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B></B></FONT><FONT FACE="SYMBOL" SIZE="1" COLOR="#000000"><B>D</B></FONT><FONT FACE="Times New Roman" SIZE="1"><B><B></B>
$</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B></B></FONT><FONT FACE="SYMBOL" SIZE="1" COLOR="#000000"><B>D</B></FONT><FONT FACE="Times New Roman" SIZE="1"><B><B></B>
%</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>Net income</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>(289</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>(175</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>(114</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>-65</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>%</B></FONT></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>Depreciation and Amortization</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>364</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>372</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>(8</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>-2</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>%</B></FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>Increase in provisions</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>167</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>84</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>83</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>99</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>%</B></FONT></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>(Increase)/decrease in assets</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>(27</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>(61</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>34</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>56</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>%</B></FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>(Decrease)/increase in liabilities</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>25</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>32</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>(7</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>-22</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>%</B></FONT></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>Debt Restructuring Results</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&#151;&nbsp;&nbsp;</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&#151;&nbsp;&nbsp;</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&#151;&nbsp;&nbsp;</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>Others, net</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>343</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>476</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>(133</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>-28</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>%</B></FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>Total Funds generated by Operating Activities</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>583</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>728</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>(145</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>-20</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>%</B></FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>Total Funds applied to Investing Activities</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>(160</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>(739</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>579</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>78</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>%</B></FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>Increase in financial debt, net</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>1,206</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&#151;&nbsp;&nbsp;</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>1,206</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>Debt payments</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>(1,398</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>(465</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>(933</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>201</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>%</B></FONT></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>Interests and financial expenses</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>(176</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>(142</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>(34</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>-24</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>%</B></FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>Total Funds applied to Financing Activities</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>(368</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>(607</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>239</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>39</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>%</B></FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>Increase/(decrease) of Funds</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>55</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>(618</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>673</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>109</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>%</B></FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">11 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2"><B>5&nbsp;-</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2"><B><U>Consolidated Revenues Breakdown</U></B> </FONT></TD></TR></TABLE> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%"><FONT FACE="Times New Roman"
SIZE="2"><B><U>Twelve -Month Comparison</U></B> </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="92%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="75%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="3" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Dec-31</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>2005</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>2004</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B></B></FONT><FONT FACE="SYMBOL" SIZE="1" COLOR="#000000"><B>D</B></FONT><FONT FACE="Times New Roman" SIZE="1"><B><B></B>
$</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B></B></FONT><FONT FACE="SYMBOL" SIZE="1" COLOR="#000000"><B>D</B></FONT><FONT FACE="Times New Roman" SIZE="1"><B><B></B>
%</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>Fixed Telephony</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>2,180</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>2,087</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>93</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>4</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>%</B></FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD VALIGN="bottom"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Measured service</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="bottom"> <P STYLE="margin-left:7.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Local</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>524</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>518</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>6</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>1</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>%</B></FONT></TD></TR>
<TR>
<TD VALIGN="bottom"> <P STYLE="margin-left:7.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>DLD</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>449</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>441</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>8</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>2</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>%</B></FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="bottom"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Monthly charges</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>676</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>635</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>41</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>6</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>%</B></FONT></TD></TR>
<TR>
<TD VALIGN="bottom"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Public telephones</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>155</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>170</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>(15</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>-9</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>%</B></FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="bottom"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Interconnection</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>254</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>210</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>44</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>21</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>%</B></FONT></TD></TR>
<TR>
<TD VALIGN="bottom"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Others</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>122</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>113</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>9</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>8</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>%</B></FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>International Telephony</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>224</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>215</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>9</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>4</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>%</B></FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>Data transmission &amp; Internet</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>467</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>416</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>51</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>12</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>%</B></FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>Cellular Telephony</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>2,797</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>1,733</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>1,064</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>61</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>%</B></FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>Telecom Personal</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>2,576</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>1,567</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>1,009</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>64</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>%</B></FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="bottom"> <P STYLE="margin-left:5.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Monthly fee and measured service</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>577</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>337</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>240</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>71</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>%</B></FONT></TD></TR>
<TR>
<TD VALIGN="bottom"> <P STYLE="margin-left:5.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Pre-paid card</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>641</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>353</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>288</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>82</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>%</B></FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="bottom"> <P STYLE="margin-left:5.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Calling Party Pays</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>411</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>368</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>43</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>12</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>%</B></FONT></TD></TR>
<TR>
<TD VALIGN="bottom"> <P STYLE="margin-left:5.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>TLRD *</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>261</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>147</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>114</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>78</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>%</B></FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="bottom"> <P STYLE="margin-left:5.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Handset sales and accesories</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>322</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>135</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>187</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>139</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>%</B></FONT></TD></TR>
<TR>
<TD VALIGN="bottom"> <P STYLE="margin-left:5.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Others</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>364</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>227</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>137</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>60</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>%</B></FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>N&uacute;cleo</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>221</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>166</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>55</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>33</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>%</B></FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD VALIGN="bottom"> <P STYLE="margin-left:5.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Monthly fee and measured service</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>47</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>36</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>11</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>31</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>%</B></FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="bottom"> <P STYLE="margin-left:5.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Pre-paid card</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>92</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>60</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>32</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>53</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>%</B></FONT></TD></TR>
<TR>
<TD VALIGN="bottom"> <P STYLE="margin-left:5.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Calling Party Pays</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>34</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>38</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>(4</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>-11</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>%</B></FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="bottom"> <P STYLE="margin-left:5.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>TLRD *</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>24</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>17</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>7</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>41</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>%</B></FONT></TD></TR>
<TR>
<TD VALIGN="bottom"> <P STYLE="margin-left:5.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Handset sales and accesories</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>10</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>1</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>9</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>900</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>%</B></FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="bottom"> <P STYLE="margin-left:5.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Others</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>14</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>14</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&#151;&nbsp;&nbsp;</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>0</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>%</B></FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>Telephone Directories (Publicom)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>50</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>43</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>7</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>16</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>%</B></FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>TOTAL NET REVENUES</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>5,718</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>4,494</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>1,224</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>27</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>%</B></FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
</TABLE><HR WIDTH="8%" SIZE="1" NOSHADE COLOR="#000000" ALIGN="left">
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2"><B>*</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2"><B>Charges for the temination of calls of the cellular operators.</B> </FONT></TD></TR></TABLE> <P STYLE="margin-top:12px;margin-bottom:0px; margin-left:4%"><FONT
FACE="Times New Roman" SIZE="2"><B><U>Consolidated Revenues Breakdown</U></B> </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%"><FONT FACE="Times New Roman" SIZE="2"><U><B>Three -Month Comparison</B></U> </FONT></P> <P
STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="92%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="77%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="3" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Dec-31</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>2005</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>2004</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B></B></FONT><FONT FACE="SYMBOL" SIZE="1" COLOR="#000000"><B>D</B></FONT><FONT FACE="Times New Roman" SIZE="1"><B><B></B>
$</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B></B></FONT><FONT FACE="SYMBOL" SIZE="1" COLOR="#000000"><B>D</B></FONT><FONT FACE="Times New Roman" SIZE="1"><B><B></B>
%</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>Fixed Telephony</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>567</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>555</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>12</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>2</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>%</B></FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD VALIGN="bottom"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Measured service</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="bottom"> <P STYLE="margin-left:7.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Local</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>137</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>141</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>(4</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>-3</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>%</B></FONT></TD></TR>
<TR>
<TD VALIGN="bottom"> <P STYLE="margin-left:7.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>DLD</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>115</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>119</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>(4</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>-3</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>%</B></FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="bottom"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Monthly charges</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>175</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>164</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>11</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>7</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>%</B></FONT></TD></TR>
<TR>
<TD VALIGN="bottom"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Public telephones</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>37</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>42</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>(5</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>-12</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>%</B></FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="bottom"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Interconnection</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>73</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>60</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>13</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>22</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>%</B></FONT></TD></TR>
<TR>
<TD VALIGN="bottom"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Others</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>30</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>29</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>1</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>3</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>%</B></FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>International Telephony</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>57</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>57</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&#151;&nbsp;&nbsp;</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>0</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>%</B></FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>Data transmission &amp; Internet</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>125</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>108</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>17</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>16</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>%</B></FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>Cellular Telephony</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>879</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>528</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>351</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>66</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>%</B></FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>Telecom Personal</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>813</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>483</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>330</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>68</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>%</B></FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="bottom"> <P STYLE="margin-left:5.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Monthly fee and measured service</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>177</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>107</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>70</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>65</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>%</B></FONT></TD></TR>
<TR>
<TD VALIGN="bottom"> <P STYLE="margin-left:5.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Pre-paid card</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>215</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>105</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>110</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>105</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>%</B></FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="bottom"> <P STYLE="margin-left:5.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Calling Party Pays</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>116</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>98</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>18</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>18</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>%</B></FONT></TD></TR>
<TR>
<TD VALIGN="bottom"> <P STYLE="margin-left:5.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>TLRD *</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>84</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>49</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>35</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>71</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>%</B></FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="bottom"> <P STYLE="margin-left:5.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Handset sales and accesories</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>111</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>46</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>65</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>141</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>%</B></FONT></TD></TR>
<TR>
<TD VALIGN="bottom"> <P STYLE="margin-left:5.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Others</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>110</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>78</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>32</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>41</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>%</B></FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>N&uacute;cleo</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>66</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>45</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>21</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>47</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>%</B></FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD VALIGN="bottom"> <P STYLE="margin-left:5.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Monthly fee and measured service</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>13</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>10</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>3</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>30</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>%</B></FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="bottom"> <P STYLE="margin-left:5.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Pre-paid card</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>31</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>17</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>14</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>82</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>%</B></FONT></TD></TR>
<TR>
<TD VALIGN="bottom"> <P STYLE="margin-left:5.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Calling Party Pays</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>9</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>7</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>2</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>29</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>%</B></FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="bottom"> <P STYLE="margin-left:5.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>TLRD *</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>7</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>5</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>2</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>40</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>%</B></FONT></TD></TR>
<TR>
<TD VALIGN="bottom"> <P STYLE="margin-left:5.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Handset sales and accesories</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>2</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>&#151;&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>2</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&#151;&nbsp;&nbsp;</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="bottom"> <P STYLE="margin-left:5.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Others</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>4</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>6</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>(2</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>-33</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>%</B></FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>Telephone Directories (Publicom)</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>33</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>35</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>(2</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>-6</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>%</B></FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>TOTAL NET REVENUES</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>1,661</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>1,283</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>378</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>29</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>%</B></FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
</TABLE><HR WIDTH="8%" SIZE="1" NOSHADE COLOR="#000000" ALIGN="left">
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2"><B>*</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2"><B>Charges for the temination of calls of the cellular operators.</B> </FONT></TD></TR></TABLE> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">12 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">SIGNATURES </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
FACE="Times New Roman" SIZE="2">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. </FONT></P> <P
STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0">

<TR>
<TD WIDTH="47%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="4%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="47%"></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" COLSPAN="3"><FONT FACE="Times New Roman" SIZE="2"><B>Telecom Argentina S.A.</B></FONT></TD></TR>
<TR>
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Date: March&nbsp;14, 2006</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">By:</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-bottom:1px;border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="2">/s/ Amadeo R. V&aacute;zquez</FONT></P></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Name:</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Amadeo R. V&aacute;zquez</FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Title:</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">President</FONT></TD></TR>
</TABLE>
</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>2
<FILENAME>g796041.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 g796041.jpg
M_]C_X``02D9)1@`!`@``9`!D``#_[``11'5C:WD``0`$````9```_^X`#D%D
M;V)E`&3``````?_;`(0``0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!
M`0$!`0$!`0$!`0$!`0("`@("`@("`@("`P,#`P,#`P,#`P$!`0$!`0$"`0$"
M`@(!`@(#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#
M`P,#`P,#`P,#_\``$0@`10"*`P$1``(1`0,1`?_$`,4````%!0$!````````
M```````'"`D*`00%!@L"`P$!``$%`0$!``````````````$"`P4&!P0("1``
M``4#`@4!!`0&#`T%`````0(#!`41!@<`""$Q$A,)06$4%0I1(A87<8&A,B,V
M\$)B8R0T1&0U5C=7L?%2DJ(S0X,E9;4F&#@9&CK:$0`!`@0#!`8'!@4$`P``
M```!``(1`P0%(1(&,4$3!U%A<:$B%(&1L=$R(Q7PP>%"4G)B,T-3"(*2)!:B
MLA?_V@`,`P$``A$#$0`_`$P_,,^/CR:;6<@[J_(XIN_EH7;1D7<<U0Q_C:PL
M[YEC;M@H[(KI9&WVJML(MXNTXAM&^X'!9%J[4(4HAT`/[6%,45?@B\=OE*WP
M36WW?I:>\B75P%B7=G:\?D.Q<A9\S6M<UQ1&++ALN[;S8MK?*G-6]*MI>!E@
M012=.4TU5#"50H$#C*`GI3H7SI.8,MXGCO'\?%N4LC8U--OMQ(3)K`O>YK.-
M+%9(8E,R+)C;LG'"_!G[VKV@5ZP3[ANFG4-2@%-U;4?`WY/-VNV;"&YJVO+?
M#V/!9NQ]"9`BK.O'.6?T;CMMC.(J+%C)H["379J/FA2T4%,1"H^S13BI]>VK
M$]\[>M@F)\,Y`OY/)&0\1[:(>R;HR7'R<O))WE<EKV'[@]NQG,32AYMZ$LZ;
MBX(NX,*YQ-U&&NBA0!/E*,_YXR7Y7;OMO(^;,N9`MU/;5EZ03@+VR1>5UPJ;
M]K=MA)MGI(J=F7[$CMNFN<I%`3ZR`<P`(`(Z)%=)[(2JJ%@WPN@HHBLC:%RJ
MHK)',FJDJG"O3IJ)J$$#D4(<`$!`0$!"H:(N0YXL=O6_/RMYQR;A;'GD*O["
M<KCW';[);J=RIG',H0DLR1N^$MH8>/"%GG2Y)3KG2+``E`O91..BF)4V[PC>
M'W>IX_MT%^Y;W%;_`.VMUEFW'AF8L6/L2'R/E2\'<//2-U6M*M+E4C[Z=+1C
M9!!M#+-N\F`*]3CI`:".BC%-;?,$^>#>$EO'>>+[QPW!<%H7%"S]MXUR+?=A
M,4W&5L@Y@O<L6FAC"P)!RU.:UXV$-*MVJ[EF8CMP^55)WDTD?KO8GM10VM\M
MWY^[;L>$S3;OD33A<Y1;9K=\9BA7<3F\9J*N0I@>)1:UX*IN[%-,HF4$%#&[
MC#N")>X):'T4QW1Q3V'GR\N><?%#L;VYXYL>2C7&]'/UF,+6=7S+K(7":POL
M39MNM<FY(;-ETE&$Y<#NZI0K>/46*9L*JQUS$/T`711UJ-MMG\.WG9\B6V-?
MR`);YKU@YS*K&4R!CK'U\YTRW$WQEABQ[X1TNT"VU@M&TD[C79&+&).>R0Z8
M$.H5),X#J%/I3C'RU'G#W6Y7W3R7C:WV7G,Y(N-W#78SQ#?MYILDL@VQ>^,$
M'KFZ<:WC*H$0<W*BZB8IT9LJY[SI!PP$@J'*IPE0>]$A\X_F/.F/=Z&SBV\1
MY:RG8"5Q;?)?OP]@9`NNSV<O+N,H2K%JJ[:0$Q&-G3Q0.A(JBM3`6@=0`&BF
M,`E8?)_[Z<C77&;S-FNXV_[QN&_,4SC+-4"_R==<M<,[$V^!2V/DR`6D+A>O
MG:+2W)V+8.C)@L)$3.UAIT\=%$8A1*_)1Y%=UVZ+>7NYW,8ZS5G*TL+/LXOK
M2M!"R\I7O;MG0-O,RRD%CF.9QT/.L&"3J?M>R57Q@32ZCF!10]!,%2E.O?\`
MD'GO^^_+W_UDOM[_`&E7G^O7]=/Z:_6S_F/\<_?-0I]RD^?-[\/#I<P_1N+P
M5_U&>U*I6D_)P&KXD[A+3\W=OF+C]/5:.+/\%-$39WSQ/]&^.JG$??MR5.%?
MY-AWT]=%&](TV3>"GQ=;A-H>W?-.8/+Q]RN3<I8KM^[;UQ4;*V#8T+$FY1)?
MWFVQBI^X&TO'ECCI]/9=)IJ@`<2@`AHI70&Q!`V#:>RBRK/Q;D%AE?'5E[>&
MEDV?DF,DXV9:7M!V;8IK8:W$24AW#J*?+27PH5%3MU#)"J)@*/#1%S)?E:MP
M^"=L'E!O')6X;+5AX7Q^?;WEFW$;NR/<4?:\$I-R-UV2NPB2R4BJDT-(ND6"
MIB)`;J,!!I6FB+I?8^WF[4MV^/\`,I=L>X+%&=OL/9LF6\!QG></=);;/.P4
MV,,28-&N%@9#)A'+BEUT`P)&'TT1<G7PS['ML&_'<3EO&FZG=P79U9EIXMD;
MX@;Z"Z;(M/[37.G>]NP:=IF?WY(1\6J08N6</.TB85A%L`@%*B!%/B\)?C2\
M?WCZS]E&Y=L/D=C-WF0<JXM3M)Y8"V1\2W-(PUO0%R1]QOKD81MC3<A*'!NN
M1))0ZA.RF10>-3:(5$!\@<I='B_^9=N#<QFJRY"5LF-W?P&ZF$38(%.2\,/7
MQ+&F%9:VCKF%%Y,0+1V\;T`U$Y-@8AA+0-$71+M_R_>,2X,6,\T,]\VVAG83
MR.))F=RV5;;B)IFV,!/X/(6C)/&UTM9=`3%25:F9]XBH&)0U-$@HB/SIF+IR
M_8C8'NWL]4;DP[)6O>^/B7!&-UU8Y!_=Y8'(5D22KDQ`[#6ZX(JXM^X5,QQ;
MB`5,(%`FY/=^(CS,>/@WBBP%<&1=Q&)L2W!MIPE:^-,LX\NNZ8N`O.-N'&<`
MUASJ6]:;]RE,76UN=NQ1<LEH])<BZS@25`Y3%`FWL40KY?",N+=;\Q`UW$X_
MMI^E8L1?VY_<!<RKIHLJG:MG7S"7_$6XC+.2)>[LY-[)WLS;I%.8!,KU@%>D
M=%*7)\Y><Z?D(V!J)B(')A4AR"'/J+FA\8M/:`AHH*;X\JT]D_P]^8K=%?F&
MFQ6$+NRVYW=)P0)D<PS$+6W58U/!W@Z:&;&*0[ZU,C-GKQ`2_5*Z;$Y<PCJ4
MHE]P>T0^W7Y=#:/F2>C18WMO"WYRN4U55@JY/CFU,09'L['20"8O6FV=$0D)
M$``>DY7Z9J5"HRFY'Y_^6;4*?<NC/Y'/'QB#R;[<'VUW.4[?=M6$^O6TKY6E
M,>2$9%W#\4L]=\K'-B.9B+FF/N2HOC]X.QUF``Z1`0U*I6/\:/CAPMXN=N[[
M;;@>X;]N:R)#(MR9+5D<C2$7)W"6;N>-@(M\V*XB(F&9A'I(6ZB*9>SU`8QA
M$PUT1$7Y4/#-MI\N'W,H[B;ORY:J>#SWDK:GW83<#$%>&OG[.A,_%OC=O3Y5
MA(2V&X)"0$Q+4W$:TT1-$&^3$\9)AK][6[&HF$3&^V]A"(UJ(B(FQW6HCZ\>
M.BG#H4DS:WM,Q_M-VGXTV?X^D[DEL;XLQ^YQO!2MS.FCBZ'<([4D3J.9%XR9
ML6*K\H2BGUTT$RC0.`:*%&Y7^3*\93A998^6=U_4NLJN8H7O88%`RJAU!`H?
M=WR*)Q`/6FBF(Z$Z_P",OPG[8/%7"9^M_;[>&7+D9;BF%KQMYJ9(F[=EUHY"
MU65UL8\\":'MR"!NH=.[7(J=XJP&,!*<`$-%!ZDT^K\F3XRUSJ*J99W8=2JA
MUC%^V]A])3J',<P`'W>&```3#3B/X1T4X)=WCC^71V8>,3<<GN=P+?F=+BOQ
M*Q+IQ^2-R)<=K2UO?"+M4BU)%S[M$6E!O0?(C$I@F8%P*`&-4!KJ"0-I3L2_
M=^7C*V:^26QHNR]V6(F=[+6X=RI9M[1+M2V\CV09X=$STMLWC%"209LW9D2&
M6:*F7:+=`"=(Q@#49FDX'%1BF&$ODR_&"1ZFY5R;NN<M2/A<*QY[\LDA5V0*
M&,$<5RGC\CA,O;H4JO5UT"H\=5(I(N1-GFW_`#'MA1V?YAL!GE'!J&/[9QRK
M;U['/*R+J(M"&CX:`E#SA10D$KJ8HQB*I9-N9!R1R7N%$*B&B1*CE7'\FOXN
M9><>R</?>Z2UXUPZ*NV@&60K7DF4<B)A.=FV?3%DNY15`!&A#**G4*',3<]$
M3ZVP/QC;._&?CZ3L#:EBY*UCW*9DK>U]S;U2X\CWVYCRKBS5NF['P$=.F[11
M=04&B)6[)`R@BFD41$=$)BDJ^3#P8;6/*;F+$N:\]7QF6U[GPY:OV2MACCF;
MMZ,B74>%T'NKNRR,S;<TY6=?$%3%JFJF':]H`($5AY-O`YL_\I]RX:O'/$]E
M>U;DPO8KW'<%+XSE[>B7LU;+I^WD6K.Y#S5OS`/!BW9%E&XIE3Z#.EO0P!IO
M1;9O0\)&TW>_M&VT[++_`);)EC8?VKJVR?'`X[EX6,GUR6O8CRPF9)QY+0,N
MR=^]QCPZ[D4VZ9C.S"8!`!IHICTHC_\`XYNR_P#O"SU_Z!O_`&[_`-9+2_L<
M_K#^IWZ]_P`X_B?\VT2*D`Z*$-$0T1#1$-$0T1#1$-$7D:^S\>H+0=J1`VKS
MU4$`&@5&@:!@V@)F9TXKZ:E$-$0T1#1$-$0T1#1$-$0T1#1$!Y:@F`).R"*W
M[@]0`(B`#7IZ0ZN05^L(<N''25!S,S3$=>U2\`0'BCW(MLC9CQIB>+=S.1KX
MMZSHQJD"IW,S*-&2AB@%3=A!43*N#``\>DHTUE+58;W?IPDV:EG3YQ,(-:8>
MQ8*\ZFL&G9!J;W64U-(`CXYC0[_:2"D.K^2:V;YD7,'MFPYE+<3(H53&:MV*
M+;=CH'`!'K<7=<QHV).D0`J8R1S\.0#RUT(<KJJW2?,ZIK:>WRAM8?'-]#(M
M)]"Y4>=U#=ZHVW0UMK+M7P,'`<*1`;29Q:]HPQ'3N6JS69-]]Q$*L]FMH>VN
M-/\`I%4KUR&>^KI:HFJ'2LPC5(Z**NCZA[R`"(4K3CJ[36+1$LB724]XNL_I
ME@RF^B,M_M6,K]3<V)T7UDZP6*GW<>:)SO3!\N'I"*>8NF\?KJ7_`.7G']M'
M.`@LPQW9-CLTD5@XG*V<R%P3#LQ"F`0X\*:SWTJ6QL*#1U<YT,.,YSAVGY38
M^L+4JB\S'DNNW,FW26_F%/PV$'>!&>_9LQ"+L]U8J,JJ+[S.9'%8#<10^PK5
M*O$#=*2<<K]6H<..K?DM0LP&C*9K3LC*>XGW+R2[SHV88NYHUSG#"`J930%D
MXJZK1[O_`&UYG[B.H!@[:=Q16.)-L/$.@JO?;LSG"O/ZP"(:N,I;U_7T;)+-
MX9*>TD=1QAU&"OFOL1QM_,R:)NXS:B2]L=V9N9N8=(B(](1JPU\;FXTQ!QWY
M$MJ68P&@I1^1[:CK8<N2C^83XG:]R/$R"?EU`W&G.FL76V^R.=&Y:=N-$W>9
M9<8>@L"S=NO6L9+86O6^G+D_<)DMHCU1;5.]:,IONSW>6"D9SDS;1`Y3MYNG
MUO+KVSY#B+Y,F@0?KNQMF0/'3@!T@(]":2@T"FL<[2FC[A,X5KKY]+4'X654
MDM$>@O):.Q9]G,+F/9I9G7VSTURMC?ZULG\:8X=/E@U[VPV?&Z,(Q$8`V,5>
M1+;)E.6);A;V5L2\2&]V=61DB/=69<;=]U$(+8[693;@N>IAH*8B&L1=>6VK
MK7(\Z)+*BWDP$V4[,.G8,=@*SFG^>6@+W6?2YE0ZBNT,:>J9P9PQ`^%QCM(&
MQ+9:.T7K<KALZ!9!P4%$%D5R+IJ$$O4`HJ$ZBF*)1J`@(\-<\F&>V:908YLP
M'',,/N77J9S)C!/80Z4X1!C$066U?4J@>O$1X^OX`Y>S1(JNB(:(AHB\F-T^
M@CP,/^;Z?CU#CE:7'8$[-J*S*F:<<87M=]=^2KGC+6A63=5<ZTBZ2265`A#&
M*1NW$W=644$H@4"@-1UD[)9KMJ"<)%MD/?,)ALP$=YZEKVI]5:>T?;W7'4-5
M+IZ=K2[Q'$P!)#>DX8=:C>;M?.7<$RN_M/:W!!!QI3KM%LB7&@8S]V!>I,RT
M)&J$!("&`0$JA^5.6OJC0?\`C_1Y17ZGF!\P8Y`"UG?M"^`>9W^:E5/,RT<O
M)),KX>.3F./4(%I]>Q,=7)GC*-]70>\KYNF0R%<AE#JHN;O66FV;)101$WN<
M4X.,8@0O(H`GRU]`4>GK+14(HZ!K9,ID?%*`:[OC[%\7U_,+5E]NCKS>GBIK
M'D-)>7Y8#8(!P'A[UL#[/&Y&Y&:,8.1KW1B$2BFC%0\BXMV);IB%#)MV405F
MDF4X<P"M=6I>G].-?Q9T@S*L?U)A#CUC<,>Q969K77U53&@I:^;+HB0>%*&5
MN&PQ@7Q'[H=,5HI[6R#/&[CUQ+OSJ5ZCOY%\\./4(B/6=TY5,<1$:\P#CRUE
M&SK93_+=*D"5_`,I^]8CR^I:CYDU]3.G'^XY[AW."^Z>'+I7$`!B`"/,3@8X
MU`*U`0`!+^+5KZG:V?"PD#I(^X!2[3EVGB+93FO.T^(CIV*Z+A"ZU*_P;E0"
MT;=5`'GS&M:Z-O%$-C0P?PD8]L8JMVE+TT1=*#X_J#A#L@1M0/A.["E.7W4@
MEH(=(H"4:4Y``"(5'VZGZQ0$C/F<T;HM@>V`4,TG<FXB4YKX[6E^'9$D1"QA
M\6WBP$5$FRY#%#]&9%11(Z9@X@)#!02#^"FJO/6^;_(:UA_TGV@JF?8;\T'*
M^HAVG;UP@LO#S&;K+4!:W[QOF$5`0,4T5<\TU.4Q:!TF*F[$AR4"M*!SUXZB
MWV:X$BXRI4YI_4&C_P!0U5T]?K"S-'DZFLE/:/RN=#T`Q]RR5U9NS!=3-./R
M!,*7B1!/H2=7-&MWDNUZ2B!3MIL$DI1%0@"-#`KU>W5V@TU8*.:9EOE,82T@
ML,2W+'H)..S>EPUGJRLD<.Y3JN:\$$/<9>#AL(RL:^,"1B2.K8C^VW^1S=#M
MJ>LT[7OM]=%IMU$B+V5>3IQ+18-$A#N-F3IR91\Q`Y.`"4X].M3U=RLTCJN/
MF)#94XCXI?A/H,"NA<O?\@.9^@7CAUKJFC!_E3AF;`=0+?6I,.SCRU8$W)FC
MK8N=X&,,E+HIIGMZX'21(F2<FJ%826,8$G)##R`U#>S7R)K#E'J32\7R!YVF
M&.:6QS8#K!)W+]%^5G^2>B.8;VT4Q_D;L3#A3'M,3U.``VIV1!SW@(9,2+HJ
MD[J;A)0ATC%'ET&*(E4*/,#`--<D<2QV1[2'#:#N7TGF#X.ECY9&T&(5X`B(
M`-.?M`:!]-?752D]6(5=$5.HH<Q`.-.8<_H_#HI`)V)'NZ3=E:F`+>="W41F
M;O%JL9C%)*@9%%0Q``BCPR?4(&*(U`G#VZVW2FE*C45>);PYE,S*7$B&8$P@
M"<"<%SCF%S#MVB;*^I#F3*]X<&-!#BUS1&+@#$#'?"*B+[K,HYTW57LO(7/+
MR;Y@5R(L(8G<^#,@ZP!.C.H)&!,H\!H/'CSU]O:5L-@TQ;&"B9+$[+C&&)7Y
M4<R-::UYEW!TJY&<ZE$SPM:'0`C@##<=_4BXLW:1<4L9-5^W<&`W37I`01Z@
M$`H4M`$.`C^'60KM:RZ65PW92.J'W+7[9RKOP8U\N6QLMQQ`Q/M)[DJZT=E2
MA.U6+$1I^<9$3\Z>HEI4=:C-U[*9%LAS0P]>\[5U"T\F)+)36S&'.<=AVGM2
MF(#988"$$8LPAZ_H!`.0!_DT]=8&JU\Y[2`]H,>D>]="MG)R6PATJ4<T/TG9
MZD;L-LM-]0`BQ#E3]"/LX_FZU^HUQ.='*\'T_BMJI^4CVM^"`_;^"WMILP4`
M.$8%?H[/'B''ATZQ!UQ.S'YHV]/XK.4_*69A\N`A^G\%F0V9G(4M(NM?W@?3
MER+JDZXG;Y@]8]Z]LSE0Z`A+CZ%\U]F@]("$3]80^L/9,/&O,>'#3_N\Z'\P
M>L*U_P#)WQCP^Y:M);+S=!Q^&`//B"/LX\@U[*?7,X0C,&W'$>]>.HY3/.QG
M<BLF=F!J'$8T0#CQ[-*\.51"M?P:R<O7,\N!S@CM6L7'E%-@291A^THD+IV7
MJ="G3&&X\`JWZOVH^HE'Z-;!0:]FRID7/!B.D+1JOE#GBV9*)'[3[DEV\=F+
MM(BIT61TAJ(?43$H^O'D'/6[T.LFU(!<1ZQ[USN[\FYN<F4'MQZ#[$EV=V]W
MM:KU!W'D=MCLETW:2Q2G][053,!BJH*)"F8B@"'.O#6T4FI;=5T;J.>);Y3M
MN()Q7-:G0-\M58VOH^+)E,V/8'!^!CL$3#T)]#8!Y!,F6.UB<<Y>5D+HMQ$$
M&K:3<CW)>-(7H2"BB@562(G03`)AX!PXUU\\\Q^6EJKPZ[65O">&X@#:Z),8
M;Q`[E]G<B>>>HZ%C;!JKB3:830&.>"'9,H`Q(&^.Y2-;7NJ&N^&CIV"DT'\<
M^3[J2R-*"2GYB@<TSE$0X#37RW54DZBG.IZAI;,!WQ"^_**OI;K3-K:%[3((
M$<0=JVG7DS-Z0O:BSR7<KJV[>>JL*"_7*<C<W,4NHH@8Q?4IZ<AY5UDK32-J
M:D<3X(K#7JX3;?2.=)!XA&"9=R=B&Y\ESKQ1T5TY%RJ8HB<5%S*`<XF$3&.`
MB`T&GT:[M9[G;K;)\#AF:!'J7R;J;3EVU+7/=-:<A,1Z5L>/-AQC"19>($QZ
M%,0YF_$`ZN/48Q0#B/T:7#F7E894L^$`IIODCX^+.;\1BEE6ALQAHY!$7;9L
MD):5*8A!-0.G@%`#6BUFOIM0(1*Z_;>4M#2&)`1]1.W6R6`$`S<JG0`<$R)!
MQ]>8!R'6L5.J*R8XN9&"W.FT%:Y``>V)[$8;+&-G,C`"42B8`KP.0HEXAZ@`
M!Q#6(??*Z<<A,`MAI[!;*<1;+!@M@1M*WV].U$LR]/(>WQ_)RU1Y^L_N.7K^
MF6_^TU7I(:*3Y,&X#7F"5*?@H&K1JJD_F/K"K\I1@X,;#L7U^&1WHS1#_=5U
M3YBH_4[UJKRU)O8WU*GPN,'@+)`:\!JGP&OT^FGF*G<XQ[5'E:4X9&P[%;JV
MY"K!16-:G#CP%,.%>?+Z=3YNM_N%4?3Z.,>&U8=S85JNA$JL.S$`XA0@?E#7
MHEW.OEMAG,%3,MEOFLR.EA:I)X5LF0*;_AZ:1C<Q*0M`"@^@@/J.O7(OU=3O
MSYB<(+"5.D;7/'A;E<BEN+:G:<LD<$"MP.8:])TBAP]H@&MBI==5M.(8K6JO
MEK03S$$),=];%FKX%A;QR:Z9B"`F13*(\0IP"FMHM?,%TA^:(BM!OW)R1-8?
M+CU)'4[LSD+2?%<LXI9,I%Q."A$S$.0O4(4_-"H<-;S(YC&ME\&8<-BY/5<H
M*NWU(J&M.&/>ET[8G]S64JC"/5'"D4L9)LHV5,)B%"M.LA#<""%/3F.N;ZLI
MJ2N+ZQI^<!$+M&@ZFY6N9*M\T'R[C`^I.2>](?3_`"?O\O\`9:Y+P?9!=ZXC
M>GK6LW1]G>P/QT1[75QJ!*4IZ]0AP_+K,4'F\W_%AF6.NOE."//QX6[[#%:Y
M!_=KW">X#'"XZAZ>Z!`5K7CZB&O1,^J1?#-L\4.[[!8RF^@1&3+'='[>U&4U
M]S[8>Z=GM^G:Z:4K^Y]*ZP\S/`YX]ZV"3P<HX.7+U*ZX?X]69>3\BOXJW-V.
MKUKZ]OKI_H\-7,5>'%R]77#[U<</V5K^75!R[U9Q0X>W5/A_B[T5=7!L4(:E
M$-$0T14X5]OY=4F&^/>B`TI[/QZD0AAL4KS]3]S^.E?RZE3XNM>]%2M:FOLS
MV#_&/<>U3CWNCJI4>7[;Z=>^E\]G'E\V9>"N\AE_Y>6$.[T(O6'W8?$"_#A0
M[_=#I!`I*=?5]6@B;J_.]FLK/^L</YT-GVZE@)/_`%_C#A1S9OMU_;H1M_P7
8V?Q?V?ZK]GXM:_\`,[UL_P`K_P`>Y?_9
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>3
<FILENAME>g796042.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 g796042.jpg
M_]C_X``02D9)1@`!`@``9`!D``#_[``11'5C:WD``0`$````9```_^X`#D%D
M;V)E`&3``````?_;`(0``0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!
M`0$!`0$!`0$!`0$!`0("`@("`@("`@("`P,#`P,#`P,#`P$!`0$!`0$"`0$"
M`@(!`@(#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#
M`P,#`P,#`P,#_\``$0@`KP$1`P$1``(1`0,1`?_$`.X``0`"`@(#`0$`````
M```````'"`4)`P8"!`H+`0$!```'`0$!``````````````$#!`4&!P@""0H0
M```&`P```@,%#@\.`PD```(#!`4&!P`!"!$)$A,4%196EC@A(K75UA=7=Y>W
MUQA8>#&1LB,S<S24M-0U574*&D%AT5*2TI.S)%0V=K8Y4:$R8R5E)D8G1Y@9
M$0`!!`$"`@,$%`H&"`4%```!``(#!`41!A('(3$302(4"%%QL3)RLM(S4Y.S
MTU1TE-05%C878=%S-#55E597&(&14F*2(\%"P^-UEC<)0R1%92:B8Z-V.?_:
M``P#`0`"$0,1`#\`W/71U1TE2\6[W>)%:DY5519O45GT[1TY2N#@%[YJN>&/
MU<M\5K="\ICO;6RN+LBBA4%F%Z19#9*$)J/Q\7Q/H'U4V)R@Y6[[R_+FEC,/
MCV;QQ.T:&3RM1S&=EG,9:ANOL7GQ.'#)=Q=AL9LC0OGH2LG_`/3Y>+"+5^[5
MCMN?(_P>2=S&.[L3VENC=>XUXUX?(<-/]<+M%O\`F1=;3>@I=+X#'&6I$5A1
MZ;2&LIDY0E:V+ZT35MT+7D!$W+W5VM14.Z%,KB+^I(>%+.QQ[WINVPD'`4%F
M@4@M&R?%;Y,8#F-2PNX[4^:GQMFK#?K,M->R\Z]AKMSC9''CVC%MKV86/K,L
MV[GTC7UD8Z-S'1'W9S>1EJ.DA:(P]KBUQ;IP\,C6Z:E_?Z@G4AK>`]!UZUL^
MZ>Z,N&G[5I6`P=M@#HU/=.]&7G:[B^1Z4O#^NC7.1=0*G"(UBP,TL9RD<FGN
MK%/3)53@I7DM@P%&B3K?0$0=R9RFY8;)WML_/;CW!+DH;E?.87$X]D4U>.%D
M^;.2:RS?FEKRET%3P)CY(X61.G!>P20:B1E^O7;-:Q%#$&%ICDD>2"3I'P=#
M0".EW%H"2=/(/4::P#S+[W)8HI8EOUM"(_4[A":!O"P)B>RND`#7%-7'*10>
M2K&]&ZV9-W2P&*N'"4,3V*;A1M#0O8T+SH;:C/)3[WO+<GBJ<O'Y&YMG9.5O
MV=Y17\QBJ=82QW/#<GC*_A<#7NCHU8Z<UUE>W5&*,MFS#:EHEMJ>-\@%LASE
ML,;-98P5RV-[CH6\+'GA/6YQ<&ZM=QZ`%H=WH("]:.^9=TG)Y.H.248S(8O%
MUO.KK(V$R..8UKS">HI3IT@RA39[W9L5B]622-5#(V4S9"UG?"I!+2U[85MN
M]`K>3<GXJO*S$XEL<VX)Y,O;CS4<$PGC#8K6!K]G;#:$5&Q8R$$^2@M`/BLU
M74\<:UMXL\3PH,SEZ2341`1M,9(T/2V4ZM[XN`80PMZP[B?JWO5P,7F4]&-[
M10\KF\3I!<Q]'M2)\C#9&6R<M"VO4#=VUS_S"^%2-Z>)>ZII<-[A-Y@>$QI*
M-G"UNJ':<P"X@>C<F9'Q5^6%F[N+#X"YGX\AM>9T4\D\E21MQ[]K9C/1&"**
MM&ZL(K6)-9[72638KR]JTUY&\",S=T-ADE;$63C4`!PX=)XXCJ23KJV34=`T
M(TZ0LW8WF3WD&X+:IRJ*ZB;FY5;)NCSA23WGR.P6ITC-#M5$DI8^[)VRR8`7
M%W1RE-N*0/S^)6K2QM&D3[$UJAJ!;*H-K^*QR^.R<-OC>.3NQ5<O4P@[#PF"
MG)'/EY,L731F2C<-B-E?'1FI3$<<EV624"W"V,<?J;-VO"9*U=C2Z-TG3H7`
MB,1]!T<W0DO/$[4AH`[TZJ4:$[RMBS^CX=`;`AD.K2NK3VZH*S2$MKI/!/[P
MU4^SVBM8&_H.NYK,*O.LV/[*>BGN'O;'%EB5"W>U(5KF'6@G8CS%\7;9NTN5
MU[<>V[U[*[GQ'9OO.+XZG8Q29*2@V9^&NU:U\49M:KJN2JVLA')+-V-B"J=3
M'45,M8GNMAF:UD,FO#T%VI#`[3M&N+>(=]Q,<UA`&H+N[Y7_`-Y6/572C=7D
M5;(7*:W:>@.9J!G9":`V`M<F1ZZ#61-.>-^N1?)XC7D5FC(WSQM<F^,MK1+U
M2YM$`U6I;MJPZ30Y;^+MM?>'*N7<V8EOT]TS;;SN8J%URFQDL6&;8<!#C&06
M;MBK*^I/!->GLXV.*<.9#%9[$F5<RT]>\(8PUT`FBC=WKM09-.M^H:'#B!#0
M'DCK+=>B!HKYDG3RJ-4`HDT8H4+]UM4%*V#62QH9)^DBU-N]J=!UM22LJS3G
M"<JEEA,2!LM!"Y)A(11HTYT*]R]B]%06O!L3,>*URFARNY(L3;W%]';,S>4I
MWVR2TW6,G'C\->RC31#*C6TY7R4)8'B47FMKN\+`UB=7=21YN^60F1L/'8C8
MYN@=HPOD:SON^[X:.!&G#T][W=5W!JOWHV(\.^8Y9+G83;([=J'HWI2+,LW8
M"'!ZB]=1:-.D7:CY%%HU)7*2F-+75486K'H3&J5."9`M1'IC1J"P#$.R7.7'
M*_->,!ROVM5QDM79>;VO@[$M68LBGNV)X[$@AL3P,@$DF0G;%5%J..%\T4L<
MK&Q.<T-F-MW8\5=G<\.LQS2@.'2&@$#4`DZ!@U=PDD`@CI7<;0FT`X71.\MJ
M;H:?VK-Y92C`\M-+W3=DQMZ$2@<GN>HJK9>JY%,9$IE3Q746CCO:!.GG3,K:
MF-];CC/94FCT(#2+'M+`[D\8.Q#A=Y;9QN'P%//31293%XNMC;5<08S)9"7;
M\-:%M>*[8GCH.\&\*CL6ZD[6]M-V=AS))L\L.*!DKS/DE=$"&/>Y[3J]C!*2
M=2T`N[[A(:X=0U'1C7+LWK`'0KCR.U[YU/LB,OUEIWZX38/8QT!7LL;H"N[M
MBJ5%6*:U0O;+,/;9QIL>41TH5ED(!I7,DS>S](,JZO(ODX[EI%SHN?6=NUK=
M:B8<:+=(7&2SYB[B[#G7W8_LI:W#5[>M*VA&Y\PFJ/:!&;"\NR>0\,..;V/;
MM+M7\+N'01M>.]X]0>^T<.(]&CAUZ+IU6>9];4I=ZXF,[KJ+QJIK'KF/2.+-
M\7CDEGADQF3GR01T8XURT7-%ID\,$&N1/("5R%/")C$V`Y:P)RG)([*CE)",
MR][O\4S9F(I93![>R=NWO+%Y2:"P^>>"H*U:/<1PK+LF,L5HYK>,,)BE?E<;
MD;C8KCWU9J43(I)VRJ^=L2.9)*QK:[V`C0%W$XP]H6AX<0U^NHX'L;JWO@XD
M@+H=D]O=%KT/,#/*GRN41UZ).1>F&1TH)?,8]J.U_.KIAT5EE,3UQ<92_'R]
MDE#1,DI;=(DGN*4\Z0N@/<M/Z@L6\BVMR"Y85K&[;V(KY22/;S]QX*6/,,K3
M=M<J8NS8KY.HQE>$5I:\E:0S4I/"G5>UJ.\+D[1P$J?*72(&R%@,O8R@Q\0T
M:YX!8XDG4$.&CAP\6CN]&BZ@P]QWU8]1<Q66FEL&J:IXATIQI5MALKQ*;!/M
MB8(9#S?";RG+Y(K,>I6X^ZT&>]34LHU`X-+DXN3&WJ7@]P--W[+N]Y'Q?^76
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M19=8LF562Z.-R1%J;[/`XR=<Q,D8]PW!O]SS=!`M)6DV/(>*#RTI9FWMP9RY
M-EMO2`Y!M>6.S+D(X\-?REAE*!M&-F,LR/H&&A%;M7_"H9O"6$NKO@?-9G[C
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M^AJL8.?Z$76!8BF=M5B.:Z9SUQO/H2AH,@C[?74GFCI`&MX=:C;G!6R&I)/(
MTS@L.8?0VI]%>5;,CXL7+"G]$5<59W%E\EN3<;*=)M22E&RK39B<-E[;YGW8
M*L=R2./(S0QVFR4*4D,3,CQ"+6L_VS-77=HYXAC9##Q.X@X\3C))&W3A+BT$
ML!+='.!)9U]*@Z:=\]222PAQ)<XM4/;J=EW2;%8[1JN)A3<CM5@;O+W7](09
M(KC`KAF\OJ)^87I6?HLX+X<NWZ"-?[.F&6),+/\`!>+GRBQ>VAF:\4UZUG*6
M#FI2>&ULG!CYG[R9A+;FS_1M6MDH9HFMU::K8NF>OVLK7"44LN7OOF[,D-;&
MZ0.'"6%X%?M&]'&XL(/][7J.@ZE(J?S++]@E8#N9W@E=2FI8M9$NH\BOVO4^
M7W$_K85P^X]0MLP460]RIV;%*A=(8Z<RK$9S*J4FHSM.&UNSPB3#QB7Q5N7&
MXMVC8U+(Y2GO.YBZV5-R3P-F-A;:W4S`OK-HQ5XY&AD,S;4<C;4;&R-\&[`1
MD2MG#.6XH/"7,8ZNUY9PCBXSPP&4'B)(ZQPD<).G3KKT*^7+?05PV#=-M4U;
M+U0\N-@E(\T7,S2RC$TF;D)H;^-M_2N//3;(IA--[3LQ=;$'-3@4J+]V&]8!
M6).F]8$@'.W-WEMLG;>Q,-OG9L&XJ3,CG\YC):^6=`]X^AQC>&:)\-:KTRF\
M]MB%T;O!IHC"))>$R.N]"Y9FM25K!A=P11/!CU'KG'T$$NZN'H.O2#KH.I:F
MN<YOU[&>9ZG[):F3HWW.K;FR[;XO69=!=8#M:J>B6]BHFPGV'L$,IKZY=A/4
M-7/5GIV5S*7`01(UH:4:E/O1VS_9-]E<S\!R4RW-;,\C;EC:_A65W5BL3B:V
M&V\,?D,*^7+4XK,UK)^`TXK+(J!M0.B,V1;9L2Q2`QB/MACU*7(QT8\DT3<+
M('R2.DEXV2:1N(#6<3BW5W"==&:`$=.NBMY(NZ.IH1'K<D<E1<ZJQ<P4U0MU
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MR,..CM6)!8UE+++IF/MD3D=E'%79:F6\C&X`2CMY)SJXEY'"+;8N$,+RT#3H
MZ-#P]'625]06?)59VF$3")A$PB81,(H<;(U0EEQVP(PUQJK)O%%EAO)%G1XA
MAC#ZP+[3C[PVKG[<T:MHU#>NFK2_-B,]08L+&L*5)R1BWH98-ZSBWE>8VU<G
MC<M;M9>AF&8R(T)C-/%,S'S1O9#X+)Q->RK)#)(Q@C(C=&][0.%S@:9K*D['
MQM;&^,O/$-`1Q@C7B']H$#77IU`43V;7'$%0ER^:6M6_/D-_&&>":JFKS)H+
M#2E-R/5D.(E`X&]A.:#54V531S2"5JT)@%'MIB<:H\(O4B-#F6T]T<_MZNI8
M+9V4W+>^K,!R%6*"W9+<9%19P^%Q:2!M5M6-PCCE!9V37B*,CC##3SP8NMQ2
MV&0M[8\#B6M[\N/G3T=]Q'I([O6>I653PN'I%L;<TT5CI#E#6)?&(BXELS<%
M?&(VZ!9@N;!'UND_M+0S.08ZWZ4)DXBR3O82/3#OU)?HZKDSV;FKVJDMRTZK
M>L,GLL,K^">>/M>SFF;Q<,DK.VFX'O!<WM9.$CC=K7"*,%K@UO$T:`Z#H!TU
M`\@'0='X!Y"C.-<Q\XPUGGL=BE#4]'8_:B-0VV4Q,]<1%`S3UJ5E+R5#/+FM
M.T@0R!F-*=50=HU19B;P5'>`/UTSTLJRO-CFAG+V.R>8W%F[62P[VOHRRW;+
MY:<C2PMDK2.D+X908XSVD9:__+9WW>-TD,HTHFO9'#&UD@T<`T:.'D$:=(Z3
MT'HZ2J_V;9WEO-U_QECMZ4\J(.CZT50]BBH)\.ODMA09<XZ2/U?,S>Y/A0%D
M>6FF/1"QD3^N*,"<L`8E#HPX.Q;)VIM/QH[7+>WD-E5-X2<KLJRS+8\#%QU.
MVQG%#<E>R(ELS0(GQVG\+@6QN9,2UA`HYY\(VXUEEU<76:`<7#Q-UZ6@$]77
MJT?AZ.M=^EH>)P3"-\PS-JY]W,9)"WJ-Q>FWN/PPQ4L@TJ6[E3Q&&Z.*&\29
M*T2MP@0G3W.T$O3D:Q#5`*-$A&85CF&//IV$M<V<%-N7Z$JWXIY\G%-:#6VZ
M[?!XIWSM?Q.DKLN"#MM3V#;;87/8+`:^;)]%]HVC*(>T<T@,(;YT])`'D'AU
MT[O#KW.CTUM$\)O#XW\UKZAYG<)%'&<ZZ6^EU$%KP]U:V)Z6D0A?99<.$V;4
MEM[\N:"FI8Y;)V!<-.$@X9GHZ#DZ#F'XPM+'R\U*V;W7%C+4XQ;\HVW=$<DL
M33:91-GM.$OA9(ZQ'`':Q!YDC:W4E0-3$N>*)C@+VCCX.%NH![WBX=.[IH3W
M>HJ1G>LN;*JDS_T6[U]4D&F*5M`FD%OFQ6-,\D`WGIVZ/E$*I26@*<QF+4B9
M&WA#HS9J@LLA-KT@A*+UC%+=?-/>&*K<L*62S60PCY2Z'&BQ/+`7@OF);7+S
M'HQSI9B>'A8YTDIT)>Y3W04:[S=<R-DFG2_0`]P=?7Y`_J"]8NF^7[5F*FYM
M5934]GB!]%'U=D*(5%'V3)9-54E/9PHS9$I;5#B4_P`!E#`8E*,]9I2WJ$FR
MP"!Z'AJ:[?'-K9^$9L8Y?.X[;LE?MFTFVK$,#H,A`)>(0M>&&&Y7F$CAP\$S
M).)P=Q:J'@U"Q)X3V<3Y0=.+A!.K#IUZ:ZM(T\D:+&RR+\CI'Z"4#-8O0Z:1
M6-7<OA%;U,_1^$E.,MJR'&1^0S:)1"**T6C'&%1LXIK7+D*0G:1,84F/&`(B
MRQ!JL-E^=$V.R/,?`V]Q.QF+R=:U>R,,UHLK9"R)H:MBS8:[1EJ<&>**61PD
MD#I8VN(<X'S)'C@]E.5L/&]A:UA#=2P:%P`[K1T$@=`Z"L-6]B<60>8+.3ZG
ME//D3FX765(W"@X,KA+*]FOK;&8]*YJ2N@;-[.<J>4\3DS8X.GK$XS]HUI)Q
M_B$>A;KMT[9Y[[@PC.<>\JFY;F`[&NYF7MMM2Q"%\\U>J66Y>(-B=8@GA@X7
MAG:1/9'TM(7F";&12''UW0MEU/\`EMX0=0`7=Z.[H03^`@E=4B\9\O6H(ATF
M7#8IRK7D&A(5,=ZO(CD9K6/QJ/D$QDB1*(Y<R9N;T[>G0IXE)@*O8',/J2D:
M_8M%Z"=OTKSELKXRV]<UM9V<N;PR>X+Y;-MXSSWIIYB9S"V?&.>\O<]UB`Q]
MM`>)TD6A<2P:2XV8>M'/V3:[(F]$N@:`.C71^GX#KH>X?PKJU8W)Y:$9KV2S
M.HI?RLRP*BR%SO)G&$`@R35=!LX:1C5+5*)J2A>&U59BAI3MQ>P%>N?CTQ20
MOV@PL!6KONS8_C5Y7<M7!;TI;PGW'N%S(X&6C;=X;X`'2M:UTCNR>VBV1\QU
M=PU&/?,[LVN<\RX+.#9"Z6LZN(8NDEO#WO%T=SI'%II_>TTZ5W&B2>"K+D$"
MM_GQ@YY?9<NKKVNO9I!8E$T,I3UW%?4UDH3LZA,THGIG2PT'JXXL2>B0I:`"
M`W'ED!$$G=CYA/\`&*VIC<CLGF59W-7PL>4X;E6W8L/KF[8UO-,H=(^*5UD\
M5V.35S+)#K,;I""]3:@Q,[V6:8A,A9WKF@:\([WHZ-1P^=(ZQYTZ=2F&,<S<
MYPHMX)B%#T_&29!(&>5O9+'7$1;"7.21U8K<8\]K"DC24`YQC[BO4*$)N]>D
MC/4&F$^@,P>Q81EN:_,_//@DS6XLW;DK5I:\1ENV9#'!,UK)HFETA(9,QC&2
MMZI&,8U_$UK0*F.C2BU$<,;02"=&@:D=(/5U@]7D=Q>&^8>;MR>.S7=!TWN7
M1!E88[%))NM8?MYC3%%4>VV+M3"O]Q_:&A%&VP6TJ`!`B](TPMDE>@7O8=^A
MS9YI#$VL"-QYSZ%NSS36(/#K/93RV'<<\DS.TTD?/)_F3%X/:2`/?Q.`*AX!
M2[1LO8Q=HT``\(U`'0`.CHT'0/('0L*T\?<H,3*Y1MFYJHEL87D#24[M"*J8
M0G0.9+`_HY5'R%R8MDT6J3QZ2MZ=>WECUL"%606:1HL8`[U7W.=O./(7XLI>
MW5N&7(P&0QR.R%HOC,T+J\Q8XRZM=-`]\,Q&AEC>YDA<UQ!\MQN/8TL;!$&'
M34<#>G0ZCN=P](\@]2SB7F3G)$YV(\I:'J`AVMU`[-5I.!==1/2NPFM_5B<'
M]MF!WN5Z<@;WYQ%M2N)4^L+6*=^N.T,SY[+?+S8YH3U,91FW%FW4\+)')08;
MMCAIR0MX(7UAVG^2^%G>1.9PNCC[QA:WH7L4:0<]PBCXI`0[O1WP/6#T=.IZ
M3KUGI*[C7-45A3[`=%:IKR%UO&E*\QU5L4(C+/&&M:['HT3>>[+D;.C1DK75
M0A;DY)BDW0SS"R"PB%O0`^%CW1O'=N]LDW,;QR=_*95D8C;+:GEGD;&'.>(V
M.E<XLC:][W-8W1K7/<0`25,AKP5F=G78UC-==&@`:^3T=WHZU&+3R1SA$6FS
MVZM:8K.I%]O1=_B<WDU7P*(0N3.C7(4BQ,LT:Z-#*2,[91RT:DHLT)A&E6_6
M[+$+8M[RR[SHYHYJ[B;.ZL[E<U6PEN&Q5@OV[-J".2%S7-TCDE(&H8&.+2UY
MC[P.``TD-QU*-LC8(F1F1I#BUH:2#^$#^GRUA*XXGY<K.FT]%,U(UBO@1S!!
MV65(7:OX6,5@*J]:F]KC<DG!*%A0MSY)D0FT"HM5L@&R%@A&D:*$+*_='/KF
MYNO?+N85[/Y:/<;;-N6N^.Y:'@;;DCY)X*I?,]\4#N,QF,/(?&`R0O`7B'%T
M(*W@C8HS#HT'5K>^X1H"[HT)Z-=?)ZE)B'G^B6R++X.W4S5B&&NL*35NZ19)
M`8L1'W*OD:Y]=$L(<&DIK"A6Q1.YRAS4@0&@$E"I<%)N@>L/-$+%;',CF%;R
M\>?LYW+R9R&^Z]'8=<L&9EQS(HW6F2&3C;8='!!&9FD2%D,3.+AC8!/%.HV,
MQ-BC$1;PD<(T+>D\.FG5J2=.K4GR53F_WWRS..2:IA=UUQ3D%W9\L<G*K(DQ
M\ZNE@N4BEL)CQ4=>)0E8*UKB8.:=7'(K.`H%;RL**`0A=-IS%&BCA`W=+'.3
MFW;N/R-G<^??>DKN@<\W[7$8'RLG=#KVO1"9XHYNR&C.UC9(&\;01X&/H-:&
M"&+A!UTX6]>A&O5UZ$C7KT.B_O6?1_E]<?(&.O+^?6RB3YZ)PE,)?892,[=C
M8]*W9L)IU+/F&6UW5TOCD*L8E'(2&=M6K#"%XP'%D%A,)WZO=HJ<P-W09:/+
M7+UJZ]L<<4D=F::6*Q699;;\#L-,@,M1]AHED@+@QS]7Z!_?"8ZK`8S&UK6C
M4D%H`(<1P\0Z.AP'0#Y'1U*$^?)AY>_$3]V"XI>D(M);`JD[G2`],;CM=PUC
M/@*Z2N,Q9*`K0JO.=:NCS._6M.I1)W;9C:W('*4.+LX`*-3D@$A2@S_G#SWW
M)SAJXS%Y2$5L-BI+<L,1MY"\_MKI@\(>ZQDK5NQP<%6O%#"V1L4,<0T:Z1\L
MDE+C\9#CW/>P\4CPT$\+&C1NNG0QK1KWQ).FI)\C0#8K2LDYZO7GZ+.M*D0:
M7\YS>)N<>CS,T1@ANA"V*%G.43D$.60=R:6T+20WJT:QJ<V5:@3FI#R3TBE.
M68`PO6J)-Q[AFS_UJEO7';G%EMCPPS2&UX0UP>V?MR[M>V:\![9.+C#@'`ZC
M55PAB$78!K>QTTX=!PZ=6FG5IIW%GY-0E'S23PV:RZH*TDTOKLM"3`Y,_0B.
M.K[#R&M8!Q:B(ZZ+6XY8TIVIR*`I2EDC`!,I`$XK03`Z%J\XKF-O_!8F]@<+
MF\K4PN3+S;@AM3QQ63(TLD,T;7ALAD83'(7`E\9+'DM)"EOJ599&RR1L=(SS
MI+02-.D:'3HT/2/(/2O!]Y_HF3M3@Q2.F*K?F5V2NR)T:G>`15P;W!&_3<JS
M'M,L2*FHTA00[V.0!_4A$'>CGH`5P_%2'1NO6/YD\P\3<BR&+SN8KWX7QOCD
MCN6&/8Z&J:,3FN;("#'2)IL(/>U2:[=(B6*#Z=21I8^*,M.NH+1W7<1[G==W
MQ_O=/6I<UK6M:UK7AK6M:UK7Z&M:_0UK,*)UZ3UJI7]PB81,(F$3")A%\Y,H
MJ'K9@E72(.7H;T?!>DY/U/V1/T,SDCM*T/.K]1DMIJ;$P,R/)W60AIX]_D5K
MBC8V0D*4N0)Y`F.<%8B6GUQQOU`Q&]>3&1P^UG<V[VU\ARLJ;0VS3?5@CKOS
M4.6KY.J;8F,</TD(8<?X:+3C(ZF^F]E:$/N<#&87)6R+))_`&SLO.L3.XB3V
M9C+'<.FIX-2_AX>CB#@2=&ZD]=9>;.G9[(ZF?8TGOX]OKBWX]+Z]!8K+T/5+
M-`;8_$YZ];7:;N95P]#VA9<B:CK2=X&V20]0`F)K%PC--NUQ3D\B.N=[FGRF
MVYB\SC\J[;;;.4PDU:X:4N&R$MS'?67;;XZL9QN&H489!0CR\]%C"[(Q1!IM
M"N^K1$?AM*],^-[.VT9("WB$C`U_8S`N/'(YQ'&8P[_4)\[KQ.U[*SU%TI.G
M&D(C$&+N&&U6]%\LMG9I-CV1<4;E<CME/.%YEP.4:E:R:ADQ$</AY3DGF;K$
M%J:*.Q"UJ"WFF#3>*>U7MZ\K-O5<_FLU8V!>W?`<_)M@TJ.-GKP8YU1@QK)Z
M[:O8&<63`_&5\E$_(5WQ7#98ULNDGMM:]*Z*.,6FUSV0FXG/!+^+OR#Q:Z::
M\980PZMTZNB<:!@/6+'V8C43-TN-(4VWST`"5C-A]ON]5//,131,DM`LZBRY
M;?"JC5[40SJHKM`1'XH.<))`B6;=`A+/=5ZK7_,?<?)O(<C'QX*'!O?+MW#F
MN!9QL>0BSQDK.S$@HU\0W*LD,K<AVS[F0&*DIRP"H2Z.G6AJZ<.09DP93+T3
M2:]#RPQ:.[,<1DX--.#3A9QAP/%UN)]ZZ`SYO?\`S1*4!RM>%ON/6+FR(JA5
MM%?)U-.28,BY#J*I"ELJLY^<VR'Q1GC4X8%6W,Y4<%2D(1B,3E'G>J*'3[%.
MW+..Y2;\=O#;^$J[-BE?DFR7'-R<'8[CR.1+:]"&.2S8EGJ31]@V-I9(Z0-D
M?''QO;&UVP??J^#RR.L$<&C>\.L+&=+B0``X'77I&G1J54ZW*G["K3JR/6_%
MZCLZ[+,J9^HJ!)8D&O'5YYXLJCZ_IA,QK.PE\Q12^'MTFZQK&3SF<I6Q@=%Y
M3@L;UA"!$W#,"E=][DV7O+DENKD]9V3E\UB<!M3,ULM;=8\-CBS-'*W,FZ5N
MVV5G5K+X-O7X*F*DGN00NACFCDLSV@TRTA;[%?)09!MF..26>,QMTX28W,:S
M3MN+4`RM+G@-)U((`;U.5BMT[UZ3>A/F"DP=K&O/ZO-3*Z@!$I07T(9QJL)3
M\REQ$XP<L#%O<U&SHR+BVT^P:4Z7A$3ZWU^]AWK$;WY*/Y?.\6M^0F%=NS@Y
MN2-BN<,-S-+LZ;(`K^$<;I7/VUX1VW9F$A_!V>A59X-D1;^F`P:^$><T/:=C
MZUIUZ::?YVFFNO1UJ_/=`5I;%S.XJ1F`@#/VASFX6H+T]%H2XT*2K6^'*7D0
MMZ*"T(+L7Q-0<(S];+]3H8_`(=[USGXOA@=D=UU8@#N2?8F:9C^C5YG[!C[+
M8N[VC\6S(,:!WSN(M;J2`;OE=>"!Q]9%J/C\K7O=?P<?`5J^EM)]KR9#UE*E
MIO3P9A"(+:$EY>2M=G6$SM@[0#W?U9)8:M9XZT2E&S25?JDMQ`E,F<2%*/<9
M4)TFR=IQ[*UUKA=^\AL38V;AX!M+Z$R&0H09YTE"G+(*'U2V_!9;+-)7=+`S
MZ5^DG/DA<R7PYDDP>)6\:L4E7*/%B0]OVC&.,6CG`<7;REN@!T/><&@.HX2!
MIHK7]_T[;,CZ,H#HBJZWDT]?^5*5NNU8FGC9:8*V1S=MMOF-:Y4ZUK51Z<DF
M2W32+?-65O+,$$HTXSQ&(.@^.:<\6_>^S<9RPW)RRW?E*F.QV\,]B\?8=.7<
M,%5^.SK69*1K0XF#%Y5^+M3.`+FM;WH)*N&7K6'W8;E=CGOKQ/>-.ZX/BU8/
MPO9QM"UBLG%W45<=<V'U*DI"<22?5W#$/5+:XM"9$4;:=ZOB'E-[ONHXJZ'J
M@)CGJ>PQ5/H>V%F#`3XHB0"$$!(?#K&_SVY1[HY+XSE%-G\?5VYD[S]OO9(Y
MQ&/Q,3]P18C(V(PTN$5.TW$9*<@%W^:]P!<\JQ,QE^#(OOB)[IF-[4$?Z\A[
M(R,!\ES>T8/*'D*T*/DV_63DWS5H>;`9&KM;HUKA,[;3TC>0M46!;LYY[KI?
M9ZZ/$C/T2[DQ^T%+BUE`$((-%-H"?'T0:S4D_.3ES?YR\GLVS(U6;.VO-:J/
M#GEK:>-J9FZR@R8Z:QF:@V&=Q`)XIW2=95>,?;9C\A'P.\(F#7#^\]T;>+3R
M=':C^C13KU+QW*DE?69=MO3*[^LK0%&:UA#(MIB-UW4<UIV%0RU4-H%6/7$3
M8&=R%8,NADR2)GI4WKSG(3BWH#$2-'O9YY"S7O*+G?AYMRXK86RJ.`V;M(6[
MUJ5N3GNY&KDK5K'OH&E=L32L\#K6JSGU8YH6P"&:9L\\^D<<D%7?QL@A?:LN
MEL3\+6C@#6.8UK^+B:`#Q%KM'$'74#0#I(,7\>[N-8K\MX$[C*YDF2.8]+.B
M9U<H"V5C/9CR@7S\E9S9S;T&8/4(F*02"Z5T+)V(].A4.(4;:M4)4Z@TPD&6
M\[?J/!#S2=MZW'8P;Z.#C=&RY)?J5MPG,.E%3&VYM72PPXMF4<`Q\K(3+:@C
MFDB8Q[J?&^$DTNU:1*'2G4M#7.B[/3B>T=1+^#N`G1I(!Z%OHSYV++4PB81,
M(F$3")A$PBU!>:'P-<'9CK5;O2XJ6B\TAT.L>$Q^])G,[W@MT<T/,_D%:.Y-
MRT*IJIT.B<Q?V4F"BV='GU$VA<%12+>GI*E`L2JR*>+,YZZ%OV5\EBMYXJA%
M7=%].S>[K.B<0>)@LW9S+7S).T/)&S@.D6;$IS\P3%W8I?)$!NR6U(_LI/L)
MJH!!(]D5+.D_*FL.PI;WE(J=7TE#HWU*^^7M,F&O0[E-<II,[<EW#/K;N9DF
M\VKF+^^BJ7BZUTL+TDG$6]OE#6X"-7AT%0$.QD6P'R[^;9SR-R'5E`6)((U(
M)/"E5A+#=P\YX<(U'FN:69,9VP0AIDDE1-TNG),%9)*G:!R-Z)+>I$<C&XK]
M>U*3<(KKX1,(F$3")A$PB81,(F$3")A$PB81,(F$3"+%/C$R29H7L$D9VM_8
MG5.-(Z,ST@2NC4XI1^&QIES>M*/2*B!;UK>PC`(/CK]#*S'Y"_B;L>2Q<\U;
M(0NXHY8GNCD8X=3F/80YI_"""O+V-D:6/`+#U@](*UR=2=1=)1+KSG_DOG5F
MH\#S<=:6-83A+;J0SUT;&W4%'L>FU&B@SZQJ@;5IR!_/C]=XC&'Y@=!WZ6JM
MT;GW'4W;0VIMYE+MKE::4R61*YH[+N`1.:>D`])UZ?([O;?(KD9R7W!XO.[O
M&`YQV=T'&[<S>.Q\=3#/HQ22>'#3M'OO03M/`YS>];P:-!Z7$CA[1[)YK/P@
M\O?XG='_`%<Y4\'-/V3;_M=OWU6/PCQ"?@?-[Y9MWYBGLGFL_"#R]_B=T?\`
M5SC@YI^R;?\`:[?OJ>$>(3\#YO?+-N_,4]D\UGX0>7O\3NC_`*N<<'-/V3;_
M`+7;]]3PCQ"?@?-[Y9MWYBGLGFL_"#R]_B=T?]7..#FG[)M_VNW[ZGA'B$_`
M^;WRS;OS%8KWK^9][M[DWM/EQ^^/;5IBV_\`UO\`H7W:]Q`J]N&F?W4]^GMO
MN7I>+9WJ/3]5ZWY_T?2^;E9X=SB\`^BO"\+]%]MVO8Z7>R[7AX.T[/MN'M.#
MO>/3BX>]UTZ%Y[7Q!N/M/`N;O'IIKX7MW73R-?`>I97V3S6?A!Y>_P`3NC_J
MYRCX.:?LFW_:[?OJ]>$>(3\#YO?+-N_,4]D\UGX0>7O\3NC_`*N<<'-/V3;_
M`+7;]]3PCQ"?@?-[Y9MWYBGLGFL_"#R]_B=T?]7..#FG[)M_VNW[ZGA'B$_`
M^;WRS;OS%/9/-9^$'E[_`!.Z/^KG'!S3]DV_[7;]]3PCQ"?@?-[Y9MWYBGLG
MFL_"#R]_B=T?]7..#FG[)M_VNW[ZGA'B$_`^;WRS;OS%/9/-9^$'E[_$[H_Z
MN<<'-/V3;_M=OWU/"/$)^!\WOEFW?F*>R>:S\(/+W^)W1_U<XX.:?LFW_:[?
MOJ>$>(3\#YO?+-N_,4]D\UGX0>7O\3NC_JYQP<T_9-O^UV_?4\(\0GX'S>^6
M;=^8I[)YK/P@\O?XG='_`%<XX.:?LFW_`&NW[ZGA'B$_`^;WRS;OS%/8_-9_
MNR'R]]:_N[]YW1^__+W]:\<<'-/V3;_M=OWU0\(\0GX'S>^6;=^8KW_+GZIL
M3KFD)=/+2CL,C<RA-V634+D1`0OA48<O>$H;"`/"%-(G!T=4OM@EXM;`8>9_
MZ-"^=]+80S.7FZ<ANS"37LI'#'<ANS5R(N+@/9%HX@'ESAKKU$GJ_H5+XY'(
M?9_B]\S\?M38ES)7=MY/;&.RT;K_`&!LQ^'-E<87NKQQ1.X!&""V-OGB.G3B
M-^<SQ<FIA$PB81,(F$3")A$PB81,(F$3")A$PB81,(F$6GZ]?^\[PM^;1T5_
M!UN:BSG_`%CP?_#;?F%?1/E9_P#S8YI__NVWO3,6X'-NKYV)A$PB81,(F$3"
M)A$PB81,(F$55ND.OJTYA=:[C\TCEIR^1V@3,E<5CU4U\[3YV&VP$N.#E#JY
M$MPR2FQO;QRUO+T,T>MFF*=:!K?@+PN.,Q&2S,YJXN%TT[6\1`+1HT$#7OBT
M=9`Z]>E6[)Y?&X:`6LI,R"NYP:'.UT+B"0.@$]0)_H5?/_ZB5)]@7L?_`/76
M1?3#+]]0=X_`)?\`%%[XK']?-G?K"#_Z_4*+[K[SI2ZZEL.IW.GNX8VEGT4=
MXWJ21VA)@UOL<6+TP@MT@:%S<\I5A+@R.(2E16@F:T,16@"\0"%K=LS/*W=V
M:Q5C$RT[$;;$3F<;)(VN82.A[2)`06G1PZ>YH>A9QRTY[[9Y8[_Q',"C/C[L
M^(OQ6?!K$?:P661N!DKRLDC<QS)X^*)VK20'\3='`$:DO)SDIW$""YI/?=;]
M@O\`-IM(#&*,,4<JB:22(ML61*"5[S*CDQCD2@#+)H_%EA4"&4)22G;2_P!<
MWH\>MZ;Y)<B.9&UZUZ]G:-MMV2S)"R-SVAO!&_1\P:YXU[=XU;)H>*-K7-<6
MOU/TE_[G_CT\BN?68VKM;E1;Q,FV:6&JY"S;BBC[8V;D`=!CGS1QES1C*[RR
M6OQ!L=FQ+$]@D@T&[[7FAU*+>@AH/L@0M[UH(=<ZR+QWO?S-:U_[Q_1WO-[_
M`%!WB.DT)=/11>^+Y0_7W9WZP@_J?ZA7AINV(?>U55]<M?G.2B%6;$V69Q@U
MX:U;([;9WU&6M1A<V=>`M8V.!19OHG$&ZT,HS6P[_0S$GL=&]T;QH]I((\@@
MZ$?T%98Q[9&"1AU8X`@^2"-0?Z0I*SRO281,(F$3")A$PB81,(F$3")A$PB8
M1,(F$7S"]1UAWBX^=O0#=#+9>4<,D,;>Y+6<^*A<`4_6OHL6R`WS"]^UQHY`
M[.*!9O:5$H<0*5@?=MMUH[0Q^.N9MSXS?4G.JA'3MO%.2-SX9>SB/8UNCPJ/
MI9HX@]ZTO#G?YD?3J5]Q.1>^/%3I_P#;&W;<W)M^M)N6G=AK9*@;E]OTGG.^
M^@KG>60^*-[-)9HZ[HX3X%=)C+6Z'Z>LZ97P[3")A$PB81,(J0<X7+U+8%W]
M%0^YZ#25G7$&DC*BKJ4$S)&][6$J81"73;8GV2PMH)<0[*G98O&YIC`DMAOB
MUF`&>G&9O"=NYC=%_-Y&GF:`K8Z"1HB?V@=J#'&[A&C1V@<7.<7@Z,/^407-
M)73_`#FY;\BMH\L-G;CY:[LDS>\\I2F?D*QIO@X'-NW8NT=Q3R&HZ)L4,#:T
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M6MT<7`PU&J0HH(XF)23M.QA),X-WGB,7CLK+D'S6)H=.QD/$\S3ME>UA:R-K
M9&P,<Q[WDM<UM:0M:>U(;;9)_%GYA[\WGL*CM"KC<1C<D'C(TFF*"/&8J6C7
MEL,EL6Y9:D^4LQ6JM>NULT4TV<ILGEC-!DDNQ7CR\HG?E(L$FB*R:N:6-"30
M5R>;!-8E4JD#JRL#$NW(W1?&7E^85BR1-KNF6J/9U._9E1YJ8T!)Q!A(-A[0
MSE3/82.S4,SF1:1%TO"7O<UK3QN+'.:2\.#CH>AQ+2`YI`XZ\8OE;G^4_,^W
MA-PQXR">Z'7HX<>)VU:\4T\[/!XF688)V,KR0R0Q]I&.TB8R9CI(Y62.M'F3
MK1281:B?,+^4]QK]K#K[^&<T9N/DE]JI_B3O=85JGG!]FH?CC/<Y%"F=6KFQ
M,(F01<R?]G(_;B_U8<\2>MN]"?,4#U*^WEF_]O[D+[1,#^A)>?/[(?I"Q\8D
M].Y=P4?S&#\A'Z1JO+E(JI,(F$3")A$PB81,(F$3")A$PB81,(H-Z1Z#K_EN
MF9G=EE*E`(_%$R!,@9VX)1T@FDQD3FCCD%KR)(C3"0.,PG\P=430UI]C``Q:
ML+]8,LO0S`D5(Z`\S!@F7EGPGS!;TB397+C(FU]1.-10R2IIHM/M(JU'ZI8?
M3<,>Q:1)I1-9I-$2%I0[UHI,<N6Z'L1:;6S0D6M6%^?G+G07'TNL?GZH*]8K
MF:J$2V`!VMEU.FQSQT;U#8G-3\S<V'IX8LBUE-O-3Q7K4[V*8L=&WT4CNE]2
M67K2<U1Y+6EP>0.,`@'N@'34:_AT&OE!36SSMA=6:]XKO<USF`GA<YH<&N+>
MHEH>X-)&H#G`=9UV;<%^9&S]W7GV3!H9#T#/5//KE30J;L/WP$.+K>T$LUCF
M2@VU"6(C7A'H6ZOL-4:C^S!;4.+0,A>8$H*HHO7I2EM"PB81,(F$3")A%@@Q
M>,@4*E8(ZQ`5KBU1*U4%H;PJ%A2WQ]L*5'Z3Z,4%J_2WZT(][T9X_/>.2!5K
M!Q>(V<;M=3PC4Z]>ITZ=>[Y*NKL[FW0QUW7+1KQ%I8TRR<+"SSA:WBT:6?ZI
M`!;W-%D36YO/.0*3T*,Y0UF&&MAYJ8DPYN-.3&HCC$!HP;&C,-1GC)%LO8=B
M*&(._G=[UDPQQN+7.:"YOG3H.CHTZ/(Z"1T=SH5''<MQ1RPQ2R-AG`$K0YP$
M@#@\!X!T>`]K7@.UT<`X=(!7$U,[0PH@-K&U-S,W%&*#BT#4A3-R(LY6H-5J
MS0)491)`#%2HX9I@M!\1F#$+?CO>]Y"*&*!G9P-:R,$]#0`.DZGH'1TDZGR2
MO=_(Y#*V3=RD\UFXYK09)7ND>0QH8P%SR7$-:T-:-=&M``T``61R8J-,(M1/
MF%_*>XU^UAU]_#.:,W'R2^U4_P`2=[K"M4\X/LU#\<9[G(H4SJU<V)A$PBYD
M_P"SD?MQ?ZL.2Y/6W>A/F*!ZE?;RS?\`M_<A?:)@?T)+SY_9#](6/C$GIW+N
M"C^8P?D(_2-5Y<I%5)A$PB81,(F$3")A$PB81,(F$3"*%>D[+=Z7YTOVXH\A
M;71_J:E;4LMC;'G2H3.XN\$@K[*6U"ZA0J$BT3:K6M0"S]$FE&[*$+T!A%X;
MUZ8WB<&^2=%Y<>%I=Y`6FBP[9ZIOV`EPF[(SY>MMP1ZTQ/B^"V;RK9L^AZIQ
M0C3.S4J5QR5=%.K.K4-2\(32##"1"*,!H0=ZWKQSH-O(D.&HR1]H'ORT8>=!
M!T^CO_S?[I51K#FMXJ.MT]*QBLN&'>C$S*!I#0M@T9>=CT6>N!8TCM0,W6U!
M,>EW:`+K/]]<H.#[Y34`GG;8F1H/7^RHDQ9<?N'_`/<G>T#WY0^^D_JX>W?[
MI=+@_&2JMD%21V$1CF*.U_3"]&\QJGVZ.=7IJ3DLB:)Z_6?&Y7:50I^MB8%9
MTLB<[DBEP;G%V1'J2Q`2EG".)0HBT[[A_P#W)WM`]^4?OI/ZN'MW^Z4Z<^UO
M.^4[+M2V^<*F\NREII<[-"(_.S:XY;M*(,:AEKY,N31YN8HVP=%-S-&$IVW`
M9[B!$44%S5@+4*=&&E`%J/W#_P#N1]H'ORA]])_5P]N_W2V@<;]0="VI>=I4
M[>7UF'$B*5%7%GQM]J:&SF%&^ME\ULJ).C.^(9C9%BA7`(#"2#TYR<Q+L.SC
M`C"/YW>M7[ZV<-F7X:0L&QVL1?J6<&FATTT#WZ]?7J/*[JV)LO=AW=3GMF#L
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M_OS7]G+O//\`3]/XL[TP70W)G]#W?C3?<PMRN:16XTPB81,(F$3")A$PB81,
M(M1/F%_*>XU^UAU]_#.:,W'R2^U4_P`2=[K"M4\X/LU#\<9[G(H4SJU<V)A$
MPBYD_P"SD?MQ?ZL.2Y/6W>A/F*!ZE?;RS?\`M_<A?:)@?T)+SY_9#](6/C$G
MIW+N"C^8P?D(_2-5Y<I%5)A$PB81,(F$3")A$PB81,(F$3"*IW>OR&.T/S3N
MB_O/S')D7KK?1#S5XD];=Y1\Q:O&7^1&7^AFGZ'IL^A$7G`N&G>>/EK)Y,4$
MPB8129PY\MR[?S3:/^_-?V<N\\_T_3^+.],%T-R9_0]WXTWW,+:E95NU53+$
M1)[=LF"5?'%2\IJ2OU@2QBA[0I<SB3E!3<G<']<@2GKC$Z8PS101;'L!8A>'
M@'>]:!R66Q>&@%G+68*M<NX0Z61L;2XZG0%Q`)T!.G7H"ND]E<O=^\R<H_!\
MO<+E<[F8XC*Z"A5GMRMB!#3(Z.!DCFL#G-:7$!O$YHUU(4$_C_<+_EC<P_=T
MK/ZI<L7U]V/^N,9\IA]6MJ?RE>-+_#C?/[#R7S9/Q_N%_P`L;F'[NE9_5+CZ
M^['_`%QC/E,/JT_E*\:7^'&^?V'DOFR?C_<+_EC<P_=TK/ZI<?7W8_ZXQGRF
M'U:?RE>-+_#C?/[#R7S9/Q_N%_RQN8?NZ5G]4N/K[L?]<8SY3#ZM/Y2O&E_A
MQOG]AY+YLGX_W"_Y8W,/W=*S^J7'U]V/^N,9\IA]6G\I7C2_PXWS^P\E\V3\
M?[A?\L;F'[NE9_5+CZ^['_7&,^4P^K3^4KQI?X<;Y_8>2^;)^/\`<+_EC<P_
M=TK/ZI<?7W8_ZXQGRF'U:?RE>-+_``XWS^P\E\V3\?[A?\L;F'[NE9_5+CZ^
M['_7&,^4P^K3^4KQI?X<;Y_8>2^;)^/]PO\`EC<P_=TK/ZI<?7W8_P"N,9\I
MA]6G\I7C2_PXWS^P\E\V6KONCKOE28=$\GOD4Z3HF2,L<KKJ9#(79BM:#NS:
MQK9"JY[$P)'=8@>U"=N4O8659M(`X0!*-)3O5Z%ZL?AM?E!S.Y<8S<DT^1S^
M&@@-1P#I+E=C2>TB.FKI`-=`3IU]!6LN:OB>>-ID-O108_ECOZ>86V$MCP.3
M<0."0:Z"MU:D#7\(41?C3\R?E#4I]TV'_3?.E?ONY.?O5MW]HU/?ES]_)%XY
MG\)N8_\`R[E?FJ?C3\R?E#4I]TV'_3?'WW<G/WJV[^T:GOR?R1>.9_";F/\`
M\NY7YJGXT_,GY0U*?=-A_P!-\??=R<_>K;O[1J>_)_)%XYG\)N8__+N5^:KE
M(ZHYDT>3O?0])ZUHTO>][LZ':UK6AZ\=[WMW\-:UGA_.WDZYA:-U;=U(/_J-
M3WY#XD?CFZ?])N8__+N5^:JZOEZ]J\>PCA_EF)3+J?GF*RF/TO"VM^C<BN.O
MV=]97-(V@*5-[LTN#^G7-RY.8'>AE'``8'?Z.LXAO;_V*^].]F9Q98Z>0@BU
M"007NT([_J/<78M+Q2?&G;3A8[EOOD/;"P$'!Y($$,;J/S;N>;T+8U5_1O/U
MW+7-MIN[ZFM9Q9$A2]X;Z[L**3):UH3SMIB5K@DC[JX'I$AJC7JPF#"$&Q_.
M^/C\S*G&;BP&;>Z/#W:EJ1@U<(I62%H)TU(8XD#7HU/=6&[YY-\W.6%:"[S(
MVON#`4[,ACADR&/M4V2O:.(LC?8BC:]X;WQ:TD\/3IHIFR\K6R81,(F$3")A
M$PB81,(F$3")A%4[O7Y#':'YIW1?WGYCDR+UUOHAYJ\2>MN\H^8M7C+_`"(R
M_P!#-/T/39]"(O.!<-.\\?+63R8H)A$PBDSASY;EV_FFT?\`?FO[.7>>?Z?I
M_%G>F"Z&Y,_H>[\:;[F%4OSR.=^KK(MWC>1T7,90YQ:2VU%(,WPH125PBU<W
M64I<5<,M`20YN5%ID*Z/*7`#@<IV-*0%L#L0=[/\-\"<[MO;JR.6P]C!S2NJ
MR6V1"/H+(;.I,<VFAT!87AY.K1P#^TOT"_\`:ZYP\@]F<O>8^&YIXZC!GJ6W
M[5Z2Z"Z.UD<*6QLN8SC$C2Y[+#:[J[(])7FR[0Z1:K>E".=*LBT-BD:>X5")
MN],$<969WF4A@D/&^RMS;6Y.D7R-X$0S%$>Z3TJ*&H.T6$(-&&;T'6M:UK-X
M4MO8NK3BK3PP3S1QM:Z1\4?$]P`!>[1NFKCTG3HU*^66Y^<>^\[N2_FL9D\G
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MB.L/B#%/I3CZ%PWP2M[4SU*?>=S)_>'.?+[7OJU0=]5C6K3TMR`C:Z[@C<D7
MUIUH<N2(H?'DR5:<A5\X:1&JTY3<`E0:CTK-]4(8=[+]:/T=Z](7CMWDSMW;
M]G<\T=BC3>SP-QT=#&1KVL0[K?()6JN;W-#F;'MN%\6Y-P1O\,9TLR-QATX)
M.@ELP)'X"H<^MY7OP`@WQ0COTMSJ'ZF[1_5F/^3Q>I7./WK\UOWJW-^ULA\X
M3ZWE>_`"#?%"._2W'U-VC^K,?\GB]2GWK\UOWJW-^ULA\X3ZWE>_`"#?%"._
M2W'U-VC^K,?\GB]2GWK\UOWJW-^ULA\X7,GKRO?7D_\`R!!OV4O_`.CXY_CA
M_P#AN>)-G;2#'$8RAKH?_`B]2H'FOS6T^U6YOVMD/G"O)Y;U252\<&<F.;O6
M5>NCDNH^#J%K@XPN-K5RM0:U@$:>J5J6TT\\XP6][$(8M[WO]'.#\AA,,,A8
M`J5=!/)_X4?]MW]U=M4.9O,D48/_`)#G=>QCZ[]LD]XWI),NI/X2M57/?(O6
M,)\[&SA#L>8M=,16(H+"<)>VH6=H3SZE7=X.5UC3R\QM9T+>J"EF2$U"OT$H
M!IZ5A5"](/IE;SF[;^TMUTN=%DFS,W#10B4R`-:):SG:PUSHT`Z2`M=T:EL3
MCW0OLQS>\83D!N?_`+96#:W#8Z?F3?R$F/CJ2/FF=0S,4(9D\NP23/D:74WL
MG@)>6LEO0-T/"\+Z?,Z97PY3")A$PB81,(F$3")A$PB81,(JG=Z_(8[0_-.Z
M+^\_,<F1>NM]$/-7B3UMWE'S%J\9?Y$9?Z&:?H>FSZ$1><"X:=YX^6LGDQ03
M")A%)'$1NB.UKR.V`TS1/)%)&[+)+$<</1=Q]`#V`HH&MC--%K7@$.M;V+?S
M-9R[SS_3]/XL[TP70W)G]#W?C3?<PK'\L=_MG1<ZONM)Q0EM<U3GGZ&5?:DH
MCEMJ8$Z.*:M+C13AQ@CG(PUU*YB3`9V)LK]<J<XL[#(=VY(<E.V$TM1H0=(K
M<@)'4JJ1?SRN?W'GF^.A)M4-QUL@JBF*<Z'KJ`/(83()_P!$U#THBG9_.;M5
MS/#I2^Z+EEG*ZX=2#6)P$F6L82-J%VP)0''%%!2K2_FU5+?'4<*Y=@==2)8_
M/T%KV32^0'V/2*-7`9!9'/[#THTL!M8.-BH;>F;`S5Y*6LEUD+&QKFM`\.2=
M*/>PZ5')2+;!A$PB814!Z]GEAZC=BQ@VD>FU,)BQ4%?XO+N=YVRM,DO*3*GA
MK!NGR_>8M7VW7$0.4*Q[DD@]0U%I&E&H&2L\1`+.P+=U[(>#6*QI9,THA$YD
ME25K7V7ES?\`R_\`EDSPQZG_`#I=&!K&N(?T@.ZU\7C:FS_IG#9R/<^R&;GO
MNO06JFX*,TM?"5FPRGZ7/AC(\3D;8:P?1U#M+3I;4T39*W>N?%3=?4_8E<UY
M`Y@HNVZKL?9=1XZXG4>AC38FGYB1,K.)_L%[8ELC6M9&I42RQE0RQ%X6,J26
M.LF?R59Z@9!8B@X?)BMWX['P7'7;MV>:CV,K(VR\30UO%*YI>6CC#6&."1T;
M9WS2M>YQ:-%T?4W_`.+GO+>&5V[#MC;.V<5C]T#(T;%R7']A.^:808^&=E=D
MKO!7368[F6J0W)<55QM"6O%"V5XD.X"I92\S*OH^_2&#O-;O9NG1L<X6_+!N
M3@S*X\].,>,V6ZF$)3'EJ<?<KVM`M$44):A/)/V`.S/1UMS$VIKF/CGL0/K3
MGB:Z-QU+2QQ9Y[0<33P\37:#B:0[0:KYV\P,%C=M[NN8G#Y2MFL8WLI8KD#!
M'',RQ#'8&L0<X0RQ]KV4\(<X0SLDB#G!FID;+BL-6HGS"_E/<:_:PZ^_AG-&
M;CY)?:J?XD[W6%:IYP?9J'XXSW.10IG5JYL3")A%S)_V<C]N+_5AR7)ZV[T)
M\Q0/4L]Q[WI3?/G./E^T58<8N8I98E3<V1,NT6:K)`Z4E$I?>SLYP:FXE+K(
M#ZEM(D4_EC(<C)3("W`3<(9)KGM"0H)-,^?V0_2%CXQ)Z=R[@H_F,'Y"/TC5
M<JX_,;YKHKHR.<U3Y5.$\K=_K7II/.6N&+7*IJJ=+P=)NR4@PVK/`'EIHH[6
MP\UX\IV<O1*@O0TNA*QI2STXS:15>ITT[B@6+^<WRY.H"\SF"5QU7-%C<?`7
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MZ'37370Z=2Z#Y.21QX>YVCFMUM-ZR!_X8\E5XY#ZB\KWDMMF+`F\[266W'[.
MN%9<=N)[%I.OAR2W'B3-\P16(VV18C)S<VV'*R)U[X6X.U2IT&O9D<=0(6HY
M$B":G,U/]1=[?J?*_))_>UM_PFM[(S_$/QJ!F>,_U=U573]`[6\R";6\N05M
M#*5HV<+WNU:QEG/]/U77%JU=4T,BRJD8)6Z::CB$6N>0%*E<G+=]OFE?H+2C
M"=F%F/J+O;]3Y7Y)/[VGA-;V1G^(?C4DTG-O(8H>WZ<L:&^9@_*8A4+W4ME%
MU4_M,B?F^7WW3'-[ERG#[@D=D.U2+;@$(=0NQA*R/$OH&(]>62=H@!)>TPWU
M%WM^I\K\DG][3PFM[(S_`!#\:W2-'GE>5`_/#,P-7:-<JG:0/#2P-"3;%8J?
MVQW?'%,TM2+1ZJ%DIB1K'%844$1@P`T(>O2%K7CO)-G9V[J==]NWBLC%5C:7
M/>^M,UC6CK<YSF`-`[I)`"B+%=Q#6O87'\(_&MK^8VIR81,(F$3")A%J)\PO
MY3W&OVL.OOX9S1FX^27VJG^).]UA6J><'V:A^.,]SD4*9U:N;$PB81<R?YJ@
MC7_MBOU8<ER^MN]"?,4#U+7E2#_2LZ-\M>ZI'YLG!U?0?DRD("VI..KL*A<L
M/A]S)AN#78ULJ%>NGJZ+9[U31LXQ@8%;W'7(,-)&J-2)/:U1QXN!K]2VZ_8<
MR&8M,\FA#'$'OW=1`T*[?HN;X#!TCUB/N_W&J5[;@O#M^7$R65;GG`\+NS%8
M;?R&Z=?1.,26JXT=<5B\5O5H2*L)!5CRHZ&?/K,QB4.EGB"_M2I/)SAIVM.!
M(L3"-.'NE\"N^P3^UO\`4JJXF^2/ZU6Y;S3SD71<CIV.^?+PHSJ9?#>2^=9H
M[CU7X&6PN+N+XC/(Y6O/\W:(WUO%Y*8OL]=/E)]@O+4^M1;ZWE^YB9&A1GJ=
M&O`KOL$_M;_4IQ-\D?UKZ`ZF\P;@&"5=74)D7?O!B]]A\(B\8=EE?6[3];P-
M0N865$UJ#(77NK+DVH/%=C2_[`TZ<5VF]+Z!&CS=`]/;P*[[!/[6_P!2G$WR
M1_6K/4]UERYT*\/$>H7HZC+I?X\VD/+\R55:T&G[NRLZE5["G=71NBSXZ+$#
M<>M_60GF@"4(WYW0O2^9DJ2&:'3MF/9KU<32W7RM0-4!!ZB%8'):BF$3")A$
MPB81,(F$3"*IW>OR&.T/S3NB_O/S')D7KK?1#S5XD];=Y1\Q:O&7^1&7^AFG
MZ'IL^A$7G`N&G>>/EK)Y,4$PB81?+EYY(A!ZMI;PWO7CS6=^AO>O_P`LRC_P
MS)>6Y(W5D]#I_P"1K>Z2K<W+C]"V/C?^S:M-OIC_`,<7^5O_``YNGC?Y)_K6
MP$],?^.+_*W_`(<<;_)/]:)Z8_\`'%_E;_PXXW^2?ZT6?B`Q[G5;ZV(6]?75
MJCYFQ;^R5%?[^8!S6<X\LL_J3^B;'I"JJC^>Q?E!YJ_7ASY0+.4PB81,(F$3
M"+43YA?RGN-?M8=??PSFC-Q\DOM5/\2=[K"M4\X/LU#\<9[G(H4SJU<V)A$P
MBYTO[J3?MY/^L#DJ;UIWH3YB+\\[V=.)2["$02(6Y)*][WLH&][WN4/'CO>]
MA\=[WFX]@'_X1BOB,7F+J4><;Z!OI0O+V5-_NY'^A+_S<R_513V5-_NY'^A+
M_P`W&J)[*F_W<C_0E_YN-47TK_U6<HHON7I'U999?CR8V^/H`"'Q_P#O&P_H
M^CK7CG%/C<_G>!_(V_3P+(\#YV7RV_Z5]V6<<+($PB81,(F$3")A$PB815.[
MU^0QVA^:=T7]Y^8Y,B]=;Z(>:O$GK;O*/F+5XR_R(R_T,T_0]-GT(B\X%PT[
MSQ\M9/)B@F$3"+Y<?/+^5;2WYM9WWV9/F2<N/M5D_B-;W25;GY;_`*%L?&_]
MFU:;,W0L_3")A%GXA_QU6WVU:H^^5%<P'FM_TRS_`/PFQZ0JJH_GL7Y0>:OU
MX\^4*SE,(F$3")A$PBU$^87\I[C7[6'7W\,YHS<?)+[53_$G>ZPK5/.#[-0_
M'&>YR*%,ZM7-B81,(N=+^ZDW[>3_`*P.2IO6G>A/F(OSU`_NAU_YCE?_`%0\
M9N+8'V(Q7Q&/S%U,/.-]`WTH7GF7HF$3"+Z4_P"JU?+EZ0_-,;OOQL.<5>-S
M^=X'\C;]/`LCP/G9?+;_`*5]U^<<+($PB81,(F$3")A$PB815.[U^0QVA^:=
MT7]Y^8Y,B]=;Z(>:O$GK;O*/F+5XR_R(R_T,T_0]-GT(B\X%PT[SQ\M9/)B@
MF$3"+Y<?/+^5;2WYM9WWV9/F2<N/M5D_B-;W25;GY;_H6Q\;_P!FU:;,W0L_
M3")A%GXA_P`=5M]M6J/OE17,!YK?],L__P`)L>D*JJ/Y[%^4'FK]>//E"LY3
M")A$PB81,(M1/F%_*>XU^UAU]_#.:,W'R2^U4_Q)WNL*U3S@^S4/QQGN<BA3
M.K5S8F$3"+G2_NI-^WD_ZP.2IO6G>A/F(OSU`_NAU_YCE?\`U0\9N+8'V(Q7
MQ&/S%U,/.-]`WTH7GF7HF$3"+Z4_ZK5\N7I#\TQN^_&PYQ5XW/YW@?R-OT\"
MR/`^=E\MO^E?=?G'"R!,(F$3")A$PB81,(F$53N]?D,=H?FG=%_>?F.3(O76
M^B'FKQ)ZV[RCYBU>,O\`(C+_`$,T_0]-GT(B\X%PT[SQ\M9/)B@F$3"+Y<?/
M+^5;2WYM9WWV9/F2<N/M5D_B-;W25;GY;_H6Q\;_`-FU:;,W0L_3")A%GXA_
MQU6WVU:H^^5%<P'FM_TRS_\`PFQZ0JJH_GL7Y0>:OUX\^4*SE,(F$3")A$PB
MU$^87\I[C7[6'7W\,YHS<?)+[53_`!)WNL*U3S@^S4/QQGN<BA3.K5S8F$3"
M+G2_NI-^WD_ZP.2IO6G>A/F(OSU`_NAU_P"8Y7_U0\9N+8'V(Q7Q&/S%U,/.
M-]`WTH7GF7HF$3"+Z4_ZK5\N7I#\TQN^_&PYQ5XW/YW@?R-OT\"R/`^=E\MO
M^E?=?G'"R!,(F$3")A$PBQBXEQ//2`1JQ(T_^T"5FE%IC#=[T`&DP`A5%'!]
M#8MBV+>@^/S-?-PBXO<]Q_GY=^]&G^(81/<]Q_GY=^]&G^(81=$M*JFZWZRL
M:I9<_ONHG:,#E]=2?;3IF0NH8]-H^X1IZ$V+3&E26D<--KF;ZDT11@2S/1%L
M`M:\-Q!+2'#K!4"`00>HJJR?R_(BE3ITI5YWOHE*G(3%:$.EQ"T4G*`27H0O
MK,_/"T`&O'?]W>;-'.#?31H+$&GY"/\`$M>GE9LPG7L)O;G_`(US?B!Q7[.=
MZ_ITO^!K(_?#OOX1![1'^)0^ZS9GL$WMS_QI^('%?LYWK^G2_P"!K'WP[[^$
M0>T1_B3[K-F>P3>W/_&GX@<5^SG>OZ=+_@:Q]\.^_A$'M$?XD^ZS9GL$WMS_
M`,:I_P!#^0SR1U+,F">W'9_2[S)8S%!0IH5,\RK2.)R6`3TLD`DYR-JJ(DA0
M?[IKC!>M%K8_1WH/CX:RLQ7._F%A;DU^A8KMLSQL8\FO$X%K"YS>@@@$%QZ1
MUJ_8K:&#PM=U;'QR-A>_C(+W.[[33K/X!U*"/[,/Y>'PYZL^ZE!_P3Y?_P"9
M3FQ\+J?)8?4JY?0]'^R[_$4_LP_EX?#GJS[J4'_!/C^93FQ\+J?)8?4I]#T?
M[+O\13^S#^7A\.>K/NI0?\$^/YE.;'PNI\EA]2GT/1_LN_Q%>\U?U9?R]6AX
M8WM/->I3E4??V&1HBE5GPHQ*8X1QY0OK>!467591AJ42YN+]:`(P;&#QUH6O
M'QU;<SS^YEY_$6<'DK-9V.MPNBD`K1-)8\:.`<&ZM.G='2%[CQ=.*02L:>-I
MU'2>M?00)`X;WO>GU:'6][WH(4C5X!UO?_IUZ2$0O#7]_>]YI=7%?SW/<?Y^
M7?O1I_B&$3W/<?Y^7?O1I_B&$7K)D#UL)OM3XK"+VI3HG1:5IWKV71P_9=B_
MV#?ZYLCP]+^__<UA%[/N>X_S\N_>C3_$,(GN>X_S\N_>C3_$,(JV7GR9%+\E
M5<362SVQ8Y)*N;)ZS1I?#C82F`:V61N("DJ5U1R.$R9&K](R#H!$#``DPG81
M_/"T/>M7W;^X\KMBXZ_AWL99=&6$N:'CA):[J=T:ZM'2K-G,!C-Q5&TLJUSZ
M[9`\!KBP\0!`Z1^!QZ%&GX@<5^SG>OZ=+_@:S,OOAWW\(@]HC_$L4^ZS9GL$
MWMS_`,:?B!Q7[.=Z_ITO^!K'WP[[^$0>T1_B3[K-F>P3>W/_`!I^('%?LYWK
M^G2_X&L??#OOX1![1'^)/NLV9[!-[<_\:\@<#18L8!AO2]?2`((P_-I??SP=
MZWKYGUF?F_-UD#S@WTX%IL0:'_[$?XD^ZO9GL$WMS_QK6+_9A_+P],\?OYZL
M])0K6K3?"T8-K6U#@L/7*1:#JI]:"$2A2/>@Z^8'6_#7S-9?L9XPG,[$8^'%
MT;59M.O&&,!K0N(:WJU);J?+/2LP^AZ&@'"[0`#SQ[@T"_O]F'\O#X<]6?=2
M@_X)\KOYE.;'PNI\EA]2GT/1_LN_Q%/[,/Y>'PYZL^ZE!_P3X_F4YL?"ZGR6
M'U*?0]'^R[_$4_LP_EX?#GJS[J4'_!/C^93FQ\+J?)8?4I]#T?[+O\15TN&?
M)YY>\O:RYK:]"2FZELLGD#3UT]"L671B4-I,=32)+)P;;43?!X]M.X#<D8-"
M-&,W7JO$.@ZW\]F`;WYD;JYAOK2;HEBE?4:\1\$3(M!(6EVO`!KJ6C37J_I5
M56IP5`1"".+374D]2VA^Y[C_`#\N_>C3_$,P152>Y[C_`#\N_>C3_$,(N%0B
M>"RMC2O*D\\(BA`)/3-8"3-:-!LP!@@(BQZ"(KTM?.B#O_PWA%GL(F$3")A$
MPB81,(F$3")A%K2D_=\Y,ZEN;ENL*RI:4S:IP,9#1'9OT3)*\L>TG1\I1NN5
M.GAL32<_32(HF[U+F%L]K<Y,D"$X@XXP!98`Z&11T'S4#)<@726H>=)1*(8S
M5[9L^>G6P9<&JGLH[G1D973J:"ML85Q"2JETWI9_F+)$_5FFI6USF0W-O$L2
M$-"A:816MK/L>(VYTM)J!A$9=')@C-0(+*%;@G!(7&GF1&2-N99!73$U!*,7
M+W.$IGQO&\+?6A3)'!4)N]$2M*L`G(KBX1,(F$3")A$PB81,(F$3")A$PBBJ
M]K/*I&D+DN@]F'(R:BJJP[/.CQ:\+48^E0&(N\K,9@.@D;@%M&Z`:=D:4;3G
MZ)V/T_5C\/1V1:[67S/#&RMHG=UC5E"'>F)<]*(&5->9K7E]]+8];KM&V-[J
MZKY+%Y)1=,.Q+U;SV[>]MG4H]+4@9*J;$1XR_=,LPDB]O?F0SYGALIDTOY<7
MH'<B&7DMKZ&Q&REEB2*8V9S=9<*IJW*Y=$,8K`]<R(T-D33U+6[-I#]MP:FI
M:M,1IMA3)U)%>SG:XP7M5C38(T\8;70YXE4=D3#%7Z52!)&))$9,ZQIZC3H?
M.JZJ6:-DC9UC8(IQ0.D=:U:%7H9(BQ!"$TPBG#")A$PB81,(F$3")A$PB81,
M(F$3")A$PB811[$ZOB$*F%I3E@1JD\BN.1Q^53I0>O5*B%[S&(-&JZ:#T:0X
MP1#843%HDB*&63H(3#"Q&"UL8Q;V15\F7"U!3:*((<N1S5G:T<MN^4*%,7GL
MDC[N\(NDY:]32]H.\NJ!8!6M@%EO#X9[<V^D$)19*?V89`TY(P$7>8ER1S?`
M+I5]!P.FZ_A%KN$,>X&Y2>(15BC1[FQ224I)D_&.13,WHBU[P[R!"6<H7&^F
MI.\/1&/>MX16,PB81,(F$3")A$PB81,(F$3")A%TRQH%&[5KV>5?,DIZV'V1
M#)1`I6B2JSV]2KC<P9%T>?4J9>E&6J1'J&MQ-``XL03"Q;T(.];UK>$6#F=0
M0>?0R-0&2H5BJ-Q*4U7,F5,0Y+$B@A^IJ;1>P8&H.6$&@4*24$GAZ$TXH>]@
M4EEB+,T((Q:V108NX<H]=([%E&C[-;7*PBY:,@+%:DV84U;N]@S"-V)8<DJ8
M+0[(SH'()Y8,/:WIU.3&;"J6I/#T`D'JB3R*<*>IZ'4A#MPR&:>%"=8_R27R
M%^DKNJD$JE\SF+PJ?Y7+I2^K=^O<WM\=UIAA@M:+((+T`A.42G**)`12EA$P
MB81,(F$3")A$PB81,(F$53[C[AY?H*>:K&U;+.8)Y[VV:7F1ML@=DS-8FCDA
M<'QJ8W-:;!X?(T:`MU<(TO+(`<86:9M*9O0?1UXY7T\7D\B'.Q]:>=K"`XQQ
MO?H3U`\(.A/<UZU1VLCCZ!:+T\,)<"1QO:S4#KTXB-=.[HL<U]W\R/DPYNAS
M'/378WK2(6',J(D*9@>R(K,$U9B8=/[$<[N")%[@2U86^[&W-J\M,I7^P+`%
M:V:1LO=$]CXWF.0%LC2001H01T$$'I!!Z"%5-<U[0]A!8X`@CI!!Z00>Z".H
MKLK;V/S:O@+)8*JUXBPHWVBR.D4\6?WMJ;["34\;##9\;+ED$TM/D@42*+IS
ME)VRR#-!T09X;%Z`MZ\KTNW%=*4#MCKJ0KKDK5B;K9A`K(KK4EFD=CBV708F
M.%2U=)V5O>7%$L7,S1'#PK%J@L`BD9&_2.$#6$63;[]HMUC^Y8V7-5:^+A94
M\D%(DM@10]D!'E<A51%,^&.A;MM$6TGRM"<UA4"'HK;B2--Z7K@B!HBZ\HZK
MYA1QIHF:OHNC$D1?W=='V*3JK7@B=@>7UK$D"Z,[6['/H$*]R;?=`@2@DH8S
M"`'EB'H(1AWLB[\X6O5S42XJ72R8"VIV<J7'NQZ^81Y(4UDU_P"R^_PUP,/<
M2PHBX3[<1[K[,V'3;ZX'M'J_3#XD77$G0U".!E?E(;KJA8;;`U157EI;!BAY
MEAFH5@VY:5"@%NHA28U(XEB3&A1^N$!2'96]:,UL.$4PX1,(F$3"*OW2?5'/
MO']>IK6Z5L]AJ6O5LF:H:DD\A(=E*-1*'Q.X*VIF))96YT7#5K4S2I&'P*]'
M021;WO655*C>R5EM+'0RV+C]>&.-CGO=H"3HUH+CH`2=!T`$]07ESFL;Q/(#
M?)/0%!-<>9WPY<U86Q;M,WLT6S#Z55P]IGOO$CTP=7Y'([%<0LE=11JC9\?1
M/3])I](#"VYI2(R3AJUQH"M>`A9.R.)RF'G%;+UK%6RYH<&31OB<6DD!P:\-
M):2"`=--01W%!DC)!K&0X?@.OF+O3'W!0?M$F9[8D.^9IC$%D=3O<&Z1=(=6
MC]M),$3DX1-[8W`4K=X?+6.0)V1P"4H:'1<$@]M5D*=$'ICBP6]>U,[I>](L
M3W+8T]W#5S-(8#&O?G.F1UGT5;G6&1#1")4*4RI`L=25,?CP$KDF-$L5A*3A
M*4DCV/032]B(HSE/:_)<0B4YFSET-4BUBK:!:M"9[CDYCTH<V6`F%-)J>4',
ML>7N3L8TJP2!O]4:`D03/;TWAO?KRO3(NUL'35$/SG$H[NUJ[9YC/5+J1"H.
M[S^#`F,L*:W^31T*^.,;?(W%0]H'-;$'`24:79NS`)C0BT`THXHLBX3NHJ!.
M@EO6'%[6@MB,-$QB12RT":TED=G3O%6V,M3^[KR'-LC[HK/1.2A-&%X4Q)_J
MMJ#4I@0;WL`_1(HJK?O*C)JL5M$WW)>=)$6U5>_-4=Z,+BM<KY6QW.=*4=:.
M$07DRQ]CLC.E#E"'=*6@3+A.A*A`8$Y*7K98AD7);'?G,%51J/R4%E1FRP2>
MTC:;:6NK9E7DB7;GZ&)R.=O3,Y+G.9L$;8QQZ'11<X+/;5Z<8"B@!`$9IQ)9
MA%G7?M[FAEB3Y/%MELP(;%.A`\OS&3&*4J%CAMOAD"2,+664NKHI0(&=N:WA
M<46H6F&>SA"8$8=C"(.]D4H*>A:&2'QQ(HNBK`K)C#5%B1!$&>Q<U;+(&E;E
MSP=,HRC*=!J7^,A:FM4ITM2`.3B(3&C"/82Q["11A3/;G,]X0.-3V-VO"&!/
M)ZPW=2>+S*;P1GFC148R!N*6Q9+'DDI<S8]%53#LIRVI5#+TD1J"]J])S?6%
M`(I6B%]T;8+X@C$$N.KIG)'2-)IFV,$5GL7?WEPB*T!)B.3HFQK=%2U4P*2E
M!8RU8`"($`P`M"\!AWLB@F(]S5;++0*K4<,MV,(7.W[*H.)VI*(<A1U--+?J
M=?*6Z60=BD[;(75P0N8U,(>`MXW9`V)G0QO,*2F&G")*,(L5"/,,YYL"BKJZ
M(8#9P.O:+<G1IDNAQ,U1(9$XHVUL<&EJA#*U+7(Q^DLI/>4C>B9!C3OI#P>%
MO7HD2SQ)T16SKN?1>U(#"[,A+AIUB$_B[%,(RXZ!LH2MDD3:F=6XTX@?ZXF4
M^RJ@Z-*'X#*,T(`M:$'>L(NY81,(F$3")A$PB81:<>F:DN1=V1/;!J26<J.8
M)!2=!1Y_A%K]`2:L+#C)\.EU\+FQY41J.5#96CHS,2I8:4W+#CDVS5+4L``L
M>BMBUM7ESN:[@*MR*KB[.19,]I<Z+72/1I&ATBDZ2#J-=.KJ*U?S$VYC<[/5
M??R=6@Z.-X:)2T%X):26\4C.ANFATUZ^XNJUKRA0RSF[GF$WQTK4":3)J"LB
MJXL^U9:T?&S^_NP^D*JF$3MBCY^]BCSRYR^J;ICD>;F)64W@T<_K2$YI/K3@
M)3=;Y*9UC)6+#V&-\D\CBP];"YY):>@=+2=#T#I'4%L3'Q,@Q\$$;Q)&R&-H
M<.IP:P`.'2>AP&HZ3T'K7387PWR!'7^,+]]M5I)T9%2U?#7G2^81(3\]RZ/<
M(+Z5B]@1S:.T@0&-()3SL4.:EH0QI:L$D+/6(G,IE.4$CHE6*?[OY:YTG-5L
M43NWJ:"L6TW!AU,&S$EZAT"3.=>$3FD7T5\("G*9*S6^$>_>(1XA646N,:S]
M.I"4:T(SD^]D5?;*X<X>EE3KXK;79]:1^.L+UT$Y]).\:L*%PMBF++9;O$VE
M9&9PY3VQ[!E$;:ZGO-+!7E*H>W]V7!DJ%,E5GB"YC(&1=HC/'/*+1%9@QO\`
MV%33D_.-?]01R6OC8]1A,2A:[,Y>IR#2B2JT\VMRQ9(C/K.DHHT/ZXU4\&)P
M-3R69Z*!H$B)`1>5L<5\ZRQ%8R6P.WX*R5>]BZ`-86@YT@,=6Q"=3J<\]2"R
M%\AG0IZD-DC;!K1KMC*-:@$-)R5/(A-RU2,X]&H`19R!\=T*59%.J(1V+5X;
M+KFQ95-YLAKU>V!FDU<S>@D,NDT43C/N>42_<7.G*,N-/#=-#I]H*PP9I&T+
M\9M=A%NGPB81,(F$6DWSZN<1]0<90FOR;[YNYV4M71]=3%+->I+,W5%<.IK3
M%+%;A1-#)PM+T8;+7,AY&H1I`D"V<2C/WXZT#>\V'RJSN0VWORCFL70L9.]"
M9>&M`'&63BAD8>$,9([O6N+SHP]ZT]0Z127HF3571O<&-.G2>H=(\I:[/*'X
M"B%1TGV?";%[BXYGQMIV7Q\Y0Z?\DWNQ6>93]KUQ-W9[HY9)3I;'65G3RB36
MX8TA8F900H!(1IS400CV=Z&\AYW[KS&\-UP9+-8BYAK3*#(Q!9#P]S1)*X2#
MCBB/"XN+1WI&K3T]P2L;!'7@+(Y&R-XB=1IIU#HZ"5L$Z`Y?=WKI&!RVP>S*
M%17H]P.RV:?+I?$H%'?>OSH*D[AB[2@K"AY/8;J]&(P.$CF#ZZ2)<^+2]&)E
M/K@&-*0]MS3:N"Z4LX8X;1KK2-3]GU:E@<ICEB($J*1V)%I'((@ZNE/U-'[#
M<'&2/=JBARUD:JPC2%Q4IR8XUN)*-X+-7.*AO"C("12E;W%U0OUN7;,;`[;C
M+"Y3Z!=9M;1&I,OCA+C7K':C#6".<."M&\V6GCJJ.4HLCC,=_L#&P&>QN`"W
MM6K4FIUP2+M,7Y7YK;BW1,OZJKR0R%PF7.KT_*D3U!&91M]@79_2]O1]D1%I
M98O<V`NR;>L.30]"6$\Q44M8%!"81Z\A26611/R/0J@=8=@L%OW73#1"YKQ!
MS[0S`Y0R;U;)%U><X0VMN@6:'W7,'R)#:6%SADGC4Y5JF*0./N:4\I6)4HTD
M;2`[2DD4XUO2GEN'M-+LM"VMS&W):ZFZ1<[J:FF55*WBT).X\L7G63"WO3XQ
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M7XE/+P*?5PI9W15YM$ZB,S(2N!BNIRUA%ENG`S92,SE[A9(YH-&X0U#S3XS4
M<:V05M,C4%KCW`QE(2D%D5CX+S-SA'^YWN[8_P!$U\[S)\MB7R=)2VY.@=)F
MU70[<Y1J%29A:2MV4I;4:1NI5L+?/<E-%"'].B6>O-<A-'JDH2+'I.3XNO=S
MBY3V8Q+*15=9=$V'7<+A*"(P:7M/3-LR"WR%\1-N(,WD*I_F-/3"<OYS0SMS
M8TNB9\:B-K0G^PFIQD5:Z"X+YJ2LCI(67O."SSG)]L6@$LX@%(2.,5E3:ZTZ
M,?O>_`C(^^5M;2_5=W#:%VNL?=IRI:EA#A,9FU-V@$HC3CB%!%M0X]JNO:<I
M@F&T[9*>S:9'-[$DE4."-^3S!#%HG*YB[OZF`M\Y+>I`JFC;$96O<TR9:K5G
4+"R/02'"$)-Z8B*TF$3")A%__]D_
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>4
<FILENAME>g7960431.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 g7960431.jpg
M_]C_X``02D9)1@`!`@``9`!D``#_[``11'5C:WD``0`$````9```_^X`#D%D
M;V)E`&3``````?_;`(0``0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!
M`0$!`0$!`0$!`0$!`0("`@("`@("`@("`P,#`P,#`P,#`P$!`0$!`0$"`0$"
M`@(!`@(#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#
M`P,#`P,#`P,#_\``$0@`N`$G`P$1``(1`0,1`?_$`,D``0`!!0`#`0``````
M```````(`P4&!PD!!`H"`0$``04!`0$`````````````!`(#!08'`0@)$```
M!@(!`@,#"04$"`<````!`@,$!08`!P@1$B$3%3$4"4%182(R4Y75%G&!<B,7
MD4*3&*%2@C,T)5C88I)S)'0U&1$``@(!`@,#!@@)"`@'`0````$"`P01!2$2
M!C$3!T%187$B%(&1H<$RDA46L=%"4G*BLL(S8H+2(U.#PPASH[-$A*345?#A
M0S24Q$4V_]H`#`,!``(1`Q$`/P#ZB.0?&S6%C^(1QC8R+K;2$5N+7'*N\;&@
MH3D-R"K%=L-GUFIQO:T:1+7*UL^)@H5.`0L\@!&T>W:M5A=J&634,/4/M#PU
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M*7>)/52<FUVZ034N:2:;\W<O/S\-J&`,`8`P!@#`&`,`8`P!@#`&`,`8`P!@
M#`&`,`8`P!@#`&`,`8`P!@#`&`,`P9>0UV_V-'PCDU8?;3K51>V",06:L75N
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M74I+M^+]&O\`KS4B\7I2J;*N352TZNH/HM-A[1/M=,1B+0)RFPA&:#QT&L8:
M?(DBLU()HEJZ$J8IIG$!KKL\6^H.F]SZTKNW[,Z5P9K'S\SO<FRBF6YV.7=9
M-KDXQ]_MI<I1L>F197K)2E%'C6!5=#':JC?+C&.D4WR+MBOY*?D[$S6,;9.`
M3S?]1UG$K\75^2^M@F:31*DPCM<#MBC%JM98W><JM29H-`L-<)7JE<T9-=DS
M\D&K.2%42%(L83;9E;7_`)CZ/#?-ZKS8]71\*MT[K*R\F<\W[.R_>+YXM61D
MR<NYO[[(Q940MMYN\MHY$W*"2L1GM#S(T1[CWZ&L8K2//'1<S2\JT4M=%V)Z
M^4DM6-FZ\NEFO],J-UK-DMFJI>*K^R:["S#*1EZ+.3L&SLT/$VABV547AI"2
MK\@@\127`ASMU2G`.T0'.5;MTGU-L.U;;ON]8&7B[-O%%EV#=;7*%>755;*B
MVS'G))6PA="=4I1U2G%QUU1.KOIMG.JN4965M*23U<6UJD_,VGKZC.<U\NF.
M5.W5B]P+.T4Z=C;+79!1^BQF8ATF\CW2L7(NXB130<)")#F92C!9!0`^RJD8
MH^(9E-YV7=NGMQGM&^8]N+N=2@YU61<9Q5D(V0;B^*YJYQG'SQDGY2BNRNV"
MLJ:E!^5>AZ/Y3W9Z?@JM#2-BLTU%5VOP[51]+3DY(M(F(BV2(=5G<A)/UF[-
MDV2#[2BARE#Y1RQMVW;AN^=5MFTT796Y7S4*ZJH2LLLD^R,(03E*3\BBFV>S
MG"N+G8U&"[6WHEZV7;(14>#"!0$P]>A0$1[2B8>@!U\"E`3&'Z``1'/4M7H#
M'JE;:S?*U"7*F3L99JK9(YO*P4]#.DGL;*1[HO>BY:N41,0Y1\0,'@8AP$I@
M`P"`9+>=FW;IW=<C8]]Q[<3=\6UUVTVQ<9USCVQE%\5Z/(UHTVFF45V5VP5M
M34JY+5-=C,BS&%8P!@#`&`,`8`P!@#`&`,`8`P!@#`&`,`8`P!@#`&`,`8`P
M"#W'HCA#EQS]2L7F_J=U<^/DE6A<>8`GTJ?0M;CJ?Z9YHB(PZ6UXV^`/;]0)
M$7@@`"8>O?\`Q+E79X+^'$]LT^R88.\POY=.&Z+=[YY//I_ZKV^>T=O'N>X7
M8D8K#U6XYG/_`!.:MK]#NTEIZ.=6?#J<HVFG^;,W1MZW>PGY7AL_7-,U;-<>
MF">P=I1K,;V7G/RKE+:Z9U)C8FT%<7ZNCAJ;=\A)-GK<U76:("G[N<"C]B7=
M;>`F!U!T]L&VKHW[I;IG;A5O,WAX$Y>Z?=3I^O&C+(G3*[&@MU^T)U3HG5-9
M\;K%+O(MFOK&W255ML_>._A&#K]J:]KO[6^&NDO8Y-=4_9T782T^(!J7;4KR
M@T9R4U;K&XW^;XHZ'VKM2KH5)@"TA:;1';IXZC:M,0CM02(#;]P:&_6<9&M#
M&*#EQVB/@F/3C7^6_K/HS#\)>H?"OJ[=L';<#K'J+;]OR'D3TACT3VO>O=]S
MMBM7[MMN[_9E]]B3Y(:KMEQR.[X^1+/JSL>N4YX],YK3RM3KU@O3.OG27E.8
M\7PQY-Z_Y>WCDRCI#85@ONMJ,CRY:S,/"&`NS-_22?%JX;QU'4Y83E:OI^^T
MUU?*3%MP4`%"MDT?`J/0OUAE^.GA1U)X*[?X4V;_`+9C=.[KN#Z<E5;;_P"Q
MV>#W_&VK<<BO3FA3B9,=IW2^?*]'.<^+GQP4=LSJ=QGG*J;NA#OM4OI6/NG.
M"?GE'O(+U:>0F!2]"<FM>:,^*E.5VI;.K&^.06IZ#M&N3]-3D(BX3>_+SJ"Q
M3EU::]EXI4KL\[KJV3J,`T4;'[VQ8UN0O3L*4.)[[XC>%'4WB#X0;?N>;M.7
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MVJ?LZ&#<B*;RUW5QT7X\2E`Y9VJ=I>G/B+,]QHJM-JQ4!=K2.ZJI9N-L-#W3
MW^*8;??R='BUUZP6)=2C4K3JR[TEU/=#;!X9;YX,]!^)T?$S#W+HS#V_/WSH
MN6V-2V^R[%Q_LO(HWNVW%Y+)[;"O+LA#.>1718[/Z_2=<>^5K,JW'*PO<Y0R
M)3C5D\_TTI/G3K2EPY]8KV=&UIP[>!GRM6YCR>XM@R3.>Y7UZ<DMD;O/6E*9
MK7=SZ:_RFO=.6\NEHV+M^WMV5CBS&V9M'.X'W5F_AB;`9[':J#))E\R1?FUR
M&[^!^)T1MN+?C]'9.WU;7M2O65G;5"K[Q1W/&^U)V8VV[7?O\Z)3CE]Y;3DO
M9[-DLBL63Y<7'5[N]REDSDGD1FYSTY8SU[KD?(DYS52>G+HG'O%8O:_*9.[X
M9#;;T16=Q5S9%=OR<!%6>F.*1L&ZM>0E.;W\\A2&`6WTG3O)^R7?:.L9"O3#
M,A)D$)V5KDM+N5W,<J`^\@/SS_FOMZ*S=UV/=.ELK;7N5V)E+*P\66S9+PU#
M*G[OWFY;#1BX&?"ZN3>+SXF/FX^-775E0:[HRVQ+)C"R%\9\BE'EE+O%S>SQ
MTA:Y2CH_I>TXMMN/E-M<!BO_`.GF\%40`*"ZYB<K'>I`2[?<C41QN"PG?+1(
M)B*`03K8PSZS#RNB)F:B8I_4$HCIG^8UX_WFZ?A9_P#T<.B.GX[CK]+WM;;2
MH*S7CWL<+W.-O-[2L4E+VDR1M&O<VZ?P?>;>3]'G?9Z.;FT]!.?/GTRHP!@#
M`&`,`8`P!@#`&`,`8`P!@#`&`,`8`P!@#`&`,`8`P"R?IJO!9!N(0<4%L-"%
MK1[(#!L$X>O$?FE$X-23!,'BD4E)*&7(@)Q2(L<QP`#&,(S_`+5W/[+^Q'D7
M?8RR._5'/+NE<X=V[57KRJQP2@YI<SBE%O1+2CDAS]YHN\TTU\NG;IKYM2]Y
M`*Q@#`&`,`8`P!@'@0`P"`^P0$!\1#P'P'Q#Q#/4]'JNT%HK]?@JG!Q-9K$/
M&5ZNP+!K%0L'#,F\;$Q,:R2*@T81[!HFDV:-&R)`*1,A2E*`>`9,W+<MPWG<
M+MUW:^W)W/(LE9;;;.4[+)R>LISG)N4I2;U;;;;*80A7!0K2C!+1)<$D7C(1
M4,`8`P!@#`&`,`8`P!@#`&`,`8`P!@#`&`,`8`P!@#`&`,`8!`G:O(>[ZYY:
M:AHH777;W4ESGDZ)>:NC'PYK9KJ2E=6;/O\`6;+;9DVP`MK1S=)BCIH0R3:K
M+0:,1'R[B1D&ZA6HE`B9?>:/)"&VQLJEMYVF1T/-;8D*CJYU4JYKS:PU+5M&
MV;K_`%K?[:_CZSN)Q<[)MT)>WMRH59]%1BI$GZJB2+M>+59.@-J\3^1O)3D1
ML_2DN^L%4AM=SO&2!WCNG72VKP:2=<?WMS+T?4S.JWE'84FLG_46P4>R68R3
MAF]381#!!H19<71'A0.JF`6R9FH>N1$I8+#*QL%`P<>\EYJ;F7S6,B(B*CFZ
MCN0DY22>JH,V$>Q:(G5665.1-),HF,(``C@&OW>\M+,-<-=POMMZT9ZF>@@+
M/9KJ\5I"A._>9`T2W*VMJLD6!7.M*D,U*4JXF%R44NG>`EP"@ZW[HMB^M48^
MW/JEE(46H(;`NS)WL*I-G-0HCEFRD6]TLZ2TN0\#5%H^2;."R#H$F@H.45/,
M[%4Q,!FU0N50V#6XJXT*TUR[5&=04<PEIJ4W&V.NS#=)PLT57BYN'<O(V013
M=-U$S&25.4%"&*(]0$,`R3`(=\I.0&P="2NKIB$KM,FM;R]YHM6V6[DW-H7M
M,''WW856I"5C23A8U6!I=+J47,/I61L$TN=D=PT;19$2*ORNVX$=^4//38W&
MK8NUPG]9():@H]19L->V!W6KC)NMQ;HDZ!)WM&D15HK3F28U5O&LTDS*IN(9
MXX>(M'H-SBX!LW7`JUOFMN<\EIH]CIFNW-<G]['XZ;>5B(S:,+9:5>Y2WV>L
MP,E8(J;B7<'J>+[&4(1LC)RDTE996=38QCWH5)RY`ZCX!Z$HJHA&2*Z2QVRJ
M+!VJFX38.)51!1-NH<BQ(MI_[N2.D8`,#=+^8L(=A?$0P#B?`\P=O1_&+E9)
MU?<;3=%LI]]I3326V7!*8129UE9H?3BNT+FH>'UW6X*)L>G&5KG;'8(%U6))
M77[;W9I)GE"HF*8#&*9S!O-BO>IJ&PY:/6=U;1&T9.ZQ$W':EN5.DM15&R;Z
MK<3LRGR\'KNEW/E#>MDKU:-=T5O3H:&(YA*ZK)24>!'H)R8$_N!&U;CM/7>S
MU+9L%/;;*F[JLE3HFT&DA5K#'W?7IZM2[17)5&WTFGZ_JUEDDALJZ$F5I#,?
M1)-)Q#*BZ6CE'KD"=&`,`8`P!@#`(RZOY0U;9.TMTZD<U6TT*RZ38PD_/FN+
MFI%0=5"R2]TAJ_:'*,!9IQ_3F\\-">R+)G/HQ<@ZA%FK\B'DKCY8$=/_`-/]
M'+0[*T1]0V8YJ!9W:B=DLS^.K%;:577FJ-JU'3TGMUZPLUIB)J5IECL][BG<
M2WCVSJ9<0[D':C)(3(I+`2^U%O"N;EE-Q15?K]V@%]+;7D-0V'];UIU55IF;
MCJE3[B>>K<?(G+*.ZB_CKFW*R?+H-@?`F=9`IVIT%U@-SX!H?D?:K94=8/']
M%N=5H]M?3=?A8*0M#"ORJTU(2<DDBA3:;&6Z\:XJ+W8MT,'ID"26F64:$DY2
M,X,9,HD,!SXV-S@VW_ERXG;AJDOK^$6NVMY?;')$\2%%F+)!PM#UQ$V*\PVK
M-?;'VEK]U:E26&7[@,Q=2JGIZ*8MQ7*[;.%`(_R_Q&.5B=S'5[&O0BEAV%9U
M4X>T,Z95&-;U`DTL/)%%O3F5AO.X*K1-G#:*YHQH#&;>2<0@$@O(I>2=VEZ6
MP`[9Z5O8;2TYJ?9A5TW0;$UK1;R#E&'=UY%S^K*Q%SWO",`^DYI["HK>_P#<
M1HJ\>*-RB!#+JB7S#`;,P#FP?D#/5GGPZUX^W:VL&K'U.N*%WH$FRKD'_1*U
MQS'4+O72[Z/<U*"M,?3+6C8WWE7)Y8):*GIR=;PC5DW59`J4"%U&Y7\OKEHS
MDM9$]A'KFV:;$ZSV#+19JW4-EQNH7+O<.R*Q>]$$@&%*UU):QV@%>J[)L>+L
M#B\K1\9Y,H"ZJS[H`$L^+O('<%]Y?;OU]L*Q.W$3&2W(1C$ZW82%4=MM:U[4
M^Y:U2-73EQK2&MH"ZT%WMW7TRG.P+AY9[$VMC55ZZ10CTF2*0@=1<`8!ADQK
MG7MBGDK58*'3)VSH0$E4T;',5>$DYY&K3)5R2]:2F'K%>03@)4CE0'+,%`;K
M@H8#D-W#U`M$AIC3TL%M+*:HUK)%OS>(:7LLA1:N\"ZM:_Y7H#:V@XBU`L;>
M$]W3]S(\\XK;L+Y8%Z!@&;,(.%BE3KQ</%QJRK&-BU%F$>T9JJ1D,1PG#QQU
M&Z*9SL8HCM4K9$1\M`%3@0"]P]0+I@&";/A)JQZ[N<'7(BBV"P2==DVT)![-
M8.I+7LO+&;G-'QUQ9L47+P]?>.BE3<F217423,)RI*B4$S`0%JG&O?U3XZ6'
M5IJUK"SS%@V9LG9R",]NC8!;;5B[6N]NEY^*KF^6VKQN+?9D+'6MQ(,+T>-,
M]3<N3QI6944DI(P$5(_X7^Z&S"(K<S+T"QT^FT0%0IS;9-MH]4VAL2;UIH_7
M=I:.G-'U=!;-U;%KM=6+JA(-[-/M#N$8Y9&%9IF=-4P.N''2E[#U_J:$K.T;
M"K8K8WF+I)"=:US]_5K]>G[K8)ZG4=38%L9Q]IOIJ#4I)E#>M22"+V3]Q\]4
MH'..`;PP#4]]T7I_:-DIMPV%KRL6VSZ_=`[J,U,1Y7#V(.64B9XB`'`Q"OH]
M*P0$?(D:N06;$D6#9T5,'#=%0@&'+\2>-#N:>6%]I2@R,Q)4M;7TF[DX1*3"
M4J3B!7JB\;*MGYG#2375J;E2)%VNFH]&*.9GYWNPBE@%*$XA\9J[+4:>A]+T
MAI-ZX6<NZA+C'*.9-@^<S<A9S2;]\[77<V&6;V>7=R;=W)&=N6LDZ6=(G374
M.H8"1V`,`_(%*`"4"E`HB81````$3"(F$0#P$3"(B/SC@`"$#M`"E`"@`%`"
M@':`!T`"]`\```P#R4I2!VE*!2AUZ%*```=1$1\`Z!XB.`><`C'RRY!S?&/4
M\IMUEK<VP:[5$G\O>3FM9*P2NUF,C';PSEF1M7K9,S]BG)1-M&1C)%@FR%V[
M*K(OXQBFL\3`NNRM]N*'?N/=(C==6&UL]_V:QUAK>FLO76%+I+^(U9=MEPJ$
M^[,_>S,H\MH4Q1HT)%LGJ*28JN5EDR)))N0(7+_$:V!"I-7%QXZP%<A#[CV9
MK.1V0VVS?[1IJ'K>F4ZE#[,V)+[!KO&UZX@(F%V39759;C+QD9&.'L%).%9%
MLT0(LJ!U8P!@$0U.&>O9.R;!L-NNFT;^CLBOSU!G*_=YZ`G8=/45LG;'9+9I
MQ-P>JHV&3H4_+60X&&3?OYABQ:-F#%^T8)G;*`:I-\+[BVG$157CXRU,:4RV
MK<]MR--<R4':(B<G;U,4V9FHT[^[UNSV>KQ0*T1@V35KTA#2@QQG#15XH@X5
M(8":U1US7J58=FV:&-(#);9N<?>K4#QT1=L6;C:#2M<-BQ214$C,V0UZA,1,
MF8R@BX%4_<`'`I0,\P"Q6:K5FZP4E5KE78*VUF81*WEZ[9HB/GH*5;D63<$0
MDHB5;NX]\B1=$AP*JF8H'(`].H`.`8X_U-JN51CF\IK/7\DWAY6"G8E!_3:X
M\1BYNKQZ4169F.2<1JA&4K78INFU8N$@*LT;D*FD8A``H`>L\TSI^186Z*D-
M4ZV?1=_F$[#>XUY1:NY87:?17(Y2G+<S6BSM[),).4RJ%<O"K+%.4#`;J`#@
M&Q444FZ22""2:"""9$4442%32123*!$TDDR`4B::9"@!2@```!T#`*F`>.TO
M<)N@=P@!1-T#N$H"(@`C[>@"(_VX``I0ZB```F'N-T``[C=`#J/3VCT``_=@
M`"E`1,!0`QN@&,`!U-V]>WJ/M'IU\,`\X`P!@$,657Y"([M>S)'$P:BC:)UR
MS1D[0"E>&(62?!'D5B&TFH[(VZG)Y9`0$4S]HB7H`YW2_=_#2?0->"XT?>'W
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M\A[]NX45K?'(J_3HN2^/D<?E,;M6ZM=U&']:?SJ3U#WMNR%I$^6]E"J.`4$A
MS1OFI.BH$\H>\XEZ%ZAU]N939^@^IMZS?<<;'==G(Y<UFL:](Z:KGT<=>/!:
M\3&[IUGT]M.'[[?>IPYU'EKTE/5Z\>352TX<7Y"O5]QZ]M<(C/,K`S8MEEG*
M!&LPNVCY,#M53(G,:/.N=P!#F+U(/3ZP>(91NW0_4NSY\MNOQIV6QC%N52E.
MOVEJO;2Y=5Y?,RO;.L.G]UPEG4Y$*ZY2:Y;'&$_9>C]C5O3S>=%]+?JPJ/1J
MZD9`?D],K]ADRF_A.QBW"8_MZ],QSZ<W:'&Z%57^DNIA\D[$_D)ZW[;)/2J5
MEC_D56S^6,&CQ^L@4-VM*M<WGS#Z":.*/[YMQ%].OT],]^P^5:W9F##^^Y_]
ME&P\^V.9Z58N9/\`NN3_`&C@>36"S*?\+1)0O7V&DYJN,R_M,#*2EE2_^7KG
MBVW:H_QMQI?^CJOE^W"M?*'N&YR_A8%O\^RF/[,YOY"+ETL'(\NV6[>"B9UI
M432=9(=LQ8HRM=*V4*P]3\^>&#(Y!N<3*"X,4HBAU,!>O:&=<V+;?"Y]&RMW
M"['GO2JO]J<W7=S+G[O2GO7'F7#D3>D^&NFIS#>=P\15U9&O!JOAM#MIX1BI
MT\KY>?6WNM=.WG:7L\=-="40FV&<?!*F(!]+B<=B'[O=677_`$9R33IE=LL^
M3_1JC^](Z?KU`^Q8<?ALE^[$_0(;!-T[I.G(_/T@YMST_9UL+7K_`*,\=G3:
M[*LZ7][5'_!D>J&_OMMPU_=6/_%B>1C[R?VV>NI?^C4'ING[!6MI_P#2`YXL
MGI^/9B94O7DP^;'1[[OOC[<K'7JQY?/>S`]ETG8-HHUB@HZV,W3^29IHMFH1
M*4(BJ<KMLL)322;QZY:`!$Q'N*`B/L^7-BZ5W_IK:.H,7<,K#G#&JFW*7>.U
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M[V'UJN=I>F<8E_BYZ$FR&4AY:.DRDZ>9[D\0<&2$?[JR:1S*(G#Y2G`!#YLQ
MN7MV?@2Y<VFVIOLYXN.OJ;6C7I6J)^+GX6;%RP[:[4NWEDGIZTGJOA-8;HT-
MKW?D)'5_82=I]QBW,DJ@K4;S<:#(K,YR%?UNQ0C^3IDW!OI&OV.O2CAH]9+G
M405(H!P*59-)5.&2RZ(Z;U^BE1$!BGJZ&L;H_OM`;N9R;<-ZG.OJU:Z<5"';
MJR!D6U=C*M=9!@PBNT8U@V4(1NBF"*/8!JN<X:Z#GJ52M=+UZRQU)HR%KCV5
M<@=B[!@8ZPP-]F&]AO56OR,596O]0:S<IMHFYD6<Q[XDX.!@'H514J@$I<`]
M=T\:,4C.'KINT0)]I9TNFW2+_$HJ8A`_MR[33=D35=$)3L?DBFW\2U9;MNJH
MAWETHP@O+)I+XV8%/[+KD?#S;R(D4)Q_&Q,D^00B6K^;;"X9LUG"1'CB&0=(
MMFXG3#S#G4(!2]1$0Z=<V+;NE=TR<W'HS:I8^/;="#=DH52TE)1;C&UQ<GH^
M"2;;TX,P.?U+MV/AWW8ED;[ZZIR2A&5D=8Q;7,ZU))<.+;6B\J-':1Y"6S9K
MZ>:25/;.`BF,>Z1+5E$"*%.[7<)']\-8)UJEY0@D'9Y0F-U`>OATS?\`K[PU
MV;I/'QKL7.G'OK)Q?O";6D4FN7N:I/7CQYM%V:&D]%>(&Z]37WU9&'&7=0A)
M=PUK[3:]KO;8K3APY=7VZDA#3]G,/1&AR90^07DY6T`_?[K)OQ#.:K;=I7T]
MQJ_FU7O]JN!O[S]S?T,"W^=;2OP3D>2REW4^S48=$/G=VXY1#]I6E<>`/]N'
MB;!'MS;Y?HXR_>OB>K*WN79B4Q_2O?[M,CP9?8)_L1M.;?2>;FG@A^TI8!B`
M_P!N%7TU'Z5N=+U551_QIASW^797AQ_O+)?X430N\H#?<VUK04IUV*MW,F:1
M)3Y=S`'!-1%H#;W]>2EFH/D^\I_+`A0$@]PC[<Z+X?[EX=8%N4]^AK"4*^1Y
M-<;EJG+FY%"N7(]--6WQX>8T/K?`Z[S:\;[&EI*,I\_N]CJ>C4=.9SLCS+MT
MT7#CYS:E'BMG-:=6FLY/0Z$NA#LDI,LG!OIB3(\(D`+`]DT[<1!^Y[O`ZI2E
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M,%I!-27,FV^WX3FG1?1?4NR=22W/<YPEA.%JX6RD]9-./LM:?B)GYPH[(,`8
M`P!@#`&`,`PF_:_KNR8,M>LR;M2/*^;2!?<71V3@'#4%2I?STP$WE]%C=2^P
M<S_3G4FY]+;A]I[2X+)=<H>W%27++37@_+P7$PN_;!MW4>#]G[FIO'4U/V9<
MKUCKIQ7DX]A5HU$K^O(%&N5M)PG'(.';D@O'!G;H57BPKK=[DY2G.7O-]4!]
M@>&4=0=0[EU-N,MTW247E2C&+Y5RQTBM%I%<.SM\Y5L>QX'3V`MNVY26/&4I
M>T^:6LGJ^/:9CF#,P,`8`P!@#`&`,`8`P"P2M6KLV<%92&8.G)>G8]%`J4@E
MT]@H2*'E/FXA\Y%"CF1P]WW/`CR8E]D*O+'76#]<'K!_"F0,K:]OS7SY5-<K
M/)+32:]4UI)?`T6K]+2;'Q@+=-,B@8!*RFO+M$=T`.G8)I(Q)T"_05^4,F?:
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MU48R^.;*[6C5%JH"Y8"/<N0'N!Y)IFF'P&]O4'TJ=Z[`?]O+=O4&]71[MY-D
M*OS:WW</J5J,?D+E6Q[35+G6/7*S\Z:[R7UI\TOE,I\I/R_)\LGE=GE^5V%\
MOL$.T2=G3M[!#PZ=.G3,1SRYN?5\^NNOEU\^ID^6/+R:+DTTT\FGJ**#)FU$
MPM6C9L)P`#B@@DB)@+U$`,*9"B8`$?#KE=E]]R2NG.27G;?X2FNFFK5U0C%O
MS)+\![.6BX,`8`P!@#`&`,`8`P!@#`&`,`8`P!@#`&`,`8`P!@#`&`,`8`P!
M@#`&`,`8`P!@#`&`,`8`P!@#`&`,`8`P!@#`&`,`8`P!@#`&`,`8`P!@#`&`
M,`8`P!@#`&`,`8`P!@#`&`,`8`P!@#`&`,`8`P!@#`&`,`8`P!@#`&`,`8`P
M!@#`&`,`8`P!@#`&`,`8`P!@#`&`,`8`P!@#`&`,`8`P!@#`&`,`8`P!@#`&
M`,`8`P!@#`&`,`8`P!@#`&`,`8`P!@#`&`,`8`P!@#`&`,`8`P!@#`&`,`8`
MP#$[Q?*5K.L25UV':X"E5*']U]3L=FE&</$,SOG:$>Q16?/E44`</Y!TDW03
M`14775(F0#',4H@>G#[-US8G]6BH"^4^;D[Q3'&QZ8PB+'$2+RUZ_:+P+9S=
MZZW9NUE9BIH.+3&IFD&X*-`._;AW]5B=P%VJ-OJE^K4-<J-9(.X5&Q,DY*`L
M]9E64W`3<<J)BI/XF7CEG#&09JB0>U5)0Y#=/`<`R+`&`6LDY"JR[FOIS$6I
M/,V*$H\A"2#0\NUC'2JB#:1<QI5A>H,7"Z)R$6,0$SG*(`(B`X!7))QRGN'E
MR#(_JJ9E8OL=H&]22*B#DRK#M4'WQ,K<04$R?<`$^M[/'`/=P!@&+W6Z5;75
M2L5ZNTTSKM2JD2\G+!-/A4]VCXUBD99=84T$UG+E8P!VI(HD4775,5-(AU#%
M*(&AD>9?'51Q"-%KK,1CF9:23URA.ZYV=7U*:C%RMI@EB[2";IS`-1.'DU29
M=JQ2M'I"DBO'+D:%6$@X!L[4^Z-=;MAI2=UU,2,BU@Y9&$FV,[5;;2+##23N
M#AK1'(RU5O$'7+-')R]8L3"29*K-")/8]Z@X0,HDH4X@;3P!@$3-N<F[%JG<
ME!U0AH+8FQ&VPH&Z6"'LE#GM?/'A&.O*K(6:W+*4R8M$-93-(]SZ3#IN/+!!
M>:L4:V*8//,=,#1T=\2"HK[%H&I9O6,U4K]:-A6_7=J9V/8FJ65;I4K3[)K&
MK.B-KF2VK5^]2LA,[4:,6\9#JN)#U9@_CCI$>-RI*@=),`8!ZSQXSCF;N0D'
M;9@P8-EWCY\\72:LV;-JD9=R[=N5S$1;MFZ)#'44.8"D*`B(@`8!%)MSFXPN
MF$!)!L"5;-++*^FQAI+6VTXE4C,4:2X2N,LUDZ4T=5_6+I#9-?.C;'Y&U:6"
M99]CX?/)U`VMK3?6J-OS-O@->6KUZ5H[A-*=0/"6*&25:+35DK3>=KKV=B8Q
MC<:F[L=-EX]&8B%'T6L]C'2)'!E$5"E`W!@#`(R<A>0D]HF3U4SCM-6O:33:
MFP:YK-BXJEHH<0_CK1:)1NV9(%A+9/PLA,MH^`2DIR05:`<C&&AGCA0?Y8%,
M!';8GQ,]3Z]1L24A0KZRG8+=>P=-M*[>GE'U(]L9=7:XINT+=>H=SLVUUJ/;
M5IQ7[S'IPZ<@JR?2:[E)044&1CO$@.CZ"I5T$5RE,4JR2:I2G[>\I5"`<"F[
M3'+W``^/01#K\N`5<`8!SIN/Q"HS6,9R>EMFZ(V;76O&E*$:G3@IK7UW>;2M
MUC@IBXQ6O:&SKUH56+=&^OV#2QR:$A[HWAX*30>.UDDB.!1`D54>3%(N_(.Z
M<=J_%V-U8*!KBO7^Q6T6**=((\GIAQ%K42/E3N2N)2X5MM[H[E$T43-F24DV
M3.M[P*J*0$C,`8!&+EING8N@M3K;$UMK^F;/G$)ZOUMG1[7L"P:]?6NPW279
M5&B5.G/X'6NS/?[3;KW-QT:BF[09,VZ;D[E9R1-$P"!%=A\12P23#DG(Q.C2
M6931U(W=8JK6H6[RL+8-F3?':_+ZLVHVBYC8VO*'K=S4(:[-%A5E86>GG4='
M`@+^/;2+QK&J`=(:;80MU/JEK*V]R+9ZW!6$K,%17]T":BVLD#;SQ20%;R`<
M]O>)"=W3KVA[,`R3`&`1.Y@:&L^_*-0(ZG2J;*?UMN6B;;:P[B\W/6#*Y(50
MLPP?U-WLG7C.2N]#%XPGE'#:4C6KIPW>M4?Y0D,<0`@1"?#$Y!EMT-;;#S&,
MO)2G'"5T+>)9KJR!?6B+KSI_HQXTUY2[&\7:.G.LED];397JKHK::=.)]T\%
M;WQV99L!T.X;Z/LW&WC-J71MPLE>MD[K>!>P*TW4ZZG4ZTJQ&>EG\*PA:ZCT
M1BH^%A7C=DFF4"E[6_4"@`],`DU@#`.1U=X8[7<\KM_VB_1L=9=4;=5WD:8M
MCV4J+20F-?[0I6H*_4-:5:3K4+#[NJ\U7'M%=M)@[F:-!N(1!J1`%E%2I1X%
MNU'POY.4S>G`G8=ALNK'NM^-G'B+TO)4E&/LR=AUH@''N$IMO;U610MOZ1M3
MJ[;1A&BB\CZ0V6;P\:T;E`Q4SG5`[!8`P#17)C1T?R2T5L;24G-.*XWO<.V9
MHSC=NH]],DHJ7CK!#.7;!%]%KR<667B$`>-4W351TT%1(JZ)C@H4#GM7/ABV
MJHWMAM&L[AI$%>59"'LB[IEJ^RA$:UEZ7>-K7NFTO0<:GM9O_3_3$JIM)2'M
M-=<GD0FH5J=!!9@5P4K8";_$_2%WT1KN6KNR[O6]H;"LMND+G==H0M8GZQ,;
M#LDI%PS"0L]Q:S]UN_?.*^E$;MD&"K&(BHANRC6#)LT9I$P"3^`,`TI=M#U&
M\6FSWAS,7.O7.R:6L6B6]IJ5E<04W4:A:),TS+RE(=I(K#7+BK*)-%R2:8&5
M(K'-#`'5`N`:`K7`'5]<I6NM;_U(WA,:_P!<FC6[>DR5PKS2JVN"@K;6K[7:
M]<H"N4R!BI-O"7.KHR`2+=)I//SN'2,@_>-72R!P)U8`P##]A4N-V10;QKR8
M<OF<1?:?9:7*NXM8K:3:QMIA7L&^<QS@Q%"H/D&SXQD3B4P%4`!Z#TZ8!R$:
M_"3ERL*6V=[AI7=4WS%&,C8K5MDBJM20B8K3,8SVMJ^"+MAP>O;^EG&FD9"6
ME9%>6A)&0DE%EHPZB2JCT";_`!HXIR>A;1-SDS?65Q8QVOZ[IK5[!C67%>=U
M_5=5NM_N\.C<7RUAFT;9=3+WLK)P_;(1C51O&)*%:D576P"9F`,`UY9]85:W
MWG66P9LD@M/:C?6N4IB23]1&*;2MPK#NG2DF]CBE%)\^0KDD[;-E#"`H)O%^
MG^\'`-`[1X1:;VL[LTK*O;W79^W6VX6F<L51LJ,9,.&FQ=2U'2.Q:<DH^BY1
MHUJ-VU[1XUN[231*\0=-B/&;EJZ(FL0"645&,(2,CH:*:ILHN(8,XR-9(]WE
M-&#!NFT9M4N\QC>6W;I%(7J(CT#VX![^`,`AYLC@;QBW!0;[KG9VO4;M";#O
M.S=DRC^=>KN;%$77;%>D:A9YZKSA?+>0+QO4)(\2Q%(1!M&D(W^LF`E$"]ZL
MX5\:]);:DMV:JUE$4>_3-%>Z^EWT$*K5C)PLG:4+G+/7T=WF;KV"7L#8B[I\
M/\]P)?KB(B(B!*C`&`8?;Z#4+\%8"WPB$X6F7"#OU:(Y6>))QEOK1G!X&;*F
MU<-R.5XM5T=1(BX*(@KVG[!.0@E`U6QXKZ(CY[8]C;T<PR&UH6\UVXMW-GM[
MR%/#;0DB3>SF5:KCN?6@**78\^D21GCP;:.4EY%,CIT95P0J@`;SAXF.@(F+
M@HAL5E$PL<RB8MF0ZBA&D='-DF;)L0ZQU%CE0;(E(`G,8P@'B(CXX!<<`8`P
M""H_$HX6H\H[7P_?;RJ,1N:EP)9B>;S4@UB*BA)$$ZDG2$KK(.&]?7V!`Q_E
MNWT2"WO+=NJ'4!43731W]>%_7$NE*>LZ\"Z>R7V<L'%.5CC^3;W23FJ9O6,+
M-.5M>9Q;B^^XW?O'<TK$O@]6OG]!)5OO?1[OI[KN753GN("A?=]AU%;N3'IT
M4#RY@W4@]P>/L\<U>73^_0^G@YB]=-B_=+W>U/\`*C\:+TWVEK)WT]UV+1'/
M4@*![O;J^MU3'IT.'ER!NI![@\?9XY8EM.Z0^GC9"]=<U\Q[WD/.OC+VA;*L
MY`IFUEK[@#$!0HH3,<J!B#TZ'**;DP"0>H>/LRQ+#RX_2JL7KC+\15S1\Z,4
MV=N35NF=>6S:^T+U7*9KRCPSB?M%JEY%(D=%QC<`#S!\D5EW3ERJ<B3=N@11
MPZ<*$21(=0Y2#+VK9-VWO<J=HVK'MOW+(FH5UQB^:4GZ]$DEQDVTHI-R:2;*
M9V5UP=DVE!+BS]T;<.K-E42J[-HNP*G9:#=X-E9*K:8Z:8FBIB&?I>:W>-UE
M%DQ()>AB*IG`BJ"I#IJ%(H0Q0\S]EW;:]PNVK<,:ZK<*+'"RN47S1DNU-:?"
MFN#333::8C97."G!IP:U3#_<>HHKN]3VIK>.[?M>_P!XK#/M_B]XE$^GMQ7L
MF\W?PL3*EZJIO\$0[*UVRC\:,2<\HN,S/K[WR)T4UZ>WWG;E`0Z>P/'S;`7Y
M1R9'I/JF?T-MW!^K'N?[A3W]"_+A\:+`OS)XG-_M<D-*+_\`P=D561Z^SV>G
MR;GN]OR?3\PY)CT3UA+_`/,SEZZ;(_M11Y[SC_GQ^-$,-C_&?X1:VY.:MXQO
MKC.3TOLN,,Z6V#6:_)3%#J$I)*"C3("9<M6YYB3?W!PW<)IGC6CQ!DH1,'1T
MO-ZDW?;/!#KO<^E<OJJNBNNG%EHJ9SC&VR,>-DXIOEBJTTVIRBY)OD3TXQI[
MEBPOC0VVY>5=B\WQ^@F&GS&T*X'HSEMBR0CX!Z1H3?DOW>(!]08S63L#]1$.
MG3KUZYI;Z*ZAC].&-']++Q(_M7HD>\U>3F^K+\1[)N5NNE`[F%-Y%2I>G4IF
M/%?D>4IP$.H&(=]J]D0Q1#IT'KT\0^GI3]T=R7\2_;(/TY^%\U['O$/(I_5E
M^(](_*F(.(@PT=RDD0#V"30-WB@,'CT$/U&VA!+U`/[P`/[\K725R_B9^TQ_
MXNJ7[#D._7DC9]5_.89L7EY<:CKV[W*K\..5=XEJM59VP1=8;U6BPKJPOHJ.
M</&T2C[_`+!4EDS/%D>P?(8.W/;U\ENNH*:2D[;.C<+-W*C!R][VC'IMNA"5
MCLMDH*4DG)Z4\O#77C.,?/**U:IGD2C!RC78VEV:+\9%SX?OQ*-N\K^-=>W'
MLCAAO&N3TA.6&&,^UQ"0$CK^T-8=^9NE/T\MWN]:NGIX'$S-<%V2B0/FJX)+
MJE`03VOQ%\,-FZ0ZGLV7;-\P+<>-<):73G&ZMR6O)9W54ZM?REI)/DE'6*?;
M8Q,VS(I5DZI)Z^3L?JU:9-0O*9JG_P`=Q_Y31_S]VE)B5[?W5U]-";P'K]7K
M_:`]-&^Z4W_#W':9?\5&/[:B2>_\\+/JGN)\JZ/V]SS7?)6-#^\+KBWR`7*3
MV=0$T9KR0(;M\?LB(>`].OAUH?2.?KI#)VN7JS\1?M7(=_'RQG]67XC\J\O=
M)MO!\?;<88/M%E>-_(V+$@^SH87VJ4"@(#X>WVYZNC-]E_#]SFOY.;A2_!D,
M>\5>7F^K+\1#7D]\9_A=Q8LNGZS=)F^33G:UE-&/'$/KZV1I-?U9$Y&;V^6A
MK:XFOR+R':2SML@+6-1>R!R*'5(B8J?0^[=*^"'7'5N+FY6##'A#$JYDI75R
M[ZQ\556ZY3BI.*D^:;C!-).6KX1K]RQJ)1C)M\S\SX+SO7YB8:/,OCZZ`IF%
MAO$L0Y0.FI"Z1WE-I*D,7N*=%6)UP]35(<OB`E$0$/$,TM]$=1QX65X\'_*R
ML6/Q\URT)/O-/D;^K+\1[O\`FNUHJ'='U;D'+`/V31_%?DF8A_'I]11UJMJF
M;H(#\O\`='+?W0W2/"R[;8/TY^%\V0Q[Q#R*?U9?B/3/RJ@S#T8:5Y127S"3
MCSL6*`P^'AUL<7"`7Q'I];H'[O'+BZ2R--;,[:8_\93+]B4AWZ\D;/JOYR@I
MR<FCH+K1G%GE/*F206520"DT2%5<G23,H1ND%HV9!`15<0`I14["@8WUA#H;
MIZNE:%)1MW;:8)M<>]MEIZ?ZNB?9Z-?P#OWY*[/B7SL@)\/[XH.^^6\;O5U?
M^!>\*>OJ[;LW1XH]0+3DV*3-JLX`:=:C;9O6MG)]FTP$2)381B;ICWN$S`#<
M3`F;HGB+X4]/='6[?#;NH<"Z.7AQMEWG>:ZM+^LK]WJN7<6ZZU<[C/1/Z6FI
M$Q,ZW(4^>J2Y9:<-/B>K7%>70Z&?Y@+U_P!(W)C_`!..G_<-G-_N[@?]YVO_
M`)S_`*,E]]/^SG^K_2'^8"]?](W)C_$XZ?\`<-C[NX'_`'G:_P#G/^C'?3_L
MY_J_TA_F`O7_`$C<F/\`$XZ?]PV/N[@?]YVO_G/^C'?3_LY_J_TB!WQ$OB5[
MSX?:%:[3H/![<]@EG5[JM7=/=A&H9Z57X^6?ID77F0U'L?8ML*_GC%+%Q0BS
M1:!)O$155,($;.>@>&OA?L'6G4+VG<=^P:Z5CV6)4][WLW%<%'WBFFO2'\2S
MVG+DC+1=LHQ<S-MQZN\A5)O5+CII\C;]"])-*H<D-KVNI5>R*<*.2,`]L-?A
MIIS`SLYQQC'\(XDXYN]<Q,BA([X8R39Y'++&1.1PT;K]Q?YB21NI"Z/F=,;1
MB9EN*M]VRR%=DHJ<(9LE)1DTI)QQ'%J26NJE)>9M<23&ZR45+NIIM?R?Z1?C
M[JW.("+?AYN$>H_5]ZV%QM;CT^43@ENMV)!^8`[NOT9'6Q;'^5O6%\%.:_\`
MZJ/>]M_LY?''^D>J;<O($XC[OP]NY`$?J#([=T:VZ`'M\T&%VENPP_(!>\!\
M.HAX]*ULG3B^EO5'\W'RG^&J/S#O+O[-_''\9^0VSR74$`1XE*H@8P=!D-[:
M\0["_P!X508-)7H;P\`)W]?#J(>/1]C]+I>UO";]&+<_PN/S#O+_`.S_`%D0
M=X7\J?B+;9YO<IM2<D^*3/4O'VA(L%=?6U%^99&`=?RDH&,C+D*!(W=)-AQ)
ME91PYCTFI8!1+W=8I3*%2S?>N.DO#39^A-IWCIC=Y9G4>0WWU;6G.ORY2JUY
ML;N9:5J,W+O4^:+>C9%QK\RS*LKNKY:5V/\`\_RM>WT'8?.+&1&`,`8!$TG!
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MY`ZLN&I[=Q]UC`Q-OCQ;?J*@TFJTRZ5N21.#B+L-7L<+#(.XN8AWY"+HB/F-
MU!)Y:Z2J)CIFS>P>)G7'3N[4[QA[CE674RUY+K;+:IQ?"4+(2DU*,EJGV-=L
M6I)-6K</&NK=<H12?F237J9[^D?AY<--!ZOINJ*;QZU7*0M-BDX]&<NU$J=Q
MN,\\,<SB2GK+9IR&=2,K-3$@JHX74$Q$BG4$B*:212)EM[]XD=;=0[M?N^=N
M67"^^>KC5;977!=D80A&2C&,5HDNW1:MMZM^U8>-56JXPCHO.DW\+-YLN/NA
M(SM].TAJ&/[?L^Y:UIC3M]OV?(A4^GMS`3ZCZAM_B9^;+UWVO\,BZJ:EV1C\
M2,T946D1G3TVG56/Z>SW*O1#3I]KV>0S3Z?:'^T<@V;AGV_Q;[I>N<G^%E2A
M%=B1DR:**)>U%)-(O^JF0J9?E'V%``]HY%<G)ZR;;*C5EBT7IVW;4H>[[-K6
MGSFW=814_!Z_V))0K1S:JG$V<J99QC#RAR"NW0>E3$`Z]12\U7RQ)YRO?EL;
M?][P]IR-AQ<JZO9LN<)W4QDU79*'T7*/8VOET6NO*M+;JKE8K913LCV/RK4V
MOF(+@P!@#`*:222"94D$DT4B`($32(5-,@"(B(%(0`*4!$>O@&>MN3UDVV"I
MG@&`,`U-LW0^FMSR6NYC:^LZ;L&4U+<$+]K9_:H1G+.:9<&S=1JC.P:KE,QF
MKHJ9P$0\4S*))*"45$4C$S&U=0;WL=633M&5?C59E+IO5<G%6UMZN$M.U?+H
MVM=)-.W.JNQIV13<7JM?(S;.8<N#`&`,`III)(]X)))I`HH=50$R%)WJJ#U4
M5/V@'<H<?$3#XB/MSUMOM;8*F>`8`P"FJDDL04UDTU4Q$IA(J0JA!,0Y5"&$
MI@$HB0Y0,`_((`.>IN+UBVF"IG@&`,`8`P!@#`+1ZXP$3@0'ZH)JK(F.A$2Z
MZ0J-U3H+%(LBQ.DH!%4S%ZE$0ZA[<`\^M,ONI3\#F_R_`'K3+[J4_`YO\OP!
MZTR^ZE/P.;_+\`IJ6".1`@JA)$!15)`@F@YL.Y58P$23#_E_VCG'H&`5/6F7
MW4I^!S?Y?@#UIE]U*?@<W^7X`]:9?=2GX'-_E^`/6F7W4I^!S?Y?@%,D_'*B
MJ5,LD<R"ODK`$'-B*:OEIK=AO^7^!O*6*;]A@P"IZTR^ZE/P.;_+\`>M,ONI
M3\#F_P`OP!ZTR^ZE/P.;_+\`IK6".;I*+K!))I)%$ZBAH.;`I"A[1$?3_9XX
M!4]:9_=2GX'-_E^`/6F7W4I^!S?Y?@#UIE]U*?@<W^7X`]:9?=2GX'-_E^`4
MRV".,JH@4)(542)**)A!S?<0BPJ@D8P>G^Q043=/X1P"IZTR^ZE/P.;_`"_`
M'K3+[J4_`YO\OP!ZTR^ZE/P.;_+\`\&G&)2F,9.4`I2F,81@YOH!2@(F$?\`
ME_R`&`?E.>CUDTU4BR9TU4R*IG+!S8E.FH4#D,`^G^PQ1`<`_?K3+[J4_`YO
M\OP!ZTR^ZE/P.;_+\`>M,ONI3\#F_P`OP"F-@C@6*W$LD"QTCK%3]#F^XR21
MTTU%`#T_Q*0ZQ0'Z3!@%3UIE]U*?@<W^7X`]:9?=2GX'-_E^`/6F7W4I^!S?
MY?@#UIG]U*?@<W^7X!21L$:X3!5$))1,PG*!RP<V("9-0R2@?_7^TJA!`?I#
M`*OK3+[J4_`YO\OP!ZTR^ZE/P.;_`"_`'K3+[J4_`YO\OP`$VP%0B0@_(=0J
MPI%5B99'S101.X4(D*K(@*K`BF8P$+U.;IX`(X!<DD4D">6B0J9.]53M*'0.
M]90ZRINGSG54$P_2.`>5%$T4U%EE")))$,HJJH8I$TTR%$QU%#F$"D(0H"(B
M(@``&`:_A=O:GLDLV@:[L_7D_./?,]SAH6ZUJ5EG?DH'=*^[1S&37>+^4U3,
MH;M(/:F43#X`(X!L/`*2J*2X$!5,J@)JIK$`P=>U5(P'24#YC$.`"'TX!5P#
M3FU.0FD='OZ;&;>VC3==/=@R:T13T;9,MHD)EVV6CFKHZ:K@Q46D>T>S+)NJ
M[<&2:).7S9$Z@*N$2*`9[5[E5;JA,N:I/1T^A7K-/TV;5C5RN"1EJJT@K%6*
M!=B7_=2,/(HF173]I%"B&`9-@%--%)(RIDR%(9=3SEA*'05%?+31[S?.;RDB
ME_84,`J8!%4_.'B*79;+3J7(36;W9CVX+4'](1=@1EY*-N"+]*'3@;">+(\9
MU=V_L"P13,9)5JF^F`-'MS*O2&0`"56`4UD4G"1T5R%524*)5$SAU*<H^T!#
MY0P"I@&!;!VKJ_4L8QF]J[(H6LX:4DB0T9+[!N%>ID9(S"C1T_)%,7]CD8UJ
M[DCL6*ZP()G,J*2)S]O:0P@!:=2;QTWONNO+=I+:5!VS6(Z;E:W(3VO;7"VR
M+83\*[592<0]=PKQXDU?M5TA'RSB4QTS%4+W)G(8P&T\`IE12*JHN5,H+*D2
M344`/K'(B*ADBF'Y03%8W3^(<`J8!#S9O.OCUJN5DX2:DK[89.MV"X0MW:Z^
MU1L>_GUZPUY"46PW^Z7D:M6I(M?H-.B=EP2CV74$S7ND`(D*ITG!4@)>-735
M\U;/F+EN\9/&Z+IF\:K)N&KIJX3*LW<MG")CI+MUTC@8ARB)3%$!`1`<`K&*
M4Y3$,`&*8HE,4?$!*8.@@/T"`X!^4TR(III)%`B:1"IID*'0I"$*!2%*'R`4
MH=`P"Q6.UUJH-8][:)V+@&DM8*_5(QS+/$62+^RVR7:0%9@FJBYR%6E)Z;?H
M-&J)>IUEU2D*`F$`P#5.EN3>A.1*EI2TIL^N;#4I;IHWL)80[THMD)%600B9
MIC[^T9A.56<6B79(^88^\Q4@9HL#=PJ*2G:!O;`*8HI"L5<2%%8B:B)%.GUR
MI*F3.H0!_P!4YT2B/TE#`*F`:#VURCX_Z,;RJ^T]I5NK+0K^JQ<A$B9],V1.
M1N[2R2%49(5:O,Y:R/G,Y%TV8>(D0:*#[E%/'!NB#9=0@&XJW8X"X5Z"MM4F
MHRQU>SQ$;8*[8(1ZWDH><@YAFC(14O%2+115J^CI%BX(LBLF8Q%$S@8HB`X!
M>L`I(HI-TP213*DF!CF`A`Z%`RAS*'$`^<RAQ$?I'`++:;36Z/6YVXW"<BZS
M5:Q%/9RQ6&;>(Q\1"P\:W.ZD).3?.3IMVC)FV3,=10Y@*0H"(CTP#4],Y.:#
MV'M2Y:2I6T*W8=I4$TJ2T5)D=X#IHM7WS*+L[=@^<-$8BP.JC*R3=I,I1SAT
MI#/'"2#TJ"JA""!O?`*9T4E#HJ'(4QT#F41,(=13.9,Z)C%^8124,7]@C@%3
M`+7..Q80LP_+%O)P647(.PA(])!=_,"V:++!%L472J#59Y("3R4BJ'(F8YP`
MQ@#J.`<+.#^Q=/0^S]+TW6O&7AA7/U>_N+PE.T,A;);D7Q5+.PUQO,PKMDUM
MU%635JNQTXLK6GZ"CJOEBGTBWCX]NZ0*FW`#O/@#`&`<M.?EMKU'V?IN5DXC
M5D(>Q:RWG1+#LGD7;+37>.4M0+*6B-[)I+8,-7JA:(NZS-V."4K&LI5S"IHH
MPCM1!=T!G3-0#9WPTJ]6J[Q>9(5.NV2`AY+9VW9I%:=O5OV9&6<TG?YI8+?K
MZ][!@*Q?++JVP(`16NKR[,KP(ORB><\2*D\<`3]P!@#`/GHB=A4X]ZB=3M=<
MZU:0*O+2):.>-C/:&SS\S/3:_P`D)JVPR]@A5M8&C'.C*?=[`YV&G5#2:=69
M0AS'2G#LS"DN!]"^`,`8!S_^(M/U".T_4*_>M::VNM=N.S(>*-=-RR5HKFK]
M(2T9!6*QP6TYZYT:OV"YTF>:2L.G&0,G'C%'1F))`HR;(3E%4#'OAB2\<71E
MEH4*RA9J%UWLBTM66YJ?/OK?1=Y/+R]4V?8+A7;;)4/73B==Q%CN;N)D!19.
MV;=RR\E-^Y4(L5$#I#@#`&`?/MR>J)%.17*EU$:?BHG:-JJ#VL1NL*SQ8Y8;
M1D>7>K[)6=:N'#N[[TTEMRH:IUS$;,NM&;55^[E8UJK#-(,OJKA\P.=N<#OO
M#%5+#Q)5HM"#6+&L2JPK55!=M#J@U2!2+;KM4T6RR$>;JD0Z9"$,4@"4`#H&
M`7+`&`0J^(*2N#Q@M2]GILM<8]A;=72+92*NUYUNG19ACLFK.(?:T[>]:1LW
M>ZM5=6R)$YV4=QS!\<C%BH"J/NXK'(!%WX;SRN/+S<HJ)7K&R4]9:"T3J*I;
MIU9M.][4U.TU[25[A'P>IDI*[5*ME8[*C#)A+3:S5[-N)))XU5>*,@3:-S@=
M=\`8`P#AYS7DJG3N9D=?F,C2-(['J^K868B]G[DWUN36E0VRYE*YN;7#:)U]
M1ZC2[KKZR6W5U<O4IYDDNFO,,7<TS$8QR@1`ZH'3OB.UAV7%_0#6OT*RZOAD
MM244&&O[D^D92V55$U?9'&*L<K,-6$U+32:AC&<.WK9J]<JF%5P@@L<Z1`)$
M8`P#0W*5G!O^->^V5FUY/;:KSK4.PD9K6-6?2T98[]&*5:3*\J<')5_K8(Z4
MFT.J"*\>51^B<X';IJ+`0A@.4_`R5K#K?&LJC'3-/W0RIE&Y!6VMVG5&_-P;
MIC]+3VX+Y!7R]FW.KLW7]95<VK8,K,N&D)(/7Z4HBB@\;IQ"::KQRD!W1P!@
M#`&`<,Z/=HQYS^<T?]?6IS2JWRONEPAK:OK650LE@VQL75&X*5*:8?;-4W4^
M0>:=K0Z8F8Y!,U%9)"XK$8T(IT03E70'<S`&`,`@/\2"WM:!QS0O(V&<B9RD
M[0UQ>*?`Q%9<7-EL*TT6:&Z,:/::LA>=9%F*JZ:0#A^Z*K8(M)N:.3<&,X\D
M&;D#).`[ALXT._-^H7\W.!N#=:MRC7%;=TZ&I5T?;)L,I8:52ZN]MU_5AJ+#
M.WW?%)A-R15&JX*@9#S/=&X$U,`8`P#AIR6NT9'\X)NC?KZU-JG.W/B?=-F6
M)+6LK/S.I;'K/8>K82G4G6-_2W55D:W"VUSNZ$5GR%ILXBU96Z34,L\%TJUC
MP.Y>`,`8!%KFPE"N.*>\6D_;+'2HV0I3B,]=J<:YF9TTA)OF+"&@6L*TFJTX
MFT+=,.4(ERR"4B@=M7RB)GS(IQ=)`1\^'!>UMF0&[=@3TLY1OE]O%#O5NH+*
MC.M>4ND)6C2^O7=87J=>7V;MY%1Q:8!))S,.T9H"+RR:Q?=4O+\]V!THP!@#
M`.&WQ4HG:379-/V#K35*LHM6-03D7(;'A(OF)8['*IRUD548:T3A^)&\]-O4
MVB-T0KYA"82F3&3G5G[9)%K$29S@=M8-1PM"Q"KQHX8.U8N/4=,79RJ.F3@[
M1(R[1RH1R\(HX;*")#F!94!,41`YOM"!=,`8!B-_;2KVAW9G!2SZ`FW=1LC:
M&G8QJL^DH657AGJ4=+1[%NPE7#Q]&NSD6223:N3J*$`I4E!$""!S%^&?.223
MZ]T.Y1EFB]CUW7NK9.R+7&^?$)L,Q:B2"MJBUKFUK/.C6.O&\#&SD]"/3&/6
M5)`WG]Z+XY!2;BH!UHP!@#`.6?Q-)5>,)QQ36L#%W!2VQYJ!D]1.[IR1HRFR
M):R13&L4>9++\7*;<K^DWH=XG(\3'D4D8!):31%4X2`QAR`24X+RVTYOBSI^
M0VW;:1L.?5I=:")V/1K3=K8VV%6BUZ)],M]A>;#I%#MT=;I185O?V;YJN\04
M('O3A5T9<"@2XP!@#`.&7"N\1<_RQ95S^HEKDZS1)'E=7=23[_6<E69[>);K
M<*5MNVNMIWE?<UX+;V<`G8RNH`RU8K9W9FRSD","E38N@.YN`,`8!C-TGUZI
M3K9:6T:M-.:W69V?;P[<YDW$LO#Q;J12C4#D27,19\HV!(H@0X@8X?5'V8!\
M\W%':FG[/RPXQ\@V6TN-.^.2_*4#5_=-9J'&NMTG8NE49?1MVOPR]-V-$D&[
M(Q]#>UI*I2QK4YEWTBRD^T730Y0;*`?1_@#`&`<D?B5[(HTC8]<<7=T[2UKI
M'0^VM<[*O-]N>RM35K;K:Y2U!M&LHFJZP@HB^1\Q0X5TNI<',TZ>.H]^_P"R
M*2*R!L;S7*8&^/AK6RO6?BK`1]1C-=M:EK^_[<UA5IW4U''6VNM@UVB;)LL)
M#[+K-(]X?)P(7QBB21?$2<ND%I19RLDJ9-0@`!/;`&`,`^9EYO/4VQN0.L^5
M%VO_`!ONG*&$Y,PFFJYQ:FN-U=?['HVNG/),NG&#2"VLHV#:26U*17EPN199
MVY6A$G+=4&\8U;J$<I@?3-@#`&`<[/B,;@:Z]HNK->6&]4G4VN>0.PIS6&T]
ML;"U]';0KE2HK?5E_N;^(+3;`DXIS^8V!(5EM!MU9M![&H)O53&9NE?)2$#`
M?A52FKX[7V\-2:65U19M6ZAV\QBJAM73VKXW4M?V:TMFLJ);W;RQUN"(6NO[
MW4'\HI"/I"/!!JY:L6A2MFIDSHE`ZHX`P!@'SC<SN+ECV)RJVI;M5_#GL55L
MTA,UAQ8.7SFN\?>1\#O`656@V@N6O%K:&TZY4%BQ+-$L.:5F'D%+@9F)R(K(
ME1.<#Z+F!!38LDQ3\H2-&Y!2\E)OY0E1(44_=T#JH(=G3IV$,8I>G0!$`ZX!
M[>`,`USMB#V+9:%.P>JK=5*-=9))NUC[-=*A8+S`,&:CI$LP5>O5;8.KIY9V
M[B162;+MIQFHT<'(O_,\ORS`0/X6:/VGI#>^\:_L.*1O[-+76J4(GD>N7?35
M68>+2][DI#4%=2Y!\E^3-@EZ[5&KUM+.7T2]A8XLE*J-UF[IRB*R0'3;`&`,
M`X8?$@LA]N[C:<:+17:_36U;9:RV5KG=,P?=];D-;UV/#8>Q^0/(B1V!J/9V
MHRIZQU%6M21<,>O*33,7UNFHEP[<)D3CT7`'3KAK(*2W$[CC)*Z[9ZF,^TQK
MQR&N(]I,1["HIJUF.,E%,H^Q&/9&#4J0@HFA)F/)HE.!'9C.2JF$"2N`,`T-
MREVM.Z+XW;UW)5X9K8+)K'55XNT!#OV\B[CGTQ7J^^D8U.3:1`EEG461V@0[
ME)J8KA1`IRIF*<0,`'(WA#/:(K?-TG])=K\>^3MVY$ZVVK;-S[/UOQVIFH]@
MTFV5"5UY)B_6LM&;(MWU!V4YG5R+Q\L#J65D8YJX4DWADU@P#O7@#`&`,`8`
MP!@#`&`,`8`P!@#`&`,`8`P!@#`&`,`8`P!@#`&`,`8`P!@`0`0Z"'4!]H#X
MA@#`&`,`8`P!@#`&`,`8`P!@#`&`,`8!Z,BZ<,VIUVL:ZEEBF(!63)5@BX4`
MQP*8Q5))XQ:`5,H]P]5`$0#P`1\,D8U-5]RKNMA36T_:DIM+X(1G+CV<(^O0
ML9%ME-3LJKG;/A[,7%-_#.48\/7ZB/>[=LWBA59A+P51<1SMQ.MH]1:?+$2S
M,S=5D_7,FFW@+$N[(X,HV*(',`)@4!`1ZB&=*Z"Z-V#J+=[,+<,V-M,<>4TJ
M>\KEJI06K=U*BXZ2>J3YM=/(F<_ZUZKWO8MKKR\#$E7;*]0;M5<XZ.,GHE5:
MY:ZI<7PT3\NAD&JMD6^WT2%L,O3)%[(/C2(+N8=2`CHY0&TF[:I>0TF+(C(I
M=J2(%-YA0[C@(E^J(9CNL.E]DV3J&_;<+.JKQJU#2-JNG-<U<9/65=#@^+;6
MCX+1/CJ3^ENH]VW?8J=PR\.R>1-SU=?=0@^6<HK2-ERFN"6NJ[=6N!$[FGM<
MNI]I\`]H7$+U4M;0/(?:2&SG,+`VJX-8V)E^)?(:%K!K?&:S9VLZT,]NSR-(
MW.NFHW3?J-Q$2*]G31<FJJBYUTVPNK6GMQ4TGP\TXPEP[.,5Z-4;ECVV75*R
MVN=4WK[,G%M?#"4H\>W@_60YVMS:Y@KW'8\[QY;62^SHVBTAIKC<[T%/DJML
MXV$XL/MD5'DHI?WM;A;6\L#W<9$V(1PS#1LZ6Z5DL:G,*E?!8+QBF_.:/)2E
MZA2'1&Y]S;GEW3;>TY3MO2W$V/UY'6VRZ\T_KFR5;4JAR:FO`7:1F;_9Y!&/
MC(&BQ4C-@T?17K3%U`/7[X#I%\/M_>YG7>Z)_83"QQ<O9>4&YK*P86)O--!:
MP<\]AY2/;P+>=$SI*L-S.E$V12&,B5,O0HB(".`3RP!@#`&`,`8!BEUL$W6*
M^YEZ]1K%L6406:)HU6K2%0C)AXFX<)HK.$'EYLU1KI$F*1Q54!5\F<Q"B"93
MGZ%&9@X]&5D*G)R*L:IIZV6*R45HM4FJH63X]BTBUKVM+B4R;BM4G)^9:?.T
MCFYSJYQ<EN-G%S:.XM<<)-K2MMJD8@HQ=6N<U!8ZC5T'2X-WESMD%JS;UKO<
MM7JPB;WAR@Q:%$Q`ZJKMD0473Z;T!T'TOU/U9B;+N>^XD,.Z;U5<,F%EC2U5
M=<\C'KJC.;X1<Y>J,I:1<+*RKZ:)60JES+SZ-+TO1M\#:W'KEAO_`&UH[5FR
M[?P8WC4;/=J7#6"<KR5LT*Q;1[]\AWJ&8LKKN*J6]I&OB@#ELE)QK)\D@L0B
MR0'`1'$=2=(=.[/OV7M>%O\`@78E%\H0GW>6VTGY75C65N2^C)PG*#:;B]"Y
M3D7651G*J2DUYX_.T_C1';X@$K3K:[X'S7)C6VQJCH\>1>R1W'37K:=M_IK-
M+C3OAG0'-W+QXF;TV6AWE^]*59B+M9N1XHW!8$UNA0TC-QZ,7)E3CWUY-2TT
ML@K(Q>JU>BMA7/@^#U@N*X:KB28MR6K33\ST^9M$5N(^ZR\>^3[AWN*4WS4N
M.]UU%LBO<3T]FTG?UDDC:U3Y;7576T384IJMSMI@Y(E9DO.A"68K::0IBT6F
MY[2)`4D0J,:X9Q,*C?.,O]((+=4;RX:<M.2BG,B5DX/?D94%>/BMOY)'?-]P
K2=P:-M43*+UVI3_T@1)1>1"0!HK&]&:;XP`?2?@#`&`,`8`P!@#`&`?_V3\_
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>5
<FILENAME>g7960432.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 g7960432.jpg
M_]C_X``02D9)1@`!`@``9`!D``#_[``11'5C:WD``0`$````9```_^X`#D%D
M;V)E`&3``````?_;`(0``0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!
M`0$!`0$!`0$!`0$!`0("`@("`@("`@("`P,#`P,#`P,#`P$!`0$!`0$"`0$"
M`@(!`@(#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#
M`P,#`P,#`P,#_\``$0@`U`%)`P$1``(1`0,1`?_$`.8``0`"`P$!`0$!`0``
M```````)"@<("P8$!0,"`0$!``,!`0$!`0$```````````8'"`4)!`,"`1``
M``8"`0`%!P8("0D&!`<``@,$!08'``$($1(3%0D4%A>W.'@*(7:V=Q@Y<2(C
M)+0UM38QL7(S<[,E-[A!4I+2-";7F!FR='576!I1,F)#E6;6)Y=(V!$``0,"
M`04*"@0)"@4#!0````$"`P0%$1*S!C8'(3&Q<A-S-'4W"$%QP3*R,Q1TM#51
M(H(5@9'10X/#A,078:%28M)3D]-4%D*2E%48X:(CXF-$U"7_V@`,`P$``A$#
M$0`_`+_&`0\P6<7U97,[D4P+I;S3#756\FX_!HX?5A/$5%QICL2;Z*I>PUD>
ML04Z:C[_`%QCA()2OVZ&M92DSR=>0!*:#8!;*VYI#H_LZT5V%Z,7&GHM`_\`
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MD7*Q1&N1,BP+Q#KNG<H@]2I^.32T6U:;O&38*YRAQN^!5`5&G*`6;8\N2O,F
MLCC]#9>Z3*#-E8&(]D,S*X-[F8[HE12HDD*LM/&-(^[/H#H]:+AIG)I1-/H9
M:()TJXX&6JKN2SLK*"BIG104-XJ::.FJY*]LN74U4,T"4T\+XGO6%TG[0WFJ
MED93I"B5$BIDJJO:S!6N<N*NC:JN:C</JM5%Q1<43'!#N2%].7"+B':LCDNF
MVU+)Y:4;6]DJ$I,<=R#8Y*^6_HVE\1(5)V)$TJT7FGH;8!P3(TJ@PH&E`.R.
M%UM?[?-EVSJEV^Z:Z'VNEY71"UZ&76NH6N6>-4GI]'/;J:I5JRND:_VC"=87
MR2,:Y5B=EL3!4=;5NM=-4/=A4/J&-=O+N+-DJF]AO;F*(GT[YE?DIRQF]*\B
M(Y6D*B6YR\S>+T>Q1]AD<W11"OT3]<%W2&N=2AV/05Y*):6HCB1L\I4=BI.*
M5I0:(*2E'[\H%#=EFQNP:>;,JK2J_5OW?0V^KNLLTT%*ZIK'PVVU0UOL\:/K
M:>F5L[I,AF4QKHY%61\SX_\`XT^BNN$M+6-@B;EN>UB(BNP;B]ZMQ7ZJKN88
M[^ZFYACNFNCAXJ=A)'>10]#QS'))W3"&<KKX9H<9<TY;UI\)O"U*7*9J<=X-
M1DE3JG&4`I]U>49TO\UT9?:)D`S1"&H5I+/INZ!HU-14M[J-)TI='K[)2,M$
MM2ELI'M2JM5ONBRW..KNT#FLIUN5/32-MOM\KL):A&(C8H9OB6_S(YT:0Y4L
M2.Y1&Y;O->]F#%;&NZN0KDR\E-Y/I5-HZ`YG2:V>14\HV;URU54<TI;$=82S
M29=8#38\DCD"G+?%$$L;D,DK1AK*QHG,6-T3O.U\+E$A!'O*"$#F`M2;U@5'
MM(V%VG0W9C;MH%@NDUX9,^BCJI8&4<E%!/5TCZA].]\%=-745132QOIN1NE!
M1K69$E12.=$S!WWT=SDJ*U]+*Q(U3*5J+E(Y4:Y$Q3%J-<CD7*Q8YV3N([=)
M`LS:=@8`P!@#`&`,`8`P!@#`&`,`8`P!@#`&`,`8`P!@#`&`,`8`P!@#`&`,
M`8`P!@#`,4IB*;JI99#J%="8.LE\@9["M!6X/K<TC<'^3H&6MH_)I$)R7EA1
MCD"6&(VA$8+LBE1J'1)76-"+63&633G3""UT:QU]P@HJ:6CH&LB?)D0P/EKI
MH(<ABY20NJI:F5J93HVRJ]^#%0^=$IJ=7NQ:Q7*CG;J)NK@U%7'Z<E$3Z<,#
M![)QEX2)U#M!V:OZA4N4!7P:32"-A=$CL]1'<0K9;6,&W($2EV5NK/'4=5+U
MK,0@5Z`V*6A<L)&284K5:-G]?M7V^210W^NN5[92W&.K@AGY-T<53[37-KZO
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MSQ,1)%Q\*X)E+B[)15P;E+NNR43%=U3/>5T?6,`8`P!@#`&`,`8`P!@#`&`,
M`8`P!@#`&`,`8`P!@#`&`,`8`P!@#`&`,`8`P!@&BO&]A:Y;9_.(=BL;*^2Q
M-ROCA0TCXW(7+:.'0JG*4D=''HTJPL\!*)H\K,>&\X(`]@]*%AY>]*.N/-";
M4;C5V;1+9^W1BHGI[,_0Z9<J)[V95357.Z075'.:J*KI,E*:9JJN72L@C<BQ
MY+3E43&R3U7+(BR>T)OIC]5K&*S\6^G];%=\B!GU2SZ108$#B-33U9>U=CYS
MNW,1<WUM)VQRM"K[$O1%*38B7-3V)O;;=6WK%BDB^.MS>N<CE2!$,D("]D[)
MUM?1S3/1RV:0+I%>KS;F;/+FFBD>C3'UT$C*"OHK2ZG2I6E25[[:VTU"R15L
MTT4#8YI4>KG(]'D<FIYGQ<C'&]:MG+K-]545S728X96&#^43!6HBKBB8>#`R
MSILKDKDA);ZDE,2AZX&R*:7`WQ&,I^/\Y7,:JTY!QHX\0E1/4=.`A'G$C:YO
MJ*2V)HW,;.20K>C%!81[$Y%FJ(:M7I0_9=2[.K7?:2#O$TU!;7U,[KQ2,E;;
MX;Y>:I*-US6JY%TE+[1;KC+`E2Y\=*V)RHB4KF1_1DP^VNJWQ.6TN<_!.3=A
MEK%&W*R,G'!V#V(N&Z['^EN[7^'U'9Y`I\5`I8F/2/S/P&X*&7<A5G;.7-=[
M($-MQ/:=]'H0P'335;QEI1.IFQ",,3MB`0A##LL6Z=[R=ST=TBT<=I'9GM?;
MI]HVEB6I[4P9):7OMU1E1)N*E+[=/42T[<$:CYZE$1%1R)T+.R:&;D9//2D@
MR_Y)/KIN_P!;)1$7Q(2P9C@D`P!@#`&`,`8`P!@#`&`,`8`P!@#`&`,`8`P!
M@#`&`,`8`P!@#`&`,`8`P!@#`&`,`8`P#SZ.*1MODKY,4+(W(Y1)6QB9Y"^I
MDX"7!Z;8P:\'1Y*YGEZ#M8!F'(%OD^S.L(L*D8=;ZN^C.E/>+I4VJGL=142O
MM%)+++#$YRJR)\Z1I,Z-%\U94ABR\,$<K&JJ8[I_"1L1ZRHB)(Y$15\*HF.&
M/BQ7\9Z#.:?V,`\^SQ2.1]QDSNRLR!M=9F\$/\K<4Q`0+9`\I65JCB1P=%.^
MDU4>D86-&C*ZV^@M.G``.M!UT9TJZ\72Y4M)15\\DM'0P+#3L<OU88G2R3N9
M&W>:CII9)'8;KGO<Y<54_AL;&.<YJ(CG+BJ_2N")N_@1$_`>@SFG]C`&`,`8
M`P!@#`&`,`8`P!@#`&`,`8`P!@#`&`,`8`P!@#`&`,`8`P!@&+8Q=]/S6?3&
MK(C9<*DECU\$(IK"F:0MKA(HUKM$Y)VG1M3GC4$"1*%9)2H/1O:0X\HL[18S
M`!$!X4_E[Q=3QV>2TV_*K\VJPD;9$)^]%S%G.0Q>3/;V;&65E<CB5)G0N>)*
MF.;D@0=?RE>G.3E[$<2:``'IFGD313[,(;7S1;$%7SBPX>CG\(B9$A0=_P`G
MAS@@6.K>_M#6(T*M4B<&IM5*D_0'KG)4:@X`1%ISA``S-@#`&`8VM6X*RI"+
M:FML3-F@\:&YH61,XO!QNA+WIR[7:%H:D*4I2XN[HH*3FFZ3I233M$$FF[#H
MLHP00/.3[DA0U71B&36?6Q"(U$K$$CW!Y&M>TIK/)T:UJ[^+>&E<C$I(4QU.
MP_GZESZ=-Z-#^<'G%D_CX!^.Y\L.-C,]6;'G:ZH`W.]-M2IZLQ(L?4Z?430(
M#69,Y;6J3.JD4K&I;)&Q,L3)C#E*16YHR#BP'*TX#`,G5W9$&MF)-L[KB3-L
MMB;L8X)T;PUF&;*\M:'%4SO#8L3J"R%K:[LKNA/2+4:DHI4C5$F$G%@,`(.@
M/;8`P!@#`&`,`8`P!@#`&`,`8`P!@#`&`,`8`P!@#`&`,`8`P!@&BZ_D+:D<
MYI0BE'X-=.%/6PAL9LA;DP-$C$^1Z85Q"HS,#(Y*9^;(5,?7V+(TPW];J*%,
M*+R&.MA;AWJH-$8CV!J(Z>(3?[9;#O3R^&19DED[F[_"J\`]5-::!CIW3=S#
MJ?C'''Z=2]?)V^*W^WS6&6VCEZ;<55,9"562%G..Z5`5I0'^X1XB5TR:XH=7
MKK&(DT1J&2RO:WO6<HJ[E3Q#G^8V1R=OGC!&ET1D@+)2N-<,\DDE*DG-(!L\
MT")Q>@HG)2VHTW>YX$T&`,`CY:*-Y`(.7#MR!&R5.BCL<KZUZYC3(R6+.2D=
MC,]E6;7\X9'9SA;K!W2/TS-(ZDBZP4F=F=0[&SAPVBVI`F)2IPI`-.&;PX+E
M:%#RYN[3")ZP0<BIX)3=.O'(JU(8S)J]JZT[2L=K=F&SZLK""3FO'EBW.T);
M*B>=3Q0'2)20O=%8#$AZ4#+%5<(.1L4G%0CL2P(78;2SS6B+NL^V5T@E*JT5
M%B4M0;]2AD`9FUTCJCSJC4@$J0*=R5R>4KF:FVY^5HCE2WML`EUP!@#`,"<C
MH=8LZKDV.5NUPI[<'!<<AD+1,IQ8E5GKX@\1]^8'H$+MRJDSE.:MFY&W8HY*
M\(42PW2<M0E"$D2D*M.!'1=WA^7K9W'[CM2>Y-7#V=1%%O\`2??@)M8=1%R%
MRF5)L-8'6(K*K6)&+5$8@BYL5`,KE6>JB\Z:EH0/!B<:0@O`/^R7@MR@:+2G
MMI5-+ZD)>(^W7H]40QV%)Y8ZUHHMCD4]56Z36P9E7:>LURF'#:'2&.C_`.1$
MO4I0+Y$K3C0IV%'I2F.`D(XKU6^TU2[#"96UM*&8!>)=(YFXM<]=[.42^72Z
M4N\FDD\D$X>X!5ZQYD\T=G0UP7`+8V]$A./VD1E`1D$!"!L3@#`&`,`8`P!@
M#`&`,`8`P!@#`&`,`8`P!@#`&`,`T%K;EM8"A[Y716YJ_AD/E7'"OH];A#<R
M2N0MS.\0Z5M5C.J)K,E5F1.#MCP3'RZ^[%PE[6%1$A+5IJ4!X5#8N`$#4)M\
M3J]7VF$,];Z#)1/#-/W9);3TMK[D4HC%4U4W<?(;>_GO+X'NMFRXV$6U$W`Q
M)35C42C>P-2IV:Q*DAZ4D0&WU1\[H7=G+Z7<;J^%$)'#XE3RR;!LQHFS2Y*)
M-/6"9LD9FT5C\71#/6"C4-(DB$M0['#+[9U$I2%E=",PT8&_.`,`P:NXST`Y
M3N66>NJ.#J+!G4?<XO+9<)D3A>GQF>V1'&7HE6K+T`6ECS&FU*W*U8-`6*6]
M(0F,-$204``'YAG$WC4:.S3#:2KL9ER`T799@HZCV.5![X')-[5#ZO61C%*3
M!.XA)=D"$\BVX;WM9O9^`?W2<5N."%XK*0(J3KE(\TTUI66L'!/&6XE1#FQ`
MH5+6U*U[`4$(M-3DO4+$@CM&C2+E)RDD0#SC3!@9^P!@$4?C&\\K4\.WB>Q7
MK3D0KZ:S%\NVOZN"UV8"1FQE,URQOE+@X.0B8L[L;J:X)]1X`"=:4!+Z3-[%
MH71K63+0#1+_`'SI=1Z+<O[-[6YZ<KD<IDY$;Y/,RF8XY&'G)ACCX,#YZJ?V
M:!T^&5DX;F]X<"LQ_P"Z,Y__`/D1PZ__``F[/^)V:<_\17?]_;_T:_\`[!QO
MO[_[7_N_]"TIX2?-2R.?O#"+\C+8BL'ATW=;`M:&.3-787XN*Z3P"=.\7;EJ
M$J2NCR[E'+D*`!AX3%!@=&[%U>@/1K66--=&_P#:&EE?HQRWM'L-0L7*9.1E
MX-:[*R<IV3YV]E+XSMTTWM$#9L,,I,<"2_(P?L,`8`P"E+RZ^(MYVT?RQY-T
MA`JVXIJ(53%Z6)5L662R#VPZ29>RPM[-:$B]^7M-SL38I<U@2=F&;3HTQ6M[
MZ`@UT?+J#9UW=*;3S0^DTJDN\E*^I65.22F;(C>3E?'YZS-5<<G*\U,,</!B
M<6KNZTM0Z!(T=DX;N.&^F/T'N?#_`/B">;O)[FSQIXYVA7?%Y!`KGGKS$9(X
MP:%VDT2QN3(JWG<Q2JV5>^W!)6@H_O*+$%CT>B/"(DP>M:"+JBU\6U'N_P!/
MLYT2?I/%=9*QS*B*+DUIVQHO*JJ964DK_-PWLG=^E#^J*ZK5S\BK$;N*N...
M]^`N0YFP[`P!@#`&`,`8`P!@#`&`,`_%DCDXLT=?GAH8%\K=FIE=')KB[6J:
MT+G)'%"A/5(F!N6O:UM94:]X4E!3DFK%*=*689H1IA9>A"T!J+47*R37-2MO
MV!&JYA22?TU8TLJ^111SN4LFLU$B@Y$<<94J)N(%?&*DC&P-C\86K4J(T7L#
MBWJ22P&I>Q7'`:T-/BEDI6>D7NS*50U>DM2*5U83R4^7$T&.#97]V7T=15./
M]<-"Z&LKO;+@_=HBDSVVA3LRN.,#FDT;I0X'@0[`VAXS<N-<AG]Q95U<*Z]`
MYUI#;RK!4HE"*2F3>FI_))K&8S('E*C:FW4-ENU$+VI6,_:N1*9*Y(]@7'';
M4DI@-RL`_P`CWL(!["$0Q:`+80`V#0Q;UK>]!!LS82]"%OY-=;>@]/\`#\F`
M0I4N7;,0B7.A-74(Y3!8)U6$:#0+/-6:WHI9C5?RZK[=!.(TX/\`:3O8Q0["
M+DC(SJG2RV]65`'!>Z-R9"`9R(X]:!Y"F:BY"BXN`9BY'?P3X)SKXLS6(;8(
MS<-,D6-6A4OXQ%6LWN557*\3>](Y5,:7CERQ\0N#X)`^.:1P=/U0I+1%@9?X
MN1F_6KQ`+VDTQ2V>.$R<[D8G<4DACUHML9CS2@LZK"N/Z\ZPY0^K*AMQ/)H&
M@=E,60PQK:5D':U"YN?!N"PW2@($O^`,`U>BW#7C?"D$E:V.`*"VJ7-[='WY
ML=9Q8,@;5<):/.G;55Q*&02MS2M].-^YN[[*AJ<!46#MQ/WY!TCWG^*J)O@\
MHIX"<4%T;#%ET!?5R`;@Z+5[DNMRX5DN?T;W#FFO'B+2J=J)^9-997[I`&!"
MR*(XY+U3":U(R$PDFRB@!U_F6SZ4_&#.++0U,1RQP6]':RAK!9((<L@`9<QL
MB1I<MP]P=FY]6,8PMX$Z0U.>ZM*8W8Q%[._(A#H>@?BY_0,MX`P"O5\2I:5I
M5-P5JI[J6SK'JA^>.6U<1UTD-7SJ45[(ET?45G<[JI8U#_$'5G=QM*IQ:$IQ
MJ?MNR-,3E[$'?5UT6KL4L-GTFVDT%EOT#*FU2LG5\;E<B.R()'-Q5JM7<<B+
MN+X#X;C+)#1NDB7!Z8;OX4*3'VP>9'_K,YA?\TU\_P#Z_P`W?_`O9)_V.E_Y
MYO\`-(Q]YU_]Z[^;\A?1^'XL2P[1\,BKI9:$_G%FRTRSN0;4?+;%EK_.)6K;
M66ZYLV,Z);)).X.CTN(:VY.6G3Z./'V1)80!Z`AUK7GKM.M5OL>T*\6>TQ-@
MME-7/9%&W%48Q$;@U%<JKAN^%54EE$]\M)')(N+U;BJDU>04^D8!7(^*$^[K
M@7O>4O\`1VRLN/8!VN6?G)OAICGW7H$GB3A0H:9Z<D,.@E\-=]UM"_KUY)^M
M^29Y9;:NUB_>_KZ#";6[H,7%\JD^&5@?:,`8`P#E?^(G]X?SV]\&^/IHMSTT
M[O79%:N-4_%2D-NW3W_9]%#+/@^_>I<"_KKD7J+N+.-WF^RB;K"E]-Q^EFZ<
MG$<=.?/.0EPP!@#`&`,`8`P!@#`&`,`_`E<::YG%Y)#WO;CIFE3"[QQV$T.[
MI'W8+:]MZAM6C:WYC6-[VQN0$RD6R%B-00K2FZ":28`P(1:`UF:>&5:-\#LV
M`.$MMN4([K;YVWW'()-/5"^669Y^5Q'ZD.6R=Z3H40M+8O7D60-K+M$6C`@"
M1L[J#4&G&F`>ALKB?5%JRRL)/*/.D**J11W;)!VR0G(Z_=00Z1-,MB!;[&!D
M*"!!CTE8DBG6T(T(EY:<M*X;6(@!3:`_O1G%>K>/3M)WB!"E:I3(6MFBS:5*
MY,MDB:"U[&G>3O\`&:R@9:T.AL,%C[S-',],F$(]1^<A*,/,)3)"B`-D,`8!
M&KXA_BF\??#2#3^KRB%QS`^[#YV5$TM1QJ*2$Y&"NR(J>_J'X4JG$)(1DC\\
M484_8C4#,%VG2$&@ZWN5:(Z%:2:=7"2UZ,0)45L4*RN:LC(\&(YK57&1S47Z
MSD3!%QW=X_">IAIF(^9<&JN&\J[OX"-3?Q2O`G6M[]"/,[?1KIZ-5Q3_`$[_
M``?_`+\Y8:=W7:ZJX);(\?>:;_-/D^]J#^FO_*OY"??C_=42Y(4=4=_P%,^(
MH3<]=Q&S(HCDZ)*VR)(P3-D1OS6F?$")>Z(T;L0D6A">64I4%@-UO03!ZZ!;
MI::)\$SX)4PEC>YKDW\'-545,?#@J*=%%14Q3>4R]GYG^C`*@/Q9!85+!P%1
MG]<Q(9-.0YYB;MC@$&G$1&N0D&FE%F``880$\>@;%K>P]<71_#O-$=V>TVJ\
M:?5%+=Z:GJJ9+7*Y&31LD:CDEA1'(UZ*B.1%5$7#'!5^DY-YD?'2HZ-RM7+3
M>7#P*4Z`,;1L8-;0E;UL0=;UUSOEUO>NG_[N;LCT#T'Y1N-FM6^G_P")!_ED
M86JJ</6/_P"9?RG3I\&XTT[PKN`YAQIIQF^,E8ZV8>:8<:+0&(D`-"--$,P?
M5`'6M=.]_)K/*&_QLBOU?%$B-B;6SHB(F"(B2O1$1$W$1$W$1-Q$)S$JK$U5
MW\E.`DLSDGZ#`*V'Q27L!4Q[Y]9>J.^,NSN[]KMLXE3\-*<Z[=`?XTX4*)F>
MF!#3H3_#??=4U9];W)?U\3S/*W;'VJ7_`*Q?P-)O;^@Q<1"=O*U/L&`5R/BA
M/NZX%[WE+_1VRLN/8!VN6?G)OAICGW7H$GB3A0H:9Z<D,.@E\-=]UM"_KUY)
M^M^29Y9;:NUB_>_KZ#";6[H,7%\JD^&5@?:,`8`P#E?^(G]X?SV]\&^/IHMS
MTT[O79%:N-4_%2D-NW3W_9]%#+/@^_>I<"_KKD7J+N+.-WF^RB;K"E]-Q^EF
MZ<G$<=.?/.0EPP!@#`&`,`8!XNP["B55PU[GTY<S6F+Q\I*8X*TS8[/BX9K@
MO2-+8WMC&P(7-]>WAW=EY"1&B1)E"M6J/+*)+&8,(=@8V5\G:51U0S72.4.1
M\'D3]J(,)2"%SERF[S-]21PAZB`-M7H(VILI78#=*6A8@6,8&G;HB4HE(3R"
M_)SM@`_*:N6]"ODH98DSRQ\<E[S7+#;1CLCK>SCH3&*^D[3(7Q@D%B6*&'>8
M%7]YM<4<#0)9&YM:W7DVPB)",0`B`]M3MYUK?+"X22LW=W=&ML7I4"S3]#IG
M!7(&W)E:Y(S.!3).X_&WI2QR".O21>W.!2<:%>D4!,(-,#T]`&7,`8!1U^)D
MMVX(5SOI2.06X[CK^/#XCL3V<PUY;5C5^RJ7I9<EJ(%3NL:X9)V)"M=#T+:G
M)$H.+&;V1(`=;JAUK-4]VG0O1/2]MX72>@IZU:?V;D^515R,OE\K#!4\[);C
MXD.'>*F>GY/D7*W'''#\!7&DW(WDJBC<B6I>3W*$A4C8GA6E/!R6O;KDJ4S<
MI/(.!TV%O77*-!H6NG6]=.LTA?\`8]LOIK#7U-/8Z%E1%0U#V.1KL6N;"]S7
M)]??1414\1R(KA6NE:U978*Y.$ZR=>J%"N`P=6J.-4JE4/C2A2H/,$:>H4',
MJ(PXXXT>Q#,--,%L0A;WO>][Z=YYAL558BKOX(3-=\]AG]@8!3L^+`_6/A]_
MAY5?HG'_`#4'=1U\K^J79^$XM\Z*WG/(I4/W_!O\&;^9YZ>-"+'3^\)[[LC@
M+[I%#>KE@SQPNOS:K]ZFSCBP6>8WBIP$@N?`?T,`J"_%@_JC@%\[^1GT3K3-
M,=U;M%J>J9L[`<:^=$3G$X%*?1?\X#^6'^/6>@\?K&\9.$BJ[QTT/!J^ZLX#
M>[+6?[%+SQYTCUBN'O\`49YY/X?4LXJ<"$E^<8_08!6P^*2]@*F/?/K+U1WQ
MEV=W?M=MG$J?AI3G7;H#_&G"A1,STP(:="?X;[[JFK/K>Y+^OB>9Y6[8^U2_
M]8OX&DWM_08N(A.WE:GV#`*Y'Q0GW=<"][RE_H[967'L`[7+/SDWPTQS[KT"
M3Q)PH4-,].2&'02^&N^ZVA?UZ\D_6_),\LMM7:Q?O?U]!A-K=T&+B^52?#*P
M/M&`,`8!RO\`Q$_O#^>WO@WQ]-%N>FG=Z[(K5QJGXJ4AMVZ>_P"SZ*&6?!]^
M]2X%_77(O47<6<;O-]E$W6%+Z;C]+-TY.(XZ73#/X)*6=VD,8FT1D;`P+G9K
M?7QADC,[L[*YL.NE];G9S;UJA$VKF77^UDG#`8F_^YH.><A+CS39>5*/33'W
MYFN"K79CEDCU#HJ]-E@1->TR:7;UO>HM'W%*[FHWF1[UK_84PS%7_P!&`9"`
M[-1CJH8BW-O,>T;>C=5;.!:F$ZI6MQ4+DC>Y*&\)FU9#>N5MBDHDX0-%FF)S
M0AWO98]:`P._\E8?&;WA]!/$6L9(]3L\;5&9P;&"B:Y=927#I18)L2;G=2Z$
M/KPXHX;$%JQ8M0MJID;A]BD6+DZU2G3&`8>??$(HV/S;D-#%+?,UNN,R,&K%
MD#1J!NB13)5*:!C;(/&(FDGH[2=I&\.ECM;8E.,CR9H,<C!D;7!V#>\`_@J\
M0VDV\QL2.<;M-O=4SR],UK-!T;8E*WC[MAL.-U8N<[B.;I6N;$K..92Q"60>
MP*)!I2@&:Y%:$VIE*LD#?#`,?VFT3Y^@4A:JPD,=B\Z4DHQ,3M+6-=(XR(29
MR1*G%I>VQK=V)U[OD320>WF*4BHI4ATJ\I)T,PD)8@(V''P[YFKXWU!11LEJ
MM[14S;[I?L<BLB8YRLK9;)'Z:6HY+J<>$VY,=*7>FFB"6NJ:D9R]6N=%"Y&2
MK6`/3B&@P#R+EX6<CD8H.P22SH*:W-E4,,!G%W,4#?&?E-)"FNE+&IQT@PK+
M42]U+=ZH>B[!\M+2.@52M*E;P)#1+5`RG-(!M[PEXO2OB_$9FQ2B4Q=TW)G>
M*J6Z+U\W2=HK^.%1.!1R$+7YL;)=(9,[$2JRE["-\?QZ4]B8X*OE\H4:4+U@
M&[&`,`H:_%$_>$4E[F<9]=]PYM'NC>9?OV3]X([?OS7VO(5I9A^Z,K^;+_\`
MLE7FL=)=6KEU=4YB0X4/KF<=O"AU[JU_NY@'S)BO["09X]1^K;Q4X"?KOGML
M_L#`*=GQ8'ZQ\/O\/*K]$X_YJ#NHZ^5_5+L_"<6^=%;SGD4J'[_@W^#-_,\]
M/&A%CI_>$]]V1P%]TBAO5RP9XX77YM5^]39QQ8+/,;Q4X"07/@/Z&`5!?BP?
MU1P"^=_(SZ)UIFF.ZMVBU/5,V=@.-?.B)SB<"E/HO^<!_+#_`!ZST'C]8WC)
MPD57>.FAX-7W5G`;W9:S_8I>>/.D>L5P]_J,\\G\/J6<5.!"2_.,?H,`K8?%
M)>P%3'OGUEZH[XR[.[OVNVSB5/PTISKMT!_C3A0HF9Z8$-.A/\-]]U35GUO<
ME_7Q/,\K=L?:I?\`K%_`TF]OZ#%Q$)V\K4^P8!7(^*$^[K@7O>4O]';*RX]@
M':Y9^<F^&F.?=>@2>).%"AIGIR0PN-_#O7G.(+2O'ZM5MAL+I4%I6GSH;W&.
MF-<,)(K:7UP\-UA-;2I=F]^/L<F4.[$)[?'%>\(B(L0RJ&Y*4(IP-($M\LMM
M7:Q?O?U]!A-K=T&+B^520R*\]K4>S;^=[1N5NX[Q8K=KN</<'VO*[FX:ZB]*
M\P4?')X;HVU1V3K9L?:TW:G%`W,33*6ES%()2[DJ6Y($A*<QJ*P/M/2LW*KE
M8Q6)QB]+\R8&J&N[72++9<+@[E0ZJV7F8<A+_LVLJP66'72DR2O:%NU%&"/[
MD(X:XITJ-W$_B0#6IVH9)0$VV`,`Y7_B)_>'\]O?!OCZ:+<]-.[UV16KC5/Q
M4I#;MT]_V?10RIX0FC-^*5P4T464<:*XI4$HE0/9:<\T5"7,$LA28$I0(M,<
M/>@F"T69L(-[WH(MZZN^-WF^RB;K"D]-Q^EFZ<G$<78:VXRW:VUIS4C2OC^V
MPAAY.PF/5W&ZA9K3K6,%P0+)QWDU<2%LC$XKN&[8(U28S6QE8H<I&P.4P3C5
M*')W2:*ZB5)YR$N-9K'X&\K9Y#XDTHH4[M\58W6\&BIJ^?+#IA;-JSCD\4<:
M7")L7(*:`975HFE1*Y54TA<'8,/5*)X@;U#2B0NIF@J-)P-_N-O&+D)5O-7D
ME>]I2VM)U%KLK.&-1,IC<=DL;EACQ$K9N)XAD,5MCS.Y:B0QJM*MF*!L*VF*
M()7*-B5:T%48O&H`S)9'%-PLF_Z^NQRMQY3MU7.YDO@D,\S(@<XQ29&P600%
M<6P6.0D0S)%6\I0/H%S_`!L9IQ;NY(2-B5%).U1F@8EF'A]`L>6RN4V#<A\E
M"[0RV&*,MPJ=J9&6P2*[XE#HM8CM(C0L1Y-DQ8T,.+.;61X).VEVJ'I0L6F)
M6LYO`\,R>%C"(^SI6AGM%Y9B)@ND(^0Z=EB#&C;+E99%:K%;IS"V)%:UQ6UX
M6@>&'342K`J=%QK&M6!5'*'(TMT)`E5P!@%-;Q;?&CY^<3.?]R\=Z'EU0L%8
MP"-U(L9DDIJ$$Q?C5TSKQHE;TI6O9LM:>T`)Q<A!*+"0'190=:Z=[Z=YI38W
ML/L>TS1JHOESKJREGAK70(V)L2M5J11ORE5Z*N.+U3Z,$0X]PN4M',D;&M<B
MMQW<?I5/!XC1VJ_B%O%$?[9J"-R&?40XQZ5W#4<.D*!-0I3:I5L$RLF+15[(
M2N)<[/,0*QM;P;V1V@#V69U1=7?1T9,-.>[7HUHIH=<M):2YW"6IH:1TK6/9
M"C'*W#<<K6HY$W?!NGSTUXFGJ&0N8Q$<[#'=.@7F.R0#`&`4-?BB?O"*2]S.
M,^N^X<VCW1O,OW[)^\$=OWYK[7D*TLP_=&5_-E__`&2KS6.DNK5RZNJ<Q(<*
M'US..WA0Z]U:_P!W,`^9,5_82#/'J/U;>*G`3]=\]MG]@8!3L^+`_6/A]_AY
M5?HG'_-0=U'7ROZI=GX3BWSHK><\BE0_?\&_P9OYGGIXT(L=/[PGONR.`OND
M4-ZN6#/'"Z_-JOWJ;..+!9YC>*G`2"Y\!_0P"H+\6#^J.`7SOY&?1.M,TQW5
MNT6IZIFSL!QKYT1.<3@4I]%_S@/Y8?X]9Z#Q^L;QDX2*KO'1U\(R^*=B7A]^
M&]2\EL.-,MHS3BO5;C&86N6[*=G-(N9G<#4/7Y/:5&:_&1ES"VE'F%&N8VQ8
M%*$[:4_1?CQI%K%</?ZC//)_#ZEG%3@0D3>>3E"1VPY/5;[9\<:9S"8LKFTT
M:EPER=%#HL@CYDL6/,KD0T>HU'$Z:,%;<!!6K"#-(N@[J]GO0M\<_0_FU<H^
M/3S73?;*&W87JO72;,%:HI(N<]-1`[#E4G:H9&H,<B=2T3FCEK[)GU$D2MYQ
M!:HX:LD00;`8`6P(*_BDO8"ICWSZR]4=\9=G=W[7;9Q*GX:4YUVZ`_QIPH43
M,],"&E_[X?9?W5X.D<=.]'5D[MFO+9?WTPL)LJ?&CR.XK'4=Z,T8(;7@^1NJ
M#L^U3H`)%0UAP`E:)-V/J"\K=L?:I?\`K%_`TF]OZ#%Q$,AP3D-.#>)W-=K8
M.2W>+@R2E]8N-/(R4/SQ9Z%3#76E*VD[O+44MB%6()1(Y+7KB[O;W)T*6*J2
M($N&:V;-.1-0C2JU/L->''E-R&2.7&E!$+$EYD<8I]+FC3Z;9ZZ8)>4I35R^
MJV`CD%$N;M7HU?*`3U5"Z0)2HHH4QU$S-ZP+RE=W$*-,KT!&3XQEU$7-Q0N)
M3$N1CW=-;13F/1T;(:YO(X@KEP[';)%R*13*=Q>OHZ@;7.J*53HTZ2,,!"T&
MO.(3.8Z%$EEB`X/-Q;`.UVS\>?X:8Y]UZ!)XDX4*O>>G1#"Y-X"W)3A/4'`A
M.S6TQF%6B[V3R&C$R>6[BY;MBJY!"GFS'E8GB[Q.X144J:I%'SVXXG1K<-P4
M$E]&BS2@B#L.O,O:]H[?[AM0OM50455-3.N#D1[(GN:JHQB*B.1%3<7<7Z"0
MP7VRT-/'35M7315",15:^1C7(B[J8HJHNZFZA-(W<KO#3M&6:@BB/L#G(;^F
M,0C+BGGO$"VXZTV9-2#A:@B"82.?TDSQEU=4BHCJM8W97^1.T$)(@CV'6ZPK
M-';_`&^G6JKZ*JAIFJB*]\3VM3%<$Q<J(B8KN)]*GVTM]LM=.E-15=-+4.1<
M&LD8YRX)BN"(JKN)NJ;U,])TS'5,,6Q^HZQ8UE<(G)MKU6SP**MBF!MSP8>:
M[M\,/1-)!L71.IJHT2DI#L@L\1@MCT+8M]/&.J9.P!@'*_\`$3^\/Y[>^#?'
MTT6YZ:=WKLBM7&J?BI2&W;I[_L^BA_?PYYA+(#X@7#>7P9CC<DEC+<;@:S,<
MO?W2+1MP.5U+9[>H+=)`R1R7.C844B5FF`&2VJ]B-``&PZ"+8P_QM_M$]^V?
M?=%,YK)IKC3(BNQP3)Y1ZXX?R-7\)SG7:&Q02W:H8Z2&"-55K<,I<7-;N8[F
M^[PEZS[=7-'_`,@.*W_,5<'_`/F/,=?P-TA_U=+^)YP?XRV3_1U?XX_RFZ/"
M_D;+N2]:3"4SR#QJ`2V"V_8-2O3/#Y<ZS:-+%$'5HBRGII?'N)0AU$0YI7`L
M0B3F\L1)@1!T(>N@6ZGO=JFL=UFM-0YKYH7(BJW'!<6M=N8_R._&6;9;K%>[
M7#=H&.9#.U7(UV&4F"JW=PW/!X#;S.6=0J/>)IX]_,+AQSFO'C)4M7<:GR!U
M8768&IZL5@M!SESDHF=50R?NAC@IC5F1EFT2G<).80G`6C`())0>N(8M[%FA
MME.PAFTS1J32%UT=1+'6/@Y-($EQR&1NRLI96;^7AAAN8;^Z<FNN:T<R19&5
MBU%QQP^G^1?H-7J3^)9YWV!=]'UW)Z>XD$QNR;LI^M9"H8HO<:1\2LEB61&(
M4Z+692X6\XH"'5$B?AG)Q'ISR=&@#URQAZ0[D6G'=JCT.T1K]*$O+JA:&#E.
M3]F1F7]=K<,OEG9/G8XY*[V\?E37A:B=L')X92X8X_\`H7@LRN=L8`P#G!>/
MS][?R=^:G'GU*Q?-_P#=2U`KNMW_``].1:^=*;S?E4C`IC^_&@/>)X]>NV`Y
M:FV/LJO_`%;)PM/AM_3HN.AUO,\K";C`&`4-?BB?O"*2]S.,^N^X<VCW1O,O
MW[)^\$=OWYK[7D*TLP_=&5_-E_\`V2KS6.DNK5RZNJ<Q(<*'US..WA0ZJ\?Y
M/1N&S[C[Q\?(-8*9?9\/8&N(6`)%&BX0[R=#6+S/ET>:TBB3DSY\`SQ:)*#7
M-U;V14QM*A2C3+%I)ZH`->/4?JV\5.`GZ[Y_6TN<M+U-8UKUB^)YJ\/]*\=9
M;R4L%7&(^4Z,C1%(@KC9*N(]YF.*0H=AJV^6('+3>+0"4;4J(6+5"4A00,W^
MP>29_$2HYU@-)3<39-"U5\7R5QXB,3;4\6EKHGF1%C$U?(9*ID$,E<A@+K5L
M5DBI/I;)6IW<6S?EB9.28:M4%)!`5X?BP/UCX??X>57Z)Q_S4'=1U\K^J79^
M$XM\Z*WG/(I4/W_!O\&;^9YZ>-"+%^2N[XG5!>#UX?DUK:XV&!2Z,<):[L%/
M7+@CK@3G;+1"(#6.Y!LI98RCK.,7@S2^&JW5ACA)<MD`U21,UKD1NM]OXX77
MYM5^]39QQ8+/,;Q4X#<OE#R@L&`\FJ=0Q&T6(FFD*>L$D_JV%2^J2;PG,QM>
M_P!EJ%J1%UU8573252&+QLT>R7-$QNT6>B.W5[T>-4G3IQ_`?T:7"YZ<GE;%
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MJY["QKE:9.F8T$F-8TA)3:G*,T!K1\4E[`5,>^?67JCOC+L[N_:[;.)4_#2G
M.NW0'^-.%"B9GI@0TN&>"/RGY+5=X?<'A];U'0TLB3?:_(`:!\G5RV+$)(J-
M6V]*G!:!;'X]1LU:D9:9:K,+*$6Y';-*"$8@EBWL&O/K3[9==]*-/[W=Z.H@
MCADN4N#7([%,E<CP?RM4^"X[2;9HY4):*FFJ))HXV*KFJS)7*:CDPQ5%W$4F
M>ISG/R!DO(*F:=M:E*6CD?N)78#2BD]<7+.Y>\L;M":^?+!+$KC\HI2"H5;<
MYI6$U,(8%X32C#`"T`8>MK*ITMV=W30^ACKJZ>&6.25(T1B.QQ5KG8[O@^HO
M\QU]%M/K?I7724-)!/%)'$LBJ]6*BHCFMP3)55Q^L2K]&M=&M:UT!_@UT?P?
M)T?)_P##Y,KXG97)^*$^[K@7O>4O]';*RX]@':Y9^<F^&F.?=>@2>).%"AIG
MIR0PMC^"R,8>"+%H(Q:UZ:;Z^30MZU_>"N_R:WF;:EK5TDO"JB8_>4WI*4=M
M!UD?S$/H(2*S<8Q3KBOK8Q;U]LWC3\FQ;WK]^@_Y-[RM-KK6IH34JB)CE19Z
M(^O9?KG3<27-.+$V9`-4C`&`<K_Q$_O#^>WO@WQ]-%N>FG=Z[(K5QJGXJ4AM
MVZ>_[/HH?-X??MZ</OKC5^JRR\[VU35ZFZRAS<Q$-*=6J[F$SD9=HRO3.YM?
MX7']UG(?WR[[_2(UF(MH6N=?SC,U&:ZT!U.H.97./),LAA+SFS^.]][AS!_I
M*&_PVU)GH1W5NS>HZWGS5.12]],3FTX5-`>,7M2\4?>OXO\`K]KO+"VV]DU^
M]Q_6QGR6WI\7&\BG66SRU)L,`8!S@O'Y^]OY._-3CSZE8OF_^ZEJ!7=;O^'I
MR+7SI3>;\JD8%,?WXT![Q/'KUVP'+4VQ]E5_ZMDX6GPV_IT7'0ZWF>5A-Q@#
M`*&OQ1/WA%)>YG&?7?<.;1[HWF7[]D_>".W[\U]KR%:67_NC*OFR_P#[)5YK
M'275JY=75.8D.%#ZYG';PH=3HOBDFLR4T1<#[:\_`VUVSP6;Q.MP)(><P,%A
M-%<.4/12%BD2B-F3EE:%S;(AG.S(0Y!;'=8E3B4%[)VJ(5>/4?JV\5.`GZ[Y
MX^4^&/0DKD$YF*J06FVS"T*GL^M['=FF?/VF>6/MN/\`6<HF5F*(`[*W:NF^
M3+WNK&\8D"9I*8#DXA)CD!A`"2R_[!^>3X7%!+6Z)JY4_6.\V)&K59+:.L*.
M2]XJ[R]R:;BC=VJ(DG@59+8M7;/!'*7Q5*(:(EMV>'>A*=*-KQ"5[`@6^+`_
M6/A]_AY5?HG'_-0=U'7ROZI=GX3BWSHK><\BE1#^'-_,\]/&A%B_IX>'.GBD
MU^'IP3A5B0*Z)2\UUQXH_L#/L@7Q.V5JED:@[4@`^1:0(JN=V16<D4%F;2.;
M<>,`RQ=<HW81=.>2E;H=I75U]14TMOJI*=]1*YKFL54<U9'*BI_(J;J$A?I9
MHQ3/6GJ*^E9.SZKFJ]$5KDW%14^E%WR2^D.3W%+D?9XHC!HI($MHPAB=K4;"
M[+X[V#5STB:WYV3Q>22R)O-D0..:4+7!S/(3.1B`\2HS1A?;:V#>MY'[E9;O
M9G,9=J:6G<_')1[<G*PPQP\6*8^-#H6Z\6J[H]UKJ(JAL:HCLAV5DXXX8^/!
M</$;5J*WKM6V2AE50*%J6>;N)KO-&E1%F,YLE[L?M/LYTE"`Q")*_N)VT9.Q
M'JP&FB[('2+\4/1S#I%33XKLDE.Q^'ZG3E%D$$2OD02002`)1)))40K,!911
M8-!`666`.M!#K6M:UKHUFF.ZMVBU/5,V=@.-?.B)SB<"E/\`+_G`?RP_]K6>
M@\?K&\9.$BJ[Q<X\-N:<KV_@-Q%21#EY-(=&2:.AQ;'%45.\?GE''VTI.:2D
M:DSK(:[<GQP)1D%A!HU6>:>/HZ1BWO>]YY_LV16&]2372HFJVSSU$KW(U[,G
M%TCG+@BQ*J)NX8*J^,@UYVI7RU76HML$%*Z&"16-5R/RE1NXF.#T3'Q(A(K0
M-W\IF_EI0%=6#R.>K<@5IMMT)I!')#5M/17:59"80BD["Z-CS`(=''@I22MZ
MY9A9AIA!I1F^D'6T$6J]VC;/[5H?;X*J@DG?)+,C%Y1S53!6/=N(V-BHN+=_
M%=_>)1H#IS=-*KA/25\<#(XH,M,A'(JKE(W=RG.W,%^@FRRHBU"MA\4E[`5,
M>^?67JCOC+L[N_:[;.)4_#2G.NW0'^-.%"B9GI@0TMH^#)[!,,^MB_O6Q(\S
M;+\^NW6=1G7E&[0-9I.9AS;242O/;4X0?/:^?\-MCY2^W+5VF]\9FYB3['-8
M:GW-<Y&3VYETT<5R/BA/NZX%[WE+_1VRLN/8!VN6?G)OAICGW7H$GB3A0H:9
MZ<D,+8O@M^PDQ?73?7K!6YFZHUDO'64WI*4=M!UD?S$/H(2*S;]^N*_OF<:?
MIT'*UVO:DU/&BST1]>R_7.FXDN:<6*,Q\:I&`,`Y7_B)_>'\]O?!OCZ:+<]-
M.[UV16KC5/Q4I#;MT]_V?10^;P^_;TX??7&K]5EEYWMJFKU-UE#FYB(:4ZM5
MW,)G(R[1E>F=S:_PN/[K.0_OEWW^D1K,1;0M<Z_G&9J,UUH#J=0<RN<>299#
M"7G-G\=[[W#F#_24-_AMJ3/0CNK=F]1UO/FJ<BE[Z8G-IPJ:`\8O:EXH^]?Q
M?]?M=Y86VWLFOWN/ZV,^2V]/BXWD4ZRV>6I-A@#`.<%X_/WM_)WYJ<>?4K%\
MW_W4M0*[K=_P].1:^=*;S?E4C`IC^_&@/>)X]>NV`Y:FV/LJO_5LG"T^&W].
MBXZ'6G)?610\+(\0\-1[^W(TKBX,9+@D,>$+>N&:6B7+&P!PEJ9&L,3F!*-&
M`(#!`%H.][UO/*PFY\8Y=%"P2(PR3QXLN(:Z9:,;TVA!%]>1Z<.F1"$IUIDU
MY`+1_P"<]E^1WU__`)?EP#](EU:U)3:>G<D"@AY*`<SG$K$YI3J28E$N+-;3
M"S!`7%#1!V=H16Q:V5K8]?B_+@%$3XHG[PBDO<SC/KON'-H]T;S+]^R?O!';
M]^:^UY"M-+OW2E?S8D'[(69K#2;5JY=7U.8D.%#ZYG'3A0O<P^AH(9#X>8)[
MN_0C(E&1BT7RBY/E%ZV-C0"WHLHJX@%%`UO?R!#K00Z^36M:UK69'H=FNA,E
M'&]]!"KE8G@*)GT]TQ;,]K;A/@CW)_P_2O\`5-K.`+-N#<S[$AK')K(5Q1SX
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M%^+!_5'`+YW\C/HG6F:8[JW:+4]4S9V`XU\Z(G.)P*4^B_YP'\L/\>L]!X_6
M-XR<)%5WBZ+X;/L!<0?J+A_]4HS*]CZ!^D?Z2F>]+=9J[WE_";J57[<G#7^C
MY*>J5+E1;=/D])[TF;E)_L:^=5?NJ9QI/-F931!6P^*2]@*F/?/K+U1WQEV=
MW?M=MG$J?AI3G7;H#_&G"A1,STP(:6T?!D]@F&?6Q?WK8D>9ME^?7;K.HSKR
MC=H&LTG,PYMI*)7GMJ<(/GM?/^&VQ\I?;EJ[3>^,S<Q)]CFL-3[FN<C)[<RZ
M:.*Y'Q0GW=<"][RE_H[967'L`[7+/SDWPTQS[KT"3Q)PH4-,].2&%L7P6_82
M8OKIOKU@K<S=4:R7CK*;TE*.V@ZR/YB'T$)%9M^_7%?WS.-/TZ#E:[7M2:GC
M19Z(^O9?KG3<27-.+%&8^-4C`&`<K_Q$_O#^>WO@WQ]-%N>FG=Z[(K5QJGXJ
M4AMVZ>_[/HH?-X??MZ</OKC5^JRR\[VU35ZFZRAS<Q$-*=6J[F$SD9=HRO3.
MYM?X7']UG(?WR[[_`$B-9B+:%KG7\XS-1FNM`=3J#F5SCR3+(82\YL_CO?>X
M<P?Z2AO\-M29Z$=U;LWJ.MY\U3D4O?3$YM.%30'C'O6N4G%+>_DUKE=Q@WO>
M_P"#6M7Y7>][WO\`R:UK+"VV]DU^]R_6QGR6WI\7&\BG5M:IS"7V.*9@QS"+
M/,11`=#%DI:I`TN,<2%L8U!3T-2]I%9S80!G,2&A5;&;K2<18]&=78=]'EJ3
M8^%-9M;K2(<I1V#"%::Q!'`K]0FEC">1.1IR-JCP0XTI>,N3")3!V8/2+9^P
MEZZV^C7RX!Z@AT;%*]>U)G%`H=&LM&<YMI"M.:O;BG$)XV\U>C+,$H2%K@IC
M-DB,"'1NBQ=7IZN^@#G(^/S][?R=^:G'GU*Q?-_]U+4"NZW?\/3D6OG2F\WY
M5(P*8_OQH#WB>/7KM@.6IMC[*K_U;)PM/AM_3HN.AT>3Z<LIGYY;OZ)\=5+#
M'HQ$;L1SJ1,\BJ(]+?0)I&ZM'#'V++>\(K9V[?-=8`E8U;5,#RX6TLS7VR,_
MRHXD_?E83<U,N+AK?,UL^VI77E$KZL@[G(*F76+$&)VX[/JJY@5YRZ-M^0N]
M.F/)"9FF+C9<.>'&1N_I<2%C2R(*)L0;+1^7&&`;.T]Q+L)D?/#OL&505L9Y
M?Q_*ON.3,EM>6%J00:MY]$+%2PIM'"(>N0U;J=.)SBPDR13%FT"0;F2;I*/3
M64G``"L=\43]X127N9QGUWW#FT>Z-YE^_9/W@CM^_-?:\A6FE_[I2OYL2#]D
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M/HO^<!_+#_'K/0>/UC>,G"15=XNB^&S[`7$'ZBX?_5*,RO8^@?I'^DIGO2W6
M:N]Y?PFZE5^W)PU_H^2GJE2Y46W3Y/2>])FY2?[&OG57[JF<:3S9F4T05L/B
MDO8"ICWSZR]4=\9=G=W[7;9Q*GX:4YUVZ`_QIPH43,],"&EM'P9/8)AGUL7]
MZV)'F;9?GUVZSJ,Z\HW:!K-)S,.;:2B5Y[:G"#Y[7S_AML?*7VY:NTWOC,W,
M2?8YK#4^YKG(R>W,NFCBN1\4)]W7`O>\I?Z.V5EQ[`.URS\Y-\-,<^Z]`D\2
M<*%#3/3DAA;%\%OV$F+ZZ;Z]8*W,W5&LEXZRF])2CMH.LC^8A]!"16;?OUQ7
M]\SC3].@Y6NU[4FIXT6>B/KV7ZYTW$ES3BQ1F/C5(P!@'*_\1/[P_GM[X-\?
M31;GIIW>NR*U<:I^*E(;=NGO^SZ*'S>'W[>G#[ZXU?JLLO.]M4U>INLH<W,1
M#2G5JNYA,Y&7:,KTSN;7^%Q_=9R']\N^_P!(C68BVA:YU_.,S49KK0'4Z@YE
M<X\DRR&$O.;/X[WWN','^DH;_#;4F>A'=6[-ZCK>?-4Y%+WTQ.;3A4C:IE`H
M=KOH1I2,#++%3KR`H5L3122+CFN.2H]PN&$HRHS(7-,WNZAM8I`,[2-8H`D5
M#(3'#'HDW8>S%86VWLEOWN/ZV,^2V]/BXWD4Z'4/IN]*^H7EZTH^';)8H+KL
MU38=6<;YW,:)9F9L,;:JJ2--T3L)9!US)59-;MLO@6D[`E;$QSB='V\@;P9W
M@I.$'RU)L:\R7@5?4BC5/AB4#E,-G4K-="[AEDO,X\CU7LD<N7<<Y&RJ;Q)@
MB4WD2:GVUX4%N"AF#"UTH6J$I"!N=$Z5<0"0%@;P<,.-'(>DN1/+NR;LD%<S
M-+?">G7TB=Q!#)&MYE<PBYMG)'D#FR2&62@<=9(C%'EC9FI&2/2<IO1$@+$(
M19PS`*5?C\_>W\G?FIQY]2L7S?\`W4M0*[K=_P`/3D6OG2F\WY5(E8H4,^;U
MN06L<&\PZV*B)+<&A>J:G9`8;:$0`!:U.B$PE:V.200M&)U!(P&D&A",`M"#
MK>7'M-@BJ=G]UIIDQADID8Y-[%KI(VJF*;J8HJ[VZ<1\TE/&^HA7":.)[FKO
MX.:QRHN"[FXJ%\%574A`I4`#R0YF!"$\T(0ZY>WUT:"$P6M:U_OK_!K6LS%'
MLIT'?&UZT:8JB+ZV?P_I2E4VEZ9X=+3_``HO[!MUX;#M,B+6Y=P!^LZV+%C<
M2#Q\=XN7;-E2ZSW-@52^)3,Z1%-+U,W-V=$2!S4,R<P2<!NB=&`V((=;$+IS
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M-,=U;M%J>J9L[`<:^=$3G$X%*?1?\X#^6'^/6>@\?K&\9.$BJ[Q=%\-GV`N(
M/U%P_P#JE&97L?0/TC_24SWI;K-7>\OX3=2J_;DX:_T?)3U2I<J+;I\GI/>D
MS<I/]C7SJK]U3.-)YLS*:(*V'Q27L!4Q[Y]9>J.^,NSN[]KMLXE3\-*<Z[=`
M?XTX4*)F>F!#2VCX,GL$PSZV+^];$CS-LOSZ[=9U&=>4;M`UFDYF'-M)1*\]
MM3A!\]KY_P`-MCY2^W+5VF]\9FYB3['-8:GW-<Y&3VYETT<5R/BA/NZX%[WE
M+_1VRLN/8!VN6?G)OAICGW7H$GB3A0H:9Z<D,+8O@M^PDQ?73?7K!6YFZHUD
MO'64WI*4=M!UD?S$/H(2*S;]^N*_OF<:?IT'*UVO:DU/&BST1]>R_7.FXDN:
M<6*,Q\:I&`,`Y7_B)_>'\]O?!OCZ:+<]-.[UV16KC5/Q4I#;MT]_V?10^;P^
M_;TX??7&K]5EEYWMJFKU-UE#FYB(:4ZM5W,)G(R[1E>F=S:_PN/[K.0_OEWW
M^D1K,1;0M<Z_G&9J,UUH#J=0<RN<>299#"7G-G\=[[W#F#_24-_AMJ3/0CNK
M=F]1UO/FJ<BE[Z8G-IPJ1F59M=JWZ0VUN[E'G/5]T/W<_LVT(7AC7>F*$>2.
M[4)S0N;;IR;3^J<1M0F4$=J`/:%&!Z0[M3:I215^SVYT,^/(3111NPW%R7U$
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M2L7S?_=2U`KNMW_#TY%KYTIO-^52)N&_O]6'UO4YZU(=ET[1=1[ES+<[&1^I
MZ)-S$N;<=`A7_M:K_O!W]8+*BA]2SBIP&7S,WAT>T3S<_P#">*_T.L?,F[9M
M<&^Z,SLQIG9'JH[WR3T8R7/*F+0*&OQ1/WA%)>YG&?7?<.;1[HWF7[]D_>".
MW[\U]KR%::7_`+I2OYL2#]D+,UAI-JS<NKJG,2'"A]<SCMX4.@]#/W+AGS0B
MW[!;\H&W=!BXB&6ZCI$G'=PJ9?X8^WI-/<WC_KTD>9OVZ?-Z+FI?U1?>QCY=
M7\_'Z#B:;*,+H*=GQ8'ZQ\/O\/*K]$X_YJ#NHZ^5_5+L_"<6^=%;SGD4J(9O
MYGG)XR+%V/P^O84X?>[G5/T4;\RQ8/E4/%3@0SMI1K'7>]2>FIOAQ!]O\SW,
MI;Z]8)E![=NG6_BS_J"WMB_1KASD/!(37Y0A=Q4%^+!_5'`+YW\C/HG6F:8[
MJW:+4]4S9V`XU\Z(G.)P*4^B_P"<!_+#_'K/0>/UC>,G"15=XNB^&S[`7$'Z
MBX?_`%2C,KV/H'Z1_I*9[TMUFKO>7\)NI5?MR<-?Z/DIZI4N5%MT^3TGO29N
M4G^QKYU5^ZIG&D\V9E-$%;#XI+V`J8]\^LO5'?&79W=^UVV<2I^&E.==N@/\
M:<*%$S/3`AI;1\&3V"89];%_>MB1YFV7Y]=NLZC.O*-V@:S2<S#FVDHE>>VI
MP@^>U\_X;;'RE]N6KM-[XS-S$GV.:PU/N:YR,GMS+IHXKD?%"?=UP+WO*7^C
MME9<>P#M<L_.3?#3'/NO0)/$G"A0TSTY(86Q?!;]A)B^NF^O6"MS-U1K)>.L
MIO24H[:#K(_F(?00D5FW[]<5_?,XT_3H.5KM>U)J>-%GHCZ]E^N=-Q)<TXL4
M9CXU2,`8!RO_`!$_O#^>WO@WQ]-%N>FG=Z[(K5QJGXJ4AMVZ>_[/HH?-X??M
MZ</OKC5^JRR\[VU35ZFZRAS<Q$-*=6J[F$SD9=HRO3.YM?X7']UG(?WR[[_2
M(UF(MH6N=?SC,U&:ZT!U.H.97./),LAA+SFS^.]][AS!_I*&_P`-M29Z$=U;
MLWJ.MY\U3D4O?3$YM.%2-"I_[Y:+^O\`H3UR0?+>VCZE5WZ#XF$CM?\`+JGW
M6;-/+]BC^?/_`*8S_MBRI8_5MXJ<!F)-XV?\+O\`<WE=[Y]C>J^E\Q=M,UWK
MO'%F8S6NSK4RAXC\Z\D\R"$U.<%X_/WM_)WYJ<>?4K%\W_W4M0*[K=_P].1:
M^=*;S?E4B;AO[_5A];U.>M2'9=.T74>Y<RW.QD?J>B3<Q+FW'0(5_P"UJO\`
MO!W]8+*BA]2SBIP&7S,WAT>T3S<_\)XK_0ZQ\R;MFUP;[HS.S&F=D>JCO?)/
M1C)<\J8M`H:_%$_>$4E[F<9]=]PYM'NC>9?OV3]X([?OS7VO(5II?^Z4K^;$
M@_9"S-8:3:LW+JZIS$APH?7,X[>%#H/0S]RX9\T(M^P6_*!MW08N(AENHZ1)
MQW<*F7^&/MZ33W-X_P"O21YF_;I\WHN:E_5%][&/EU?S\?H.)ILHPN@IV?%@
M?K'P^_P\JOT3C_FH.ZCKY7]4NS\)Q;YT5O.>12HAF_F><GC(L78_#Z]A3A][
MN=4_11OS+%@^50\5.!#.VE&L==[U)Z:F^'$'V_S/<REOKU@F4'MVZ=;^+/\`
MJ"WMB_1KASD/!(37Y0A=Q4%^+!_5'`+YW\C/HG6F:8[JW:+4]4S9V`XU\Z(G
M.)P*4^B_YP'\L/\`'K/0>/UC>,G"15=XNB^&S[`7$'ZBX?\`U2C,KV/H'Z1_
MI*9[TMUFKO>7\)NI5?MR<-?Z/DIZI4N5%MT^3TGO29N4G^QKYU5^ZIG&D\V9
ME-$%;#XI+V`J8]\^LO5'?&79W=^UVV<2I^&E.==N@/\`&G"A1,STP(:6T?!D
M]@F&?6Q?WK8D>9ME^?7;K.HSKRC=H&LTG,PYMI*)7GMJ<(/GM?/^&VQ\I?;E
MJ[3>^,S<Q)]CFL-3[FN<C)[<RZ:.*Y'Q0GW=<"][RE_H[967'L`[7+/SDWPT
MQS[KT"3Q)PH4-,].2&%L7P6_828OKIOKU@K<S=4:R7CK*;TE*.V@ZR/YB'T$
M)%9M^_7%?WS.-/TZ#E:[7M2:GC19Z(^O9?KG3<27-.+%&8^-4C`&`<K_`,1/
M[P_GM[X-\?31;GIIW>NR*U<:I^*E(;=NGO\`L^BA\WA]^WIP^^N-7ZK++SO;
M5-7J;K*'-S$0TIU:KN83.1EVC*],[FU_A<?W6<A_?+OO](C68BVA:YU_.,S4
M9KK0'4Z@YE<X\DRR&$O.;/X[WWN','^DH;_#;4F>A'=6[-ZCK>?-4Y%+WTQ.
M;3A4C0J?^^6B_K_H3UR0?+>VCZE5WZ#XF$CM?\NJ?=9LT\OV*/Y\_P#IC/\`
MMBRI8_5MXJ<!F)-XV?\`"[_<WE=[Y]C>J^E\Q=M,UWKO'%F8S6NSK4RAXC\Z
M\D\R"$U.<%X_/WM_)WYJ<>?4K%\W_P!U+4"NZW?\/3D6OG2F\WY5(FX;^_U8
M?6]3GK4AV73M%U'N7,MSL9'ZGHDW,2YMQT"%?^UJO^\'?U@LJ*'U+.*G`9?,
MS>'1[1/-S_PGBO\`0ZQ\R;MFUP;[HS.S&F=D>JCO?)/1C)<\J8M`H:_%$_>$
M4E[F<9]=]PYM'NC>9?OV3]X([?OS7VO(5II?^Z4K^;$@_9"S-8:3:LW+JZIS
M$APH?7,X[>%#H/0S]RX9\T(M^P6_*!MW08N(AENHZ1)QW<*F7^&/MZ33W-X_
MZ])'F;]NGS>BYJ7]47WL8^75_/Q^@XFFRC"Z"G9\6!^L?#[_``\JOT3C_FH.
MZCKY7]4NS\)Q;YT5O.>12HAF_F><GC(L78_#Z]A3A][N=4_11OS+%@^50\5.
M!#.VE&L==[U)Z:F^'$'V_P`SW,I;Z]8)E![=NG6_BS_J"WMB_1KASD/!(37Y
M0A=Q4%^+!_5'`+YW\C/HG6F:8[JW:+4]4S9V`XU\Z(G.)P*4^B_YP'\L/\>L
M]!X_6-XR<)%5WBZ+X;/L!<0?J+A_]4HS*]CZ!^D?Z2F>]+=9J[WE_";J57[<
MG#7^CY*>J5+E1;=/D])[TF;E)_L:^=5?NJ9QI/-F931!6P^*2]@*F/?/K+U1
MWQEV=W?M=MG$J?AI3G7;H#_&G"A1,STP(:6T?!D]@F&?6Q?WK8D>9ME^?7;K
M.HSKRC=H&LTG,PYMI*)7GMJ<(/GM?/\`AML?*7VY:NTWOC,W,2?8YK#4^YKG
M(R>W,NFCBN1\4)]W7`O>\I?Z.V5EQ[`.URS\Y-\-,<^Z]`D\2<*%#3/3DAA;
M%\%OV$F+ZZ;Z]8*W,W5&LEXZRF])2CMH.LC^8A]!"16;?OUQ7]\SC3].@Y6N
MU[4FIXT6>B/KV7ZYTW$ES3BQ1F/C5(P#\P_OCM1^3:;-D=.NS[<2K1O1T:Z>
MOV8=@Z>MT_P?Y,`JH\DOAI)5?O(V_;Z2\Q6")D7?<$ZM8$5/HMP?#8UN:O)S
MN)C$]%VPT!=]-PCM@TH\D3=KK73V8?X,T9H'WBKKH)HK3:*T]JIJF&F614D?
M-(QSN4D=(N+6M5$P5V"8+O)B<BJM+*J=TZO<BNPW,$\"8'YE$?#/SZBKOJB[
M6_F5#Y(X53+#98BCSA03TWH7D\V-2&-;1*UZ6Y3E*0H),A&=H8`#WUBM!Z.C
M>]Z^W2?O+7;2>WQT$MIIH6QU#)<IL\CE56->W)^LS!$7+W]W##>.5<]%(;E;
MIK<^=[&S,R5<C454^LUV.&.[YN!,7]B.^/\`S5IO_P#C6=?\3LCG\=KK_H(?
M\5?\L@7\%[?_`*^?_"9_:-C>)?':7<:X-.8R[2V-3-VGEQ6!;:]Q;&)UC;:W
MF3@YM,`Q(FY6\R)6:6V`;NC:@Q3TG;'T]F#6NC=/WV[/OMWGNTC$C?.Y%5J+
ME(F#6MW\$Q\W'>3Q%J6.U,L=I@M,;UD9`Q6HY41%7%RNQ5$Q1-_`VDZ7_P#S
M6?\`TEO^IG).J5J^>WP]\JYK\N[?Y3)N5K!6P+6\PA"A!],N$M$R#A-<12OO
MQ9""SHYIP"Y!B^E7RHB=E;.V7^/U>ON^-F>W:X[--'I-'Z2VT]9%)5/GRWRO
M8J*]K&Y.#6JF"9"+CCCNG,K+8RLE25SU:J-PP1$7Z?RFKT6^%FFT7ET*EI7-
MR++3H7.8/.$Z$[CT[%$N"F$2UFEB=N/.+N@1A!#@>S!)&8'6Q``9L6M;WK6M
MRK2#O07C2"S3V>2STD3)LCZ[9Y%5,B1DB8(K,%Q5F&[].)SY]'8IZ>2!97(D
MD;V8Y*;B/:K<=_P8XDXQG":^1C&/TJTWKKC$+H]&LZ^3K;WOH_O._P`G3D2;
MMTNC41J4$.")_>K_`)97/\%[?_KY_P#"9_:-A>)?'*8<;8K9K.\2^,3-WLVY
MI/;JY:U,#M&FQI%((W#8V2PHT*U[D:M2%&5$-&B4C4![02C8=%@T#I%4FD-Z
MDTAO$UXEC2.296XM1<I$R6-9OX)CBC<=Y-\M&P6=E@M$-HCD65D**B.5$15Q
M<YVZB8HGG8&U72__`.:S_P"DM_U,XIV"MUX@WP_<GYR<NK,Y2I.5#%60+&9J
M[:S(2HIU?,!-)D"A37#Q*`2$NRXQI8!T[M\HT#:(O9/7ZG6'T=;=Z;,-N5QV
M96.:QTENIZR.:J6=7OE>Q458V1Y*(UJHJ8,1<<<<5.96VQE;*DKGJU4;AN(B
M^%5\IJ&T?"M31H?8V^`YOQA09')7$Y44F'QY=0%JSHG)FF2D(C3`73L91*TY
MI"4,8=;$`(]BUK>]=&2_2#O0WB_V6HLTEGI(HZAB-5[9Y55N#FNQ1%9@OFX;
MOTGPR:/121/B65R(]CF[R;F4U6X[_@QQ)TS>$]\FFFF^E2FP]H8,SJZK:=;Z
M.N+8NCI])WR]'3D1;MTNC&HQ*"+!$P]:O@_1%;_P7H/]?/\`X3/[1F'BUQ8G
M5`36[YY(YS$)>ZW&&KDVD##&'N,MT?1UHR2)I*Z1.4DDRIT5/`Y!LP0NLG`1
MHK0=!'L6Q:K'2W2>;2RZI=9XFPO2)&9*.RDW'.=CCDM\+UW,/!OEBZ*Z.1:+
M6M;9#*Z9BRNDRG-1J_61J88(J[V3_.;F]+__`)K/_I+?]3(P20@5\4SP3)-X
MDG(*"7LEY&L=.CAU,M]2'1H^K%\\"Y=W3B7S(#\6Z@GT0VC[3SKVGVFVG-Z.
MPZ_:_C]0-O;*]KM=LL2N2CH8:WVWDL>4D?'D<ERF&&2UV.5RBXXX88'P5U`V
MMR<IRMR<=Y,=_#\A&4Z_">S!U:W-K'SHCA('-N7-PS@\='(8B@+DIJ41H0;N
MH.A"+";TZUO>NG>LM&X]ZR\W&W5%N?9:-K*B"2)7)42JK4D8YBJB9&ZJ96*)
MX3XF6.-CT?RCMQ47>3P?A)WFC@I>K0T-#07;5/'%M#4VM19XZSG(!G@;4)"(
M!PP!M`00#-"1UMZUO>M;WT9`8-N%S@A;"V@B5&M1,>57_+*TDV-4$DCGK7S8
MN<J^K9X5Q_I&5./7$&PZ@O.2W9*;"A$F5/%/M=2H(]'(A((XG2%()RY30Y\6
M.#K+)*8K-.$X>3!3EE$Z!H/7V8+IZNH!IGIE4:954-540-@="UR8([*QRLG=
M\UN&&2GTDXT0T1@T1IYZ>"=\Z3O:Y5<U&X9**F"8*N..)O;TO_\`FL_^DM_U
M,AI+R''Q9_">DOB>F\?#T]YLE+&T4.U-[T;7BZP"Y."S"8"4+70&90X30)GW
M!M;UOI4Z/\IW\@.I^-9&S#:/5[,;W/>Z2DBK))Z58%9(]S$1%>Q^4BM155?J
M8888;I\=;1MK8TC<Y6HCL=Q,?!@0^_\`M2YE_P"N2-?\NSG_`,:<O1.]S>T5
M%^XZ+_J)?[!S?N&/^]=^)/RDQ-$^&?==%TK5%+-MWU/(V^J8!&("B?U]53-`
MN>DT8:R&PES5H4UIGITBA8`C0QE@&,(=[Z-;WK*OHMM=RHJ9M,RAB5K4PQY5
M?\M>%2`W+9)17*X37!];,QTTKGJU(VJB92JN&.5NX&R=`\/;&J>^UUY2JQ(-
M)#QTTXU&WQR.0Z0QXDH#I.F2:J'Y:YNLND@U`RNY=)@)RR2M?E-F;,WU=`W"
M=---:G3.:":I@;`Z!'HF2_*QR\C^JW##(3Z=\E>B&AT&B,<\<$[YTG<Q5RFH
MW#(1R;F"KCCE?S&^G2__`.:S_P"DM_U,A),2'_Q9_"ID?B>MU`)$]W,M+'T:
M]V,[;.-K];/R9*5/V>,M?DW8AE\.&TC:A1WM.OUU.CM'=7J@ZO2*Q=F6T2JV
M9W^2_P!)2Q5DDE*^#(>]S$1'N8[*Q:BKBF0B888;I\E;2-K(DB<Y6HCL<4W?
MI_*0X!^%-F81:%]N2-?)O6_9V<_\F^G_`,Z<O=O>ZO;7([[CHMQ?]1+_`&#E
M_<,?]Z[\2?E)?./7AAW3Q\HRJ:.:[RJB3MU50IIA:.1.-43)N7O1#2$P('!6
M@26HH3)#S^T_&``8@ZZ/DWE84FVRY4</(LH8E3*5?6KX55?[M=[QJ02Z;)J*
MZ7&:XOK9F.FD5ZM2-JHF/@QRMTS[6W".T(O?517/*K.KYU2U*ELL"2-QR"R9
MF4/:NPXH3%M#5/#K.'XI$F:`%;/Z@$HQGBWU>L7K\;(KIGM#J],J2*DJ:9D"
M12Y>+7J['!KFX8*QN'G*N.*^([NB.@5-HE62UD%3).Z6+(P<QK43ZR.QQ15^
MC`D6Z7__`#6?_26_ZF5X3TC5\4WP]I%XE''R'4:5:S+3IT1N:,6Z7)QPY=.B
MUVXY$YU%ML(V?4EB0B-*P3;9WE.E0NIM/H/9BZ_6#,=`=,)]`M*J;2FF@94S
M4R2(D;W*QKN4C=&N+FHJI@CL4P3?3`^>JITJH%@55:BX;OB7$@9_]J9,O_7)
M&O\`EV<_^-.:*_\`+B]_]CHO^HE_L')^X8_[UWXD_*2C\1?".N+B12#12+)R
M"J^;M[1*)S)P2%XJ&7,ZX\Z<2=PDZA&-`@M=4F`4W'.&R2QZ'O9@0Z%O6M[Z
M,KJ3;I<Y*ZJKDM\+7553),K4E=@U9'*[)3&-55$QPQ7?^A"%WW9?1WRXNN,E
M9+&]S&-R4C:J?4:C<<5<F_AB;6P#A!:4?O.EK@E-H5XY(Z<<I\[IH['8')VE
M4_K)O7,AKT!2AW=)T^$H$K87(!*]]5(:,X16B^D&A;'J(:9;1JS3&@CH*BF9
M"V.5),6O5V*HU[<,,AO]-=W'P;QTM$M`*71.ODKX:F29TD2QX.8UJ(BN:['%
M%7^C@2.=+_\`YK/_`*2W_4RN"P".+Q1>`,@\2'C>RT$7:+/4![);L)M0F5BB
M*V<%'[B#?)D`F,QDU(8H,.G#4BZVE&E?Y+L>CLQ];I#+=!M+)]!M*J32FF@9
M4S4CGJD;W*QKLN-\>ZYJ*J8(_'<3?3`_"I@2I@=`JX([P_AQ(#/_`&IDR_\`
M7)&O^79S_P"-.:._\N+W_P!CHO\`J)?[!R/N&/\`O7?B3\I*#Q!\(BX>(=)H
M:58^0E83E`BE\WEX9`\U!+69<8?-GTY]4(1(4%KJTP26\P[LP#T/K&!UT[UK
M?R974VW6YRW&KN"6^%KJNH?*K4E=@U7KCDHJQJJX?2N_]"$,ONR^COMQ6X25
MDL;E8QN2C&JGU&Y..*N3?-C]\!;<=I=4KW([:K/NFL[DKFW%")AKN6)7-['7
MCSWT2PD+W*PW%(V@=3=:+&I$F4;*#T[T6+>1W2G:I7:4V>2T3TD<4<BM7*21
M7*F2]K][(3?5J)OGZZ-[-*31R[QW>*KEE?&UR9*L:U%RFJW?1RKN8XDHA7?7
M:`[?37V/6UVG9"5]IU.G\;J=</5ZW1_!T_)E5EF'ZF`,`8!I_,^2=NL5N32J
MX=PRO*R$D09X@_$60T2NBXO`98W2\ART'45<)Y:<9<5SC'7-E5HW1&:F)5)!
MA)-[,296E.-`V\)&,PDHPPH1!@RP#,(&(L8R1B#H0BAC*$,H0BQ;Z-["+8=[
MU\F]ZP#^F`,`8!HW<O*^?5==CI!F>E3IO7D!KB'V=9STV/;[Z43(=+)3(XR\
MRJH*V00MU;[4::C[A(5R="2\I'W2=R*"@0JU&TR=<!GGC=;H[^H"FKO&R`C>
M[:K:(6$%A+6'N!;25+&5(\DHBUJI`U*50"2E8=:&8F(&+7RB+#OY-`9KP!@#
M`-/.1U^W37$YKVL*.HUFMF86!'I2_$+9G83A6D40@CS]"HZ<C0O2.!S5$\O3
M.1-!2!P;E)S2H,CK.N&WB7+0@28!D?C+;C]>--QVPY-'6R-OBUUF3"O)CR]V
M=8@]FPR9/\.#,8*ZO[)&WUS@DT+8M.C.H5H$IQJ!64+H&'833`,^8`P!@&G'
M,#DU8W&&/L,OBW'E[N.&*4\F,G4T03IBB,>J4+.V%N+,Z3LI8WO+^"*/HPGD
MFNR-$H1-`B=&.`TR8?;A`RSQML^6W50]46W.(`35\DL>$1^9K(,GE22:$,1$
MB;R'1N*+DB)`UD.`5+<J*._V<H97:=0>NN'>`9NP!@#`-..9]^7'QZ@K+,*B
MI:072<LW.T+TVQB)3.<.3"X(ZQF#Y7J]5'8`E<I.='W:QVMK;7(\A*?M.D5C
M%^3WT&A`];QDG%SR]JLQINM&RKGBO;-70A@L:+UG.:>BMJL:6+Q9Y52B.5[8
MDDF4B;6UFDKTO8_+2G=S;'<QJ$L1*-DFZ++`V:P!@#`-1N8_*C?$6NVBR55;
MR:Q&16X3!M=]1I*_JA1\]DJ.QY]%S'3S?B\J/1()C,X8W1D"L\HE,D5/9)HA
MC$$)!P'W\6;NL.WD-HLUHQ2$L<SJ6P"8*\/E5R&3RNJY.H6PZ,3/?FH_3&(P
ME^.<HT"3A;'<@:(92=>F%H)VQB,3IP-JL`8`P#!W(>Z/0!6PK,/B+],FAMF=
M<L<F1QMO>75S8HI,)['8E)9OW9'V5_=%R&"LST<[*BP)]`VG2#[0T@OKG``U
M_P"&O*ZQ.12U_0V#7<0B(Q5G4-TQE7`)/+94@9XE=B*0NL;KNR%$L@D%$S7!
M'6=C)5N2-"%8FVG7E#Z2-=EY0!OC@#`&`8EO>R72G:<L>TV:%O%B.4"BKG)T
M\)CY+FI>I%IK*\H4(&U,S,\@=U"K:8(QA+3(51X^IU0%#%O6L`U.XQ<S9A?]
MK*(XL@$6;:WF46M.?54^QY]FJR<-$-J^W]T\C4W;&)-`(NT0YSM1>2J<H^G0
MN*\?8-JTD83-)]JA@2%X`P!@#`&`09<VXK8;5<UV+B'M7*7`=./G(&(SA!>/
M)B`2OBG6,`98C"7Y?$JFK5Q;:KLYR12S2Z2MZ03@SN+\/RU&XB-(3IMG@39Q
MM2!;'F%86["?RU;*UJ0/HDQ2,3T`]"0:%V$C(*3DI1.(1]MLL!8`@Z_5T'6M
M=&@/VL`8`P")GF[!)\[W[7A;6B(M\NSX6[L-8U(OOOD50.J_E-5M,PG<VL)I
M<*.'N/R51)VMQ:V\)CQMO<TCB0B(1K@)E2@24#>;BB^#DO&6@G\V?NMJ'.]1
MP)<?8SZUJ61[F:@^-MXE#^\-*U0L7M[FO.ZPCRU!ZA2$WK=J::9UC!`;`8`P
M!@$:O/Z(RMT?*)=TRA'-HH_RW5-IJ*>+:NZD6:4V59#HR*8I/3YK1B-U<UWF
M*QQAV&I1/:%2W$MYJA4F$6M++*4@9PX-K7A5QTCR>12A[DTA8YG;D8?29"LD
M[LYPIVC%KS-B6U<*1S9WD$QF"*K3D&V!*]N:Y4L>$K>6L&/6CM``!MU@#`&`
M1M^(!%)2XN%&/B50DF46=)D&H`T8[6Q==)L\SL6U'B-I(7-#IO1J5S=E(H(W
M,CKM2B>D2II`VJU*HK92T@D)X&8."2EV,X[M3:_R=XD;[&;`N"(/"!\6R9Y6
MU^X1:TY<R'503*)HZ/<OFC76/D6F9"]N2Q0J=D:0I3O8`&`*+`W$P!@#`-!O
M$4K203:CD4PC<62VBOIN4IK"-HY_K5XN>%7`@,;'*).++):F8)%%GB<+8LBD
MAC^SIB51@@NS63L*8\?4T$#Z^`,-:HA6<]&SZ<6I'(K07O>H.FX[V=Q8KN`F
M!B40:3&2J*:ME<ZRABB;D)K[T5J0*AHE[XN7G%%D;$,D`&]V`,`8!I-SV:'P
MZD`S!',B([%:RDA4ZL>+KIC;]?-EHPQ,P2!C%!%<RH-&Z6\V*3)"^('%$E9T
M#J)X7MY+<<A4E*A!T!YKP]V^6)*\L-5("I[&FERL/2B(U9-VSDKY/5K03$8T
MD5,D6E_*^*0RUIJS/3N0>YC.`WI&5"K5FI$10>R.&8!O]@#`&`:Y\L(I*IA0
MTX;8A8">M5[>%DE3I(5TDE4*:5D3AK^V2J9Q5\G,#5H9W!F&8Q9H5MBUY93@
M.3:G5#/)T9L&RC`-+/#>?3WJ2VRJ".1UTS.<0K*01V@G]^Y0R],2SNRZ<F)K
MWCDIY51B'24]HLP`-(=HV-M2HDPF8)B\.UJC6@@2OX`P!@&,+JB$QL"I+&A-
M>SA56LWE4/?&.+3Q$6H&JB[RX(34Z)U*$B4HG)/LDT?1LY(>G6IPBV8G-*/`
M68$"+O@<XNI]SQ-_"4IKJ$6Q1=F2B&Q1JNSD=?<;NT4,L^%11RLYQ=N0`FXV
MOGN)ISDQR!*G;>\7QHEI9ZQ:,2/:1.!,G@#`&`,`8!!+XLS@[/US<9H#'FRD
MIS(CBY/N)0:2.7#Q18Y,WDZ-<U19T=HYRDD#2^*:R/E#>TF]2)DJ5*U4@/`L
M)/V4A*$!.8U]Y]V-W?7D'?/D"3O;NORCNSO/R<OR_N[RO\Z\@\JZ_8]K^4[/
MHZWR].`?=@#`&`0Z>,+(D"2O:.CCH74[^SN5N,3N]068/?%EOL21H&UT94*X
M==(N6<BCD#4(-1EV=DCJ:WG@>PC6(RBA!2'+ND"2KCTV3EEHBG&>S$$<:K`:
M:SA+;+VN()6=#&6U^0QYO2KV]E11T!4<1H41Q6RPE-H0MQ?5ZJ76D^B]8!F'
M`&`,`C(\6^1',O#F5(4SA5!"A_?6I#IIM)YHIH,?Q(4KD\-:*`ZY(.K/4BR:
MI90WMJG6G`X)Y+82L.0["X%I!:`V!X,-<D:.+U:(Y'&HY#R1ZE3A#8U&$U:)
M4;163O,I`[5BG<`4TJ752;(!P-:WF.)S`H4-QZP9A@#CAC&8,#;;`&`,`C5\
M620',W#.<H4SG520^0N+4V@;;2>*.:>_AIM*G=`@@GVCG)JI]9.DS\VHE1`7
M4W0BD2=4<CZ%Y:7>@,T<#&V2M7%JMTTBC,9AJ0XR6.D'C,6(K,A(TUD]S!^>
M:X)<]4PL<:H/D)L07I#5Q[`I4H5"@8C=G''#.,$!N%@#`&`:(>(N]N:;C<^1
M!)2-ZW:V60[M,2D*&AXM$)T[11I*4!D>WV<PB43>%*Y;6+DJ8BVE];FT2Q6L
M0.)A(R@$&&GE`86\(J%PN%T'9::!%L+;'5MX/>DT7CR&HVH,5"Q0*O(LC:Y6
MU5'9]JHD=F&-#$F.DHG54TNJIV,-4&-"`!P-&@2L8`P!@&O/*Y#$7GCO;L:F
MQJ#N"40>0,"I&NC4EFO>FES<?H3>DA4*E4(FDN6G%`%LMO:'9O<3]AZ"3RQZ
MT+0&M/ANHY2A@-LIG1K?=Q`-HE#KN82&(W?7KC-60<#A^WE6.$<@;OO6P&H#
M#*M+6[2G3@A;E_DW:)TFMZ,/.`D<P!@#`/&V+H\5?SD"1E02569$)*4DCCJZ
M%L;9(51K,L+3,3@\FB`4THG<\04YJD6]:(`9L>]_BX!"?X3M8!6SV?3B449*
M:YD=2L#-5+;(G@ODQ6XV]4T/MDMQ%4^C^XKTL]OET5A];N3*M;E`2-H6U0ZF
MB2GJ#3]B3`3Q8`P!@'\CSR$I!RI4<4F3)BC#U"@\P!)!!!(-F&G'&F;"6444
M6'8A"%O6@ZUT[^3`('?"Y/F$FY,\CIHE9*+6QY0MF1=C6+4:SB$^,,AD\@7U
MR]0Y#7[QQ\?7BTBXL-_33=8H!-BD:U62<@/4Z/=?+1E@3SX`P!@#`&`1(7IP
MGY*SIQYFL<&=>(3A!.7B\:I<^W!6%A22TXBG,I2#5*W("G=EE2)H<TT'7Q$Q
MX80]F3I$I5;ZN@&=8T0$K3$A5MC(S-J]>:ZKFYJ;T*QT/V+9[DK2)"4ZA>=L
M8ACV:L.+V8+I%O?2+Y=[P#]7`&`,`CJN+C7R%=>0]D7'59G%*4Q^SZ?K>J'>
M/<C:ZG$P=61K@SO93DZL[(NCDA0MXH?,!V!HU:@-(T$Q2FZYG::$'J`;3<:*
ML>J.X\4A34CD".5/M5U5!*_=I$W)5B%M=UL2C;<QGK&Q"X*UZY$UC$BZ$Q)Q
MYQA1&@A$,6];WL#-^`,`8!HGR*H"]IA?M8WM2[GQ^5JX-5-BUD;&^0$-F4J;
MVTV>RB"2!5*(:HB;ZU#9W54BA84"[K@V)0F$`/7T$&P"`REQ#I64\?Z/;*WF
M3C"%SZ7.+=F9Z2LV)RC-=1M-9UL32R4,.@["[+G%>UQB(HY6!N2%#-WK1:?7
M5"`/5`$#9K`&`,`T8Y'T'><TO2I;QI=SH!4OKNL[2KLV-\@(;,96V(3K'D-;
MO1LLAI\3?6DUE?/(8$)N5B&`0E"-3U-#"'0@C`R3Q!I26T!2Q%?39R@JU_.L
M.X)X<BJ]A<XQ7$936C:LPL9)$80P/"]Q7M<>C)$HTD)+$9H/26(0`%@V$`0-
MGL`8`P#6?E%QG2\I(:P0=QNR_P"E6IGDY4C<U7'^=M<"=9JE*:W)MW#YJM<H
MO)]O,)4C<=*3V\`2`J%"<KM1C*T(H8'[/&[CQ&>,M?G5S$7]VD+,:_KI`6J>
MHK4,36E*'!(@3*"C4M-5E5C"Z&&"0:-,7+D2IU4&&"[94:$)82P,_P"`,`8!
MCZQZEJJXV5+&[=K.OK4CJ%R)>43!8\,CDX94;PG3J4A#JE:Y.VNB%.Y$I5IQ
M0#P%Z-"6:,.A:T(6M@8OX\<7Z[XSGV[Z-DZ9F9K;LD=B&PU@C<1A$#A.RHO'
M8@WQ^$PV#L4>8VU&6TQH@Q8L.*/<G-:88<I4&?DP%@;(X`P!@&M_*VDWR_J>
M50*-/,::7U'-:TGS4FG3$ME%<R5?65@1R?)(C9$8;7-F7OT(DBB/!3+2"E10
MM:$$SH-T7LDP#!W#CA8X<7)?.Y*ME4=?ARRN:OB#LX1]A5,3Y9L\87>PK`M.
M\[;//6*RGB?3ZR+3<P(0`V<)K8TQ!`U:H9F]$`2`X`P!@&OG*ZGGWD#QPN6E
M(T_-49>[,@KQ$D#P_MZUVCY(G,L)9R60M;<L;UKE'G5-H:1>G*.+$<D/,!K?
MRX!K[2O';D"S\CF"\;>.XN,3;$Z/F].-K%QYK^;11T?TLJF%:29D#*G.4/[B
ME4L,$*@:L#6D*(UV!KPH$#981#","07`&`,`8`P!@#`&`,`8`P!@#`&`,`8`
MP!@#`&`,`8`P!@#`&`,`8`P!@#`&`,`8`P!@#`&`,`8`P!@#`&`,`8`P!@#`
M&`,`8`P!@#`*XWB^>-==?AS<FH#0E84/5=GMDKHMBMQRD4_FLOC:]&O>[`G\
M,`S($,<8'=.<C(3PH)^S3!A'L9^PZ#T!Z=W%LIV/UNU1E:ZDKX:+V)T2+EQN
MDR^51ZIADN;ADY&[CCCB<^NN#:')RFJ[*QWEPWL/RFTW#[Q!I]R=UX=UFS/4
M2J:,\H>*7+NTY_7Z%S1KX\5.:GMCCG#(<-IE<B;V]_$0VM4N>AZ*"(@)^EN]
MG%CV24(%87JVOLMYJ[/(]))*2IEA5R(J(Y8GN8KD1=U$7)Q1%WL3[8W\I&V1
M-Q'-1?QIB?)_U(K,C\EE:!)6#+,('7=B+"[#E$AL39$WW%ICXBMT<*8TUUQ&
MHS6*)B>#HX1`"'H@#@K(,.1=1O-4J50A.0N8?V>`8_%UMZ70=NE49XL:&;.F
MJOY]7Z=;()88XIJUFX;3/5#=("EA&K/LN6QI)6I9JLF!-$C([%:N.+V,#$M[
M8#<CD%S/]'W'?C?R0B"(J3LEJ)7:=%M47E"8F/2)A0<-;^Y'H6G;_(H`>[N$
M;=E5:IB"CRD#&XZ$82H'V8"ST"@!5O-"QI)4_*J53RJ(,U6+QKB#--T\5C5L
M)BH5,D,RH*/WK$&158U@Q^$ML-7%=^[97%P<"`MA`B-+NT`28(DD#5!Z\6JP
M&J'1DE%0*-]MO7VB76Q(?U[?C26%-?'&*U',WV+R%%)ZA02*)3J4,EU,YQ!Z
MPDZ,(6S0G8;J>B,*Z0/]SOQ6+0AU?V#8SUQ^84$1ECMR3I[BHE9;04++#L3D
M?3$K-B,,J^=)%5>*X=!7*UBTCJYH3T*N1E-R2.+QG`4!T7H0'ZS1XHLO8:1F
M%Y/M<0Q]K2K*L5;7M[A<2%%R(G]H17C!7G(5V/9J^2UXTQYXB;LGF^B3U3?L
ME4B:R!/^V\#>9I,2!OMQ%Y"S+D#&;%,L"NP5W+JQL<ROG5,C4/0FE^T;"X=.
M$3VVMLL9(S-(]T(9D6E.1NS>G/V8F\I)V:D4IS1`;:X`P".OF;RFO&E;2I>K
M*1BM2/"^QX);\]?GFV7*:)438BK-\J1A2-C.DAB)2H4*W4^SA&F&'B"`H"36
M@Z%L?2&7Z&Z(U&F-?+04\S87Q0\HJJW*Q3*:W##*;_2QW_P$4TNTJAT2H8JZ
M>%T[99N3P:Y&JBY*NQQ5%^C#`UP:.9M\7'"*1BTGD</XWOEC\XK*XK63<-9B
M0OC>R-%=UE/Y_'$5?F7"P.;(RS:X7^,M["D.=F]Q`G$H/`E(-6&HQ`XU]M3[
M'=I[3(])'PN1,K#)QQ:UV]B[#SL-]3JV.ZLOEH@NT;%C9.S*1JJBJGUE;@JH
MB(N]]!Z`'/\`!2"*VX$MLN.\K#*601)>3;RI;'8$[OZZ><LW'CH.K).EB3$&
M'/LYJ,8TJ5T>V5&@2.SIL*;;:B4:,V/DG6/%-GB/7K8:^`L+1!ZUJR5*.6_&
M6%2R-/;]*)*>OX\W>_V^Q]^1R4%04%=S@<@55<(IBDD2>'QC<SQ*".T1GI]!
M.`^J/>*#<DS>./T3BU(5"HD_+=G@4]I01UT/RMFA5>3I+:!VBKP,;*W4KV>P
M6/T>EZ[N:RU25<K$YH@*2AM!AZD#\=H\6"VET8JW;AQSC2>=<@F+C%+JC:HI
M-)Y8C*RQWD;#N14N`FL+3#5B64JI%&2.-#L62G96]4%S-=4@`B(T2H,V!M=Q
M!YF6;RQ]*DA.J2,U=7U>P^ORBE)]@G2Z>K;,FU/P"VG%NVSM\52Q,J%Q]#-_
M)TSAIT.5N`BRS!HTO6&46!HA6'B<\@$]-QMU!"8U;<\#2:NWYN]V!.DD!9=M
M]4<!^'/)N>EQ1J@M4+!I5\^?K[5ITZ=4)02W+.T4]OY)LEN(`R,9XM\^>%,\
M60;C$K>H^0ZV;#ZST^RXR'OCO,:IG$#@[R![\YF1IC3YJ0*)@H4-3-&G%W?C
MS$B%%LCRIZ2Z(`D^XMW>'D32$3M0Q*U-SFZ+IA'9&SLX9D0G8Y5`IK(8))F5
M4W6%#H!-V1W;'N.'E+6YS:4JMN5A,3"V=HK1YH&P>`,`8`P!@#`&`,`8`P!@
M#`&`,`8`P!@#`&`,`KM>+G_T/OM'U_\`]2OSV]/?H3:?,_S1^U7U/1%Y^3CN
M?R[T#?[L=?SS[Z[/RS\__AZ?R79Y8F@?\4LFI_AO]ZY.,?M'L>5O_6Y/E,GP
M^?DX_P!8^2J]B^K[9D>'#*_GP-M:@_Z/7V+N*G9?9>^R9YK2;[+?VL/-KM.X
M^^3_`#R\VOM0_P"^OE_>W1WGVWYUT=EVWXG99"+E]X?>-1][<I]Z\L_EN4\_
ME<I>4R\=W+R\<K^MB?2S(R$Y/#(P3##>P\&!OHW?9<\B5]T^@+N[J,?E_=WH
M\\BZGI1>/-KROR;\AU/35WAY#U_D\Z?*.R_/^TSXC^C#KQ_TW_-ZV>_OL2^:
MOI`:O3GWMZ"^X/2EY:\]R>E7RO\`L_S^[Q[Q\E[V_M#M_*>S_'[7`-C91Z%?
M-*-^>GHN\Q/)5'FAYT>:?FEY%YAR/ROS;[V_L;R7T8][]IY+^)W#Y9T_FG;8
M!_1-Z&O()[Y'Z,N[.YT'I0\F\U?(/-_S03]U^?O9?F_<_F%V7D_>'Y#NCJ=3
M\WZN`:XG_P#3B]$$+\I^Q1Z!//<[T>=OZ#/1%Z1_R_E/F=VG^YWGKT=KVGD7
MY]T=;K?)TX!GAT^S]W8V]]>ASN;TF2'NCO3S)[L],?:2KSK[M\K_`#7TF=MW
MYWCV7]J];R[MOE\HP#P39]B_S\6]S?9A])OH@1]X]V>BKSY]`G<R+R#RWR7^
MWO1%YO>3=EU_[&\B[+J_DNI@'N:%^SUZ/DWV8?0UZ*^]73R3T$>9/F!WWVP>
M^O)_,#_=WO7M^KY5U?RW6Z.O\O1@&9\`8!&%X@'V+O/>DOM,>GWTC>;-K^B_
M[//VE_.CS-[RK+TF=^?9R_./-_OCS:_6WY/RCL^P_&[7)#HW_NCVN3_:GM7M
MO)_7Y#SLC*3?P_X<K#\.!P=(/]M^RL_W-[-['RGU.7PR<O!=['_BR<?P8GZ?
M'#_I]_9+GWFYW?\`9F]*,V]+?VO//#LO2;YQ-OG/Z3?M3_VWY9W]Y%Y-WE^;
M];L/)ODZF<VZ?>?WA+]\\I]YY2<IRGGXX)AE?9PP_DP/OM?W;]WQ?<_)?=F3
M_P#'R?F9.*^;AX,<?PXF85/_`$^>[J.\L^QQW1Y`I^S9Y3Z%.[>Z^]V[RST(
M=K^:^0=_>2=IW#^3\L['I_*]3/@/O/L8_L$]TS?S<^R)W%Z6XAZ1^YO0WW3Z
M=?.]/YA>>OD7YGZ6//[LNY_+O[7[XZODWYST8!Z.!_8V\ZI3Z,?LS>>WI3+\
M]/,3T6^=/IK[OE_9><_<']K>E'NOO_J^5?VKV'>'1^+Y3@'SS/[%GHY</2#]
ME_T2>9E;]Z>=_HI]'GH^[U??1#Y=WQ_NYYG=^=Y^;?7_`#+RORKR+\IVN`9:
M@'H@[K<?1;Z-NY?)8WWOY@>;'=?D/F3'O,_O'S=_-/)?1QW3W;VOXG<GDG8?
MFO8X!X%M^RAW>/NC[//=7FL\=?NWT;=W^9/HY@WG!U_)OS;S6]$?FUY9T_FG
MFYW9VGYEY+@'AWC[!'G';/?_`-D3SM]'B#TY][^AOSB]%'81[NSTK>6?VEZ/
M_)>Z>P[W_L[L_(^K\G88!L!5WHN]'\6]"OF%Z*^[->9/HO\`-[S`[G[<[J^:
D_FI_N[W;Y3VG^R?DNTZW^7IP#WV`,`8`P!@#`&`,`8`P#__9
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>6
<FILENAME>g7960433.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 g7960433.jpg
M_]C_X``02D9)1@`!`@``9`!D``#_[``11'5C:WD``0`$````9```_^X`#D%D
M;V)E`&3``````?_;`(0``0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!
M`0$!`0$!`0$!`0$!`0("`@("`@("`@("`P,#`P,#`P,#`P$!`0$!`0$"`0$"
M`@(!`@(#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#
M`P,#`P,#`P,#_\``$0@`MP$*`P$1``(1`0,1`?_$`,(``0`"`@(#`0``````
M```````("08'`P4!`@H$`0$``04!`0``````````````!0$#!`8'`@@0```'
M``(!`@0#!04'!`,```$"`P0%!@<`"!$2$R$4%0DQ019182(R%T)28B,8<8%R
M,W,E-B1E5C>#)B@1``$$`0(#`P8&#@8(!P````$``@,$$1(%(3$&01,'47$B
M,A0588&1L4((H<'14F)R@I*B(U-C)!;ALG.#PS3"TC-#DZ-$)?#BLX2DU!?_
MV@`,`P$``A$#$0`_`/IJ<=PNR,1W$[2]><ZJU,TQW'6BU6^DJZA>Y*C53.*/
ME/6CIU:INKLDZM0;9-S;F\7;='"R:J@D!@HHHJ854RE0Y]PQ^"7A;=\$.D/$
MSJ>Y>VF&6I7K6A0J,MV+MO<-\ZEKQ6'&Q<KQ1-J5=I8US6@]\UK6#0XF1:T=
MRNMW*Q3A:V0AQ+=3BT-:R*$D<&DG4Z0^;["U!6ONE;(XL%FG%J)6GU;VZT]7
MHWK55W)]#LSK-XK3>DT;VMTESI+/),>MUSL24+'BJ1O]-;/CN)!R1(QV3%)1
MT3==U^J+T/'MM3;X]QM1[IL%/?G[Y8;[%`V[)1ZI?T]1;1=N.Y5JL)E?I+^_
M?$&0QN>!/8>V)V.S?K)>YY8TLE=$(AZ1TAT`E=JT,+CCLP#DGL'%;5>?<VVA
M>JZ)=8CK'#1L/A75>R]C-BC+_>[S1+.]DX:Z=@\[A:9FE?L.01\R]A;=-8:2
M593<ZVAC?0I5,YV)7)11YI\'U4.A(]XVS8;O5D\MWJ'J^#9=MDIU*EN!L<M7
M9KLMJ]-#N3XFRUHMU->6K4DM#VNNYK;!B.M9!WRT8WRM@`;%7,CPYSFG(=(T
M-:"S."69#G!OHGEG@LSN??W8\WE;UFVAYMA]7U:`MN+,8%PEJ6@6:GR=6VVG
M:?:XPL77*[D;W6]!T2LO,H?QZ\'781V+Q!=.3%9FS1=@A!;%]7#H?JFGM_5/
M3.Z=06^CK-+='S`T*<%F.QM5FA7D[R>;<6[=3I3MW"&9EJ[:C[MS'5`R>=\/
M>7)=WLP.?!,R)M@.9CTW$$/:XC`#-;G#01I:TY];(`.(\UK[BFVZC,IWR3KC
M6D8PYS'I[(.ZI5[3+16@5_4;S]QBW]6;Z]2<6O'V\J^ILJWHS@',9(MHV3/$
M)%;^PP?NUU6G3-U^K'T%TE1/3M2T^_UTS=NI&-L3UXY*<U"IT56W^FTMK[D8
MV68S;9HGA?/`++C+WEFM#&R;#9O-J=W>N;HK=W#P!(<'.LF)W-F=)TG((!QP
MP"3C:=G^YQK]&S"B;!9.N]'>5?L/F#_4NM<%"[#)?J5TT;6[+HJ(K&QKNLZ-
M$U.4LU,U)M,`\B#3+6-=-%XY8%#"@Z7U#:?JG]%=0=6;CT3M?4VX,W?IG=F4
M-\FEVUG<-<ZM?DDGVP-N]Y8C@M4'UC'9%:2>.2.TPM'>0QY$F^V8H&67PL,<
MT>N(!YSS:`'^C@$M>#D:@""T]A.67/[@6OT22MV66?/\0B=MIVUAE[DJ%_U2
MVU.R1$CB5&VZ`EZ%2:-CECW2\3JK*^-XF39L*\HSACH'?N'GM*MVRL/L7U;>
MB>H:M+J_:=RW^;H*]L/M[<T]OKV()&;K;VJ:.Y:M[G!M-6$.J/L02S7&RV0]
MM>.#6R65ER7>+,3G5Y&1"TV73ZSR""QKP6M:PR./I`$!N&\R>067=)NR5O[@
M3VW65])V6F4R[=?NH&@4BHM'K$\KD[_;,IN4W;TH*:6A&J[F4;3#=,Z3EXU`
M14:IG,V1$3H!"^/7A9LO@GMVP;57BJWM]H=2]24[5ES7]WN+-KW"M%6,L0E<
M&QNC+@YD<GJR.:)7X;(;FUW9-R?*\ES8G0PN:.UFMCB<''//:1V<AR4:(2V:
MCUD=_<.VF9WKLOV,CNE=U@JSG..:5IM)CJI>(^U]<<5O)V-QEHC*F[TTHG<=
M,>*M'X!Z6I2(@9)0J8@;JE_9ND?%B'PSZ$H].]*],6>O*$L]W<Z-"T^Q4?7W
MO=*@?6CDW!S>[-:C$V2'G(3(0]I<,8+9)Z)N6G33S-JN`:QSF@.!C8[B0SGE
MQP>S@MRZC]PK7,4TNLYK?,YQ.7GHRPX'5-5A<XT35[O*QDGO^AP]$C)2.>0V
M).Z]GM?JB=IC7I37MW7'=A(+@K%%,@-%GFC](_5IZ+Z\Z4M]5=.[IO\`#MTM
M;=[&WRW:6WU8Y(]GI2VY(WMEW5LUR:P:\\1&TQW8Z1[LV)'.,T<&3/O%BK.V
M"9D1>#&'AKGN(,C@T$89AH&0?UA:7<<#D36I4.R7=1L[A[[K>EV1_6"YIVCW
M2;@\WW9Y#N9"V1?<>H==*U"1[.9Z_J1,70*-`OBLXR#$5FYRJN)-=4[\Q$R_
M5.]^%O@/+#/TYT9M56/=CNNP;3%+=VELK65Y.FK.]3RO=%O`DDN6YF&2>WZ+
MP6QU(V"N'.,)'=W,$36'N,>B60ALF.(F$8'&/`:T<`WSN/%7>==NR6Q;G/Q%
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M#GG/M#@X%K8PW$%*H+#K(8/:'`Y.3D@AH/#..(8T<NSSK5!^@G4Y1%H:)SF1
MKB\;#Y/"P,M3--U2I2]8#"ZJ_H.7S52F*U=XU_6+?6:+)+P*DVP40EY*%.,>
M_<NF@`B&X-^L;XR->\7-TBM1RS[C+-':H[?8CG][6&7+\5B*>J]D]:>VQEL5
M96OK06A[37BBF_6+']T;?CT6%I`8`6N>".[&EI!#A@AITZAQ+>!)'!9;%].^
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M<X'','CE8G7^A?4>L*5-*N9,TB24.)BH>`C6%ROZ4<VBX;;0[&5U*6APM@Q]
MA&`VLBD]&JR23M5BX7<)-S)MG#A%28W+ZQ7C1NS;C]TWE\SMQFDDF>^M3+W2
M2[7[EF,<GL^N'OMK+:D[8'1ME8R)\@=+%'(VVS:=NCTZ(\:``!J=C`?W@R,\
M</\`2&<XXXX$A<4=]O\`ZEQAI,J.6*.HY]'NH:-K\K?-(F*M2(&0O4#IDI7<
MNJTI;W=?RBN2]\JT=).X^MMHMHY48H)J)F0232+[M?60\9K8B+]X#+,<K97S
M1U*,5BU,RI-1CFOV(ZS9MPGCJ6)X(YKKYY&-ED<UPD>YY-VC;FYQ'Z)&`"YQ
M#1J#B&@G#`7`$AH`.!V+)[UTYZZZ3='^CSU.E&N@2,^O.2UUIFB:/G]HD'3N
MD5C.):)?S5#MU>?JUJ<I-,B6$A$"<(UZ6/0570.NF54(GI[QP\3NEMBCZ7VZ
M]"_IN*L(HZMJE2N0,:VU/=CD9%;K3,$\5JU8EALX[^(S2,CD;&XL7N7;:4\I
MG>T]\3DN:YS3ZH:1EI'`M:`1R.!D96:XUURQ7KXR4CL<H<?1F*M5H=',UCW\
MV]2+4LPC)"&H$"B68DY'V&%7B91=NV`GI-[1P*83`4GI@>N?$_KSQ*G%KKC<
M9-PL"Y;MZGLB:?:+\C);DQ[N-F7V)(VO?G(U#(`R<W:U*K3&FLP,&EK>WDT8
M:.)/('`7F=ZZ8M9HK982=HC"0B^P4M&3NQ-%)&<2)=Y:'K-7IL:\?';RB2K`
M[6LTN+:`5D9L02-"F,`G,H8S;O$_KO:;FQW]OW&2*WTU#)%MK@R(FK'+/8LO
M:P&,AX=/:GDS*'D&0@$-#0#Z55[96O8"V8@OXGTB`&CM\C0.&.2P*^=*NM^E
MW^9TFY4>5D['8Y_.[A9&K70]*@ZC8[MDCF$=9E>K!08"WQE(FKO1QK<>G'RS
MF/5?(HLFZ7NBF@D4FQ=.^/'BCTKTY!TML>X0Q;75K7:T#G4J,MF"KN+96WJD
M-R:M):BJV^_F,U=DS8G.ED?H#I'EUF7:Z4\QGE82]Q:3Z3@"YF-+BT$-+FX&
M"1G@/(OT*].^L,C%K01\OAG,8C6K30EV:4Y9O"-<N6F1VU6B#4.C/`ND$II+
M!M+F,)@734*4B9B(&%(;;/&_Q9JVV[@W=YVVW6Z]L.,4'&>M1?M<$H!AP>[H
MO?6`QH<TES@Z0:Q7W;0<W1W8TZ2WF>3G!Y'/M=@_T+MZ/U1P?.M)>:S4Z8Y9
M7%9:\N8LSVVW2<K--=:?.-K+ICO.:+.6&1I.;.]#L#--Y-JP,?'J22X"9<3^
ML_JPM_\`&+Q$ZGZ69T;O-YDFQM;4;)IK58I[+:$3H*+;MN*%EJ\VE"YT55MN
M:80,($8;AN/46WU(9S8C;B7TL<7$-U'+M+22UNH\7:0,]JD5SF*S4X1.$3A$
MX1.$3A$X1.$3A$X1.$3A$X1.$3A$X1.$3A$X1.$3A%"GK*X<6C>.\]SL7N&M
M,%O-2Q:';N#F.>"RRBX3E5XJ$6R3.<XH,9FS:O/3AC%])55I4P#Y]L`+WGQ7
MCBVCP[\/MBVS`VBQT[8W21P'"7<+>[;A5LR.(YOB@V^I4`.2UM<??',71)DM
MVY7_`.T$P8/@8V-C@/C+W.^-5(TGL[V8:83L^AT7483-*]UIQ'.-=@\PIV2Y
M@VI]YM-V[8=K*Q<HZY&>UIY+LZQ.T_+&C<4H-Q$/TI)PJ_\`FS'$R1_L[?O"
M;PIF\0MBZ9ZAVBQNNY]5;_=VZ6_9W&^ZS4KU>GNGYZSZVF=L;IX;.X2/U6V6
M870,97[D-`>W7HKUX5)9HI`QD$37AH8W#BZ64.#N&<$,'JX.3G*DW]RI:0J/
M:[IKOT4ZD4'/5').T78F90CU7'JDLQKFA=1Z7O,>LT1$2/O&#7RRND4S$./S
M;1$Q0]0!SE'U5V5MZ\'>N?#BXR)T76.];#LL1>!Z%^>GU':VAX<?4_[O4HQN
M((_5R/!."L[>R8]PK7&YS7CED/PM#H6R?\MSCYP%4-:&]TG>^@=L(UW.OKZY
M@F?W%*C`?4)$JCFAU2EVAK4LU*Q(J4J9[)TZABPZK0$RA]6DE#B4%1$0^U=H
MEV+;_JZ__CEIE>/IQEAW1=F;0S#;=BU7=8O:\<1!U+*;+9,G^'@8T'1P6N2"
M5^[>\&DF;'M`''U0TX;\<(QCRE6F=1;M*V3LAWJ[9QLHZ=!V&ZD8UOF7G>).
M"-6F15^\=L*1U^=-H9^!D6*5GSF@Q]D62%,!4<3JHJ`(B//D/QIV&GM7A=X>
M^#5J%C#TSUIN>T7PTM+G;E-4Z>M;PUTK.+S!=N346NU<&5&:<!3^W2N?=M[@
MT_[:NR1OX@=*V/A\+6AWG<M6.>R?=6LY;(Z9(]II2P/JUT"ZC]UW4&KD.+Q\
M+-:'K]SM<'=LZ7,RI1)1GCKN"J(E;MD7!;*V>NA<%FA33!L.WQ>%G@/NW5T7
M2E7I"&M7M>(_4?2S91N6Z/EBI;;5KRU;HU6C&[<VRV<O>YAHOBC$9H!SC*,<
MW=TCKF=U@DMIPSXT,P7/<0YOJYT8'+U@3G5V+/2[-V`F]C[/9YF>JL<,A*67
M[@VM.'M!RG+'\U:KABDWUOB,]6LCFX56PL7S8XWQZ,XK\N$E+H`DD5VV.F58
M-=/0OAO0Z'Z2ZFZKV>3J&_?/1VW!MS<-P9%7K;I%O<EP0-K6(7L</9(O9&Z^
MXK/+WF&5KBPWO:;CK,\,$@B8WVA_HL9DEAC#<Y!^^.KAD^4<UWU2^X5HMKA:
ME7IC3Z15M:T?N+T]S.%I4>PJ_P"JV>.[UU=Z_:I;'\!6)A&2D7D8%HNMB<,)
MAT@Y33!#Y<55`1]'([>?JT],;/?N[G1VG<+G1FU]$=27I;3WS^SNW+:-_P!X
MV^NR:>,L8V3V>K29+6C>PNU]X&-UZE[CWB:1K6.D8VP^S"T-X9T211O.`<G&
M7.()SY.Q0:Q/N_V5H^'8C4:OND4_1S3J+UQNT!/WVY]>8IGM>G7>XW>!TJJ:
M22VQ*^D7*.H$]66M'6844K.TQTTL=616=OEVR`_0/7O@#X5[_P"(&_[UN_3T
MT;]UZUWNK-#3J[S([:Z%6M5FHV*)KR"E6?<AGDW5LV[&2A-5:&560UXY9!%5
M=TO158HXY00RM&X%SHQK<XN#@[(U.#2`S$>'AWK$D@*R7J?VTUJZ=Q[9D6F:
M:2YQ<^\[)#3XF@GQRU9?&L,HT^)A8N+>1T/&TCLQ@M\H$`^+#SC*\L+#$6&7
M.JM&RC<"MT''RSXQ^#/1FP^!U/K7I3:30MUF;'[3)<&YU[[W[A0DEDD:^5]K
M8MWJ7)F&S4EVJ:G9I5@QEJI(3+)'-[?N-B7<G5IY-329,!N@M&AP`&`&RQN:
M.#@\.#CQ:X<`994MVYK?W`]SIL*13],WWK5B>QVMJ4ZIFC#2&5YT_+6\X"7G
MV$']SHE4CVBP@'J53K"0_P!D?/&]]ABW3ZMO3^^7R/>NW=5;IME=V!J?1?4H
M7S%GF65;=B:1O8UU]_E&)"(EF\2Q-]1\#'G\;4YF?RF@#\E3<YP-2B<(G")P
MB<(G")PB<(G")PB<(G")PB<(G")PBU=:=PQBCU^UVRYZUFM4K%#L+>HW:PV&
M[UJ'A:A:W;6)?-:Q99)_)(,X2Q.64^Q639.3IN3I/$#`02JD$Q%X7W+%FUNI
M5!<:YF:-YTF%3LF>4]2]5@EFO=>6;N7:$[3X,9,)*R1#AJR752<LTUD5$T%#
M%,)4SB4BVEPB<(G")PB<(M=PF752N:1>]3A47C&RZ7#TZ)NB*3K_`+-,KT1.
M9:5Z?5CA3$$K&E$3(L%W9#E,Y8M&B2@&!JCZ-GO]6[QNG2VW=(7G,DVK:I[,
ME4EOZV(6S$Z:$/SQ@,D7?-C((9+),]I!FDU6601LG?8;D/>`'>0Z<X./+@XS
MV@#R!9F6'B"I+(%BXXJ#E(B#A$K%L"2Z*:JRY$5DP2]"J1%W*AP*8!`#*&'\
M3#Y@C>NE[9#-*9&G+3K=D$@`D'.02&M&1V`#D`KFEO+`PN==DS=&];EHU<'^
M7<-/4N@DJ;Y1Y[?S;7U*$,/R[KV2>X3^4_H#U`/@.6HYYXAIB>]K=37<"1Z3
M<Z7</I-R=)YC)QS52`>87"$1%%6*X+&1X+D;@T(N#)L"Q&A4Q2!J50$_65N"
M0B4"`/I](^/'CEPW;A88S++W9=J(U.QJSG5C.-6>.>>>*:6YS@97(E'1Z`>E
M!BS1+\FA'^E)J@F'R#8%`;,?!"`'R;<%C@1+^0GJ'P`>1YY?:LR',DCW'67\
M7$^F[&I_$^L<#+N9P,G@FD#D!R7&:)BC)F2-&1YDC-$(\R1F;84S,&QCF;,C
M$%/TBT;F4,)$_'H((CX`///0N7`[6)9`\/+\ZG9UN]9^<^L[`R[F<<2FEO+`
MY+V+&1I5%EBQ[$JK@KDBZI6C<%%B/!2,[*L<$_4H5T9`@J`(B!Q(7U>?`<H;
M=HM:PRR%C2T@:C@:<Z<#/#3DZ<<LG',II;SP,KK0J=6"62G@K5?"<08-HI"9
M"&C@ED8MDO\`,LXU*1^6^<38-'/^8DB!P33/_$4`'X\RO?.[FF=N-JS[O=(Z
M0Q=Z_NS(X:7/+-6DO<W@YQ&HC@3A>>[CU:](UXQG`SCR97`I2:8LO$.E:C6%
M7-?DGTS`N%("*.O"2\HJ9:3E8A8S05(V2D5CF.NNB)%5C"(G,(CRXW?]]9'-
M"R[;$5F)D4S1-(!+'&,,CD&K#V,``8QV6M`P`%3NHB0=+<@Y'`<">9'D)7ZV
M59K<;,2MACJ_!L)^=*V).3C*)8-9B9(S*)&9)630;IO9$K4@^$P6.<"!\"^.
M69]VW2U2AVRU9L2;;7+C%$Z1[HXB[BXQQDEK-1XNT@9[541L:XO:`'GF<<3Y
MSVK&:QF-6JEWTG18Y)\XM^J.JNI:9:1>&=J%C*7!%@JM6XA/T)I1=;ABK/7B
M34@"`R$H]<&,8[@X\EMVZLW?>-@VKIBR8V[+L[)Q7C8W2.\M2][8GD/$R3RX
MBC=(?]S7KQ`!L07B."..5\S<]Y)C)/D:,`#R`<3CRDGM6PN:RKR<(G"*)._Z
MWK^<;/U!J]1AZ`KEFR;5-9IJ4Y//IQQ>6X_T3V#0JS'4>!9,6\(W35E\\34D
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MZ(TAM%5>-M\N^W6T?6ZI)VO2[W4JFTBSPL+G6&L4H\91U,+IIR1I`J!'+-R9
MBC)$76]%^]$CVKL%OIUGBL]CK7"95DFU&99K8;#8F]'BM=E=#@SXSIQ[#!PB
M\1MV53&<KMK"U3(0I571`,V:'(9,Q%9!PB<(H*LNX]KMJ6_,L]ZY7AY9<-W&
M$QI:/TJTU?+(61B)+/*MI+[:K--O!L3ZBY,P@+$8R2JD>^G'1$T5`C2%<E]L
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M/"+C(JDH3W$U$SI@)P%0ARF(`IF$J@>HHB7R0Q1`?V"'"+DX1.$3A$X1.$3A
M$X1.$3A$X1.$3A$X1.$3A%CL[4:Q9WE7D+#!1DR^I-B"W5%U(-4W*]=LX04Y
M6`G8E10!,SD_T]9I!G[I/!OEWBI/P./"+1+7IKU79,-)BV6#9LS8:Z=`^A-F
MM>;-R3PM+&XN3($Q1]!X5./NKM6<;%CQ:E;S:IY!,"O#F7$BWA2J34<XJ<!1
M*%7(>HTZK1K>(KU;@6*,=$Q,<V`02;,VC<I$R%$PB8YA\G44,8YQ,<QA$BRC
MA%C-UI]>T.FVV@6UB,I5+S69ZGV:-*Y=,AD:]9HIW"S3$'C%9L]:"[C7JJ?N
MHJ)JI^KU$,4P`($4=4NEV)M-MC.P,6IJ,)HD93Z)GO\`V3:=5BZC)43-RR?Z
M3ITW0VEM3ITS6VJ\RZ<.6;AD=%^Z6%=T594"G*19UC'7#+\&<65[0V]M<2EJ
M;5^*DIJ\Z%>M*G&]7J`2Q:;28B9OU@L4E#TFH!//ACHQNJFU;J/5U/2*JRAS
M$6]N$3A%"?<NBV=;I!ZY`R6B:Y1FFXZMF^L:4%&E:,=M9G>84>I4.'HTO"7G
M/[O6IO,9R,I$:M-0D@R>(2JZ)DUS"T55:G(O2>Z+Y_<]&QO3-#T'2="G,:9T
M;Z>A9F61HM;/8,VGWMIIUHEG5:RFO356=,[(X;/GD95'=<K\LYBV!GT>X!MX
M.13;X1.$6`7W1(*B5Z;F7+N->/HE@L\1@AEF;.0D5$@#TM4"'%58%%!'QY!,
MWC]G-CZ=Z9W#J'<Z]&)DK*\T@:9>[<YC`?I$C`P/Q@H'?>H:.Q[?-<D?&^>*
M,N$7>-:]Y'T0.)R?,5@N-[K&ZV:;1&(3K3N*48D;LW4TV>N9,CPCHZBK9$&S
M-7T-1;@!O!3AY.'GQ^>Q=<^'MKHP5W]\;4,P?J<V)S&QEI:`''4X9=JX9(Y'
MFH+H[KFMU89F=T*TT1;AID#B_4'$D#2T^CCCSY]BWSSG2WM.$5=6Y9`\:]L#
M[JK6-JOU,==%^U&?WB$H]LM:X@X-9^OTQ5J-EE:966$CJOIU_C8F=%F^C18R
MCYVV(!WI"MV_M$545LZ^]H=+Z']A:YU[Z]R6/L->>W>W:-U140T7K:ZI;6N8
M778#'<CQE1]G4V73GT]:(5G(Z-/MBP"-MFFR[!`X,G2ZQB+Z)?JNG_\`P:L_
M_67U7_SUW_\`9_\`\&_\$_\`&?\`W_\`YO\`[7PBV;PB<(G")PB<(G")PB<(
MG")PB<(G")PB<(L5N,ZVA(5X'S*I)5^S?-8)DR34=2LA*"U4^71C&2!%7#E9
M-02F,)2B1(O\9Q*0!,$QLFW2W[[/1!IQO8Z9SB&QLCU#)D>2&M!&0`3EQX-!
M)`45O%Z.E2?Z1%J1CFQ-:"Y[WZ3@,:,DD'!.!AHXN('%12PHW8TMBE?UJE-K
M,0@O#<MX77;1WSWSS3R+12/:NE!>BCZ_Q+Z?;]0_C\.=A\0AX7G;(?<)KML>
MT>E[(`Y^C0[U@]S1HSCD<YPN6=#N\1!N,OOD3N@[CA[22UFK4WU2QKCJQGLQ
MC*E*#C0@_FB::?\`V6&;3\A^SXUE3P/.1&/IH\IKP_N8C_CA=0[SJ#]E3/\`
M>R#_``2O;YR^E_FKU44#_!;95,1_<`'IQ@`?]_*=QTZ>5FX//7C/S657OM^'
M.O5/FG>/GKKP,G>2_C4H(_\`T[BX'S_L]VJI?A^_QRHJ=/G_`*VP//6;]JP5
M0V=\'_20'S6#]N`*)TOJN[MMF+6V\4Z"L_JB(8C'(02;I@9@X39&<(%M:D*E
MX15%4WJ<#X]KR(?V>=CI='^'DO0QW229GO;V21^LS%K]8+M)]G$IXC`PSCJ^
M-<JM]4]=1]8C;HXG>[?:HVZ!$'-TG3D=^8QP.3Z?T?B4K?KMP#^:BG'_`*5E
MB#_']WNE0_A_V^!_=SCWN_9#RW`?'!)]K*ZG[=NXYT2?--']O"\A8;0'\]`E
M!_Z4[6#_`!__`"2J'\/[_P`?W<H=MVCZ.Y0_'%./FC*K[PW/MH2_%+#]MX7(
M%BGP_GH-A#_@DZ>?X_[[*3X<\^[-M[-QK?''9'^`57WC?'.A8^)]<_XRT;N>
MU7+.8B`?0U5-&+2<JX9+GM!(Q\V4229&<%(T+`61PN1?UAY$5``@E`?`^>=!
M\/N@]CZGNV:]ZX)610M<!7,C'`EV,N[Z``C'8W)S\"TCKCK3>.G:E>>G5,3Y
M)2TF8,<"`W.&]U,3GS\,?"LTS2[:%>Z+`6,8*LMG$JU655D',J^0:J&3>NFW
MK:PS5B_<%3*5$`\*NR&$0$?@`AR!ZJV#IKI[J&SM8L6WQ0O`#&QL+AEC78=*
MY[!GC]&,@*:Z;WKJ#?=CK[B8*S9)6DE[GN#3ASAZ,;6N..'TGA9U]%N+P0&0
MN23$@A_&A6J^S:&#S^(`[G5[$<W_`!%33']P<U[V[9(!BM1,CO+/,YWZ,(A'
MQ$E3GL6\3'-BX(V^2&)K?TI3-\H`7C]!0C@`^KN)RP#Y\F":GI1RU,/Y^J,1
M<MHCP/[`;@'*_P`Q7XS_``3:]8?NH8VN_P"(6ND_35/<-&3_`#;I[!_>2O<W
M\P.$?Z"[(U/J@QKV'"MPB<7)-SM'[%&,:(-WC90`!1%RFBDF"Q#^/B!O/GF*
M-[W@6H[QM6#;B<',>9'%S7#D6DDX(^!9)V?:O9GTQ6@%61NES0QH#@>8(`&1
MYUT\=F&=Q+9VSCJ76VC5\=)1V@G%-!(LH@50J"H@=,WI51*J;TF#P8OGX#S-
MM=6=37963VK]I\L8(:3([(!QD<#R.!D'@5AU^F>GJD3X:]*LR*0@N`8W!(S@
M\N8R<$<0N3]&JL`\UJR3L&!0`",7#G]0P_@!\^CY*<%TZ;I?X6KEL`!^'CGG
MWXRSPW6K7L9YO:WN9?SXM+7'X9&/7KW.^#CMMF>#\$GO8_S9-3@/@8]B\_4;
MO%CXD(*.L;<!'R[K3P(Y_P"@`\^HT'.K%;>?W$DCF'\B\I[-L%O_`"UB6K+]
M[.W6S/\`:Q#5\L`'PI[1O=7_`#$$=F/[Z%VA_P#PI3I^28^9<[6]5M9=-F\>
M*P4@KX*2.L;1Q!.E#F'P";;ZDF@W?&$?P%NHJ4?R$>>)NGMTCC,\#!8K#F^!
MS9F@>5V@DL_+#3\"N1;YMSWB&9Y@L'DR9IB<3Y!K`#OR"X+\\=I-!EYL*W%V
MZ!?SPK.VP1+6005?"NQ*L=XD"!3"<3MBH'$X?D!1Y<M=+=1TJ'O2W2L1[=I:
M[O',(9A^`TYY8=D8\N0K=?J38;=WW=6MP27M3AW;7@NRW.H8\HP<^99OR`4V
MG")PB<(G")PB<(G")PB<(G"*JVQ=ONQC2W;GF#FLY+2+@R[@X1ULQJ<(>S:%
M!UNE[#G=9OW]0M*9G<9^>QV[Z4M(';PL>O'LD'KEDR,_=`FJY6(L72[K]ATH
M'K+IDFTR<N?7'9*OUYVAA#5"X29V-Q>]A]!Z\6/3G=T/=48[&LQE)>I1RU.3
M>Q]E7G)B5&*<N&B:99$2*WKA%@[RT/)1TO$4M!O).VZIF\C/NO<-6X-4GP51
M451.12:E41^`LVQP]!O@NJA\/.P0;3!4A;=WUSHH7#4R%N._E!Y$`Y$49_:/
M'$<8V2<<0DVYS6I75-F:V29IP^5V>YC/:"1QD>/V;#P/![V<,]E!U=G#K+2*
MZ[B8GWB8)OY^2]L[Y9,#>Y\HU(F0C:+C"*?$C5N1-(!#U&`Q_)QQ-PW:>[&V
MK&UL&VL.60LR&`\M3B<NDD(YR/)=V##<-&32VR&H\V)'.FOO&'2OP7$<]+0.
M#&`\F,`;VG+LDY-R*4DG")PB<(G")PB<(G"+B5007`"KHI+`4?)053(H!1\>
M/(`<!`!\<]LDDC.8W%I/D)'S+P^..08D:'`>4`_.O9---(A4TB$3(7X%(F4"
M$+Y$1'TE*``'Q'E'.<]VIY)<>T\2O36M8-+0`T=@7OSRJIPB<(G")PB<(N!R
MU:O4%&SQL@[;*AZ56[E%-=!0O]U1)4ITSA^X0'ER*:6"02P.<R4<BTD$>8CB
M%;EBBF88IFM?&>8<`0?.#P49:5UI:4S2DM!;6HSA-"1G7J,$2#1:())3*$@W
M(T3<IR*@$39$?>"^$O`@0`\!Y^'5]^\59M]Z5/34M,-<Z*%AE,I<28BPEQ:6
M#)>6<?2X9YE<UV;PVBV?J0=01VRYK9)7"+N@T`2!P#0X/.`W5P]'LY!2AYR1
M=.3A$X1.$3A$X1.$3A$X1.$3A%IJX]>\7O\`'Z#&VW/8.6;ZG+U2PWM;_P!:
MQDIRQT5K"LZ59`F(QVSEHJQU%&N,!C7[)=L\8J-$E$5"*$*8"+74GU2ZF5J0
MS2Y/L?HL4]QV)JM9S=5LP=HI1;&F2C^<H,4G`L%P9VU_4+'*.Y*"!ZV?NHV5
M=KO&8I.EE53Y=*A;W&<5J;"^7!)Y`-:.;G..&M:.USB&CM(6+;N5J,/?VGAD
M><#F22>36M&2YQ[&M!)[`MT_(SUR_BF"NZS6#A_!`H+^Q8)I$WQ\SSYHIYAV
M2I?Q9-E!7.`^%EB@)T.37M&W;'PHZ+>[#G,1F&(_N6.'ZQP_:R#0#ZC#PD43
MW%_>.-S76VP\H@<2R#]ZYI_5M/[-AU'Z;QQ8LX9LVD>U09,&K=DS:IE1;-6J
M*;=N@D0/!4T44BE33(4/P```.:_//-9E=8L/=).\Y<YQ)<2>TD\2?.IR&&*O
M$V&!K60M&`UH``'D`'`!?IY:5Q.$3A$X1.$3A$X1.$3A$X1.$3A$X1.$3A$X
M1.$3A$X1.$3A$X1.$3A$X1.$7S[1GW.NS;LE_9JTR%6>:+?\LJW69]&YFNHA
M+P>E]JK?U_-<J$A*:Q#L]FI,74(N$D4Y2<>9^!9^=;%<HI1+@JS<BM[ZG:G8
MMBPJK7.Y.FSF[(36@4J[$;U)>B+1UPS;1+5GECAI6I*VN]MH2P0TK6%&LBFR
MFY>*.^254CWCED=NL<BD=PBXEW"#5%5RZ62;-T"&46774(BBBF4/)E%55#%(
MF0H?B(B`!SW'')-((HFN=*XX``))/D`'$E>))&1,,DK@V-HR23@`>4D\`%%W
M<KA?96$A?Z+IVQ\LG,*#)S-<AS.(YRR!DY*5%NZ=-SE?I?,^DWNMR*(>0\>Y
MZOX1ZWX?[)TY3OS_`,]FE'&8!W<4\FE[7:F\7-:X:#IR-+R'\<Z<<5S'K?>-
M^M4H?Y,%M[Q,=<D,>6%ND\`X@ZAJP=3`6\,:L\%GF,0<XO4X*S:$G,.[\HE(
MI.%;*3TO8A#Z@Z02;Q['VD&\85TS33,H<B8*K@8/6<Q0*!=>ZZW#;X]YL;3T
MT8&=.`L+1!ZLAT-)<]^2Z32XD`$EK,>BT'),[T;1NR;5!N?4`F?OQ#P3-ZT8
MU.`#&X`9J:`20-3L^D2,`;KYH2W1.$3A$X1.$3A$X1.$3A$X1.$3A$X1.$3A
M$X1.$3A$X1.$3A$X1.$3A$X1.$3A$X11G1Z:]6&S+2H]OA.=H,M>4;*Z$W2@
MTDR3AF-E7NK#V/2<#0)(Z[NE9UL6.%H5O.*&D4P*],*XD6VZE4\YQ:BPU/I\
M-7,]S^J-#,H>&CDVT1"QB*[E=XOZ`$Q"J/)!^Y5<+JG,=P[=+**J&.JH8QLB
MK4LW9A7IQOEG=R:T%Q/Q#[)[%8L6:]2(SVGLCA'-SB`/E/V/*O?]1SLY_!4X
M0R30WCQ8K.DZC8X2CZ1]V/AO"4Y*_P`(^0]962!P^)5A#DS[KV_;^.\V`9A_
MN8"U[_,^7C%'\.#*\<BP**]XWKW#:H,1'_?3!S&>=D?"1_Q]VT]CRN5"E-'"
MR;VT/7-M?I'*JD$H5(D*S5+_`"FCJ\@`1B!DQ_D56*X=%\?\X>>)-^FB88-H
MC92KD8/=Y,KA^',?UASVM:61G[P+TS98I'B;<WNMS@Y&O`C:?P(AZ`QV.<'O
M'WZS4`````#P`?``#\`#]@<@5-)PB<(G")PB<(G")PB<(G")PB<(G")PB<(G
M")PB<(G")PB<(G")PB<(G")PB<(G")PBX7+ENS06=.W"+5JW3,LX<N52((()
M$`3'5665,5-),A0\B8P@`!RY%%+/(V&%KGS..`UH)))Y``<23Y`O$DD<,9EF
M<UD31DDD``#F23P`^$J#NLS6XS=\3?98-[_1"K*'30=1;`4(QRN597Y]ZV(]
M0(LNV.0Y?"G@"*E+ZB>2"!A[_P!&T/#^ATZ:_5_N[W^))26R/S(T8&AKBTD!
MP(/HYRTG!P<@<2ZKN];W=]$_2_MWN4LC`<QF&..3J<W4,D$8X\G`9&1@F7D?
M3HIH[3E)`[JPS:8B9.8GE2/7#4QA\F^F-2IHQL,0?P\-$$/(?S>H?CSBMG?+
MDT)J5@RM0/..$%K7?VCLE\I_M'NQV876Z^SU8I1:L%]BZ.4DIU%OXC<!D?\`
M=M;\.5EG(92J<(G")PB<(G")PB<(G")PB<(G")PB<(G")PB<(G")PB<(G")P
MB<(G")PB<(G"*&WW`UM=0Z?[*?#BSHZ$+"IHIGJY+,I9&],<7^J-]4>025).
ME>%I9CEBLRL@2#.G-G43`L><CP4#E(J9K';B*9]CN9N)3L/3+-*ZSL+'#]SK
MY>Y,=B%'R:/TRB2*G85A173K0]*/?'ZKA>N9]3+1-RD,HV1DGA5V]:7-[Q%]
M,7"+%9BUMH]W]'C6J\_8SIE5)"1QB>MNDH'^6[F'J@@TA6!A_!1<P'4`!!(B
MI@](S%'9Y;,/MMI[:VU@X,K\X<1S;$T>E*_\%@P/IN8.*B[FZQ5Y?8ZS73[B
M1D1LQD`\G2./HQM^%W$_0:X\%^!M5'4JX1D[JZ0EW**I5V4"U*H6KQ"I/`I*
M)M%@!6:D$3?$'3L!])OXD4D!\@.1+O$5.-U786.@B<,.F=CVB0'F"X<(F']G
M'S'![Y%8CVJ6U(+.\N;-(TY;$W/<QGL(:>,CQ]_)R/%C&+.>:^IM.$3A$X1.
M$3A$X1.$3A$X1.$3A$X1.$3A$X1.$3A$X1.$3A$X1.$3A$X1.$3A$X1.$3A%
MBRUYI;?YCW;96RF:@J*Z034<HNF*(B54@MTW!EQ5(</3Z`*)O5\/'GX<EX^G
M]]DTZ*5K#\8/=/`.>1R6XQCCG.,<<X46_?-FCU:K=;+<Y'>,)&.8P#G/9C&<
M\.:ZGYBRV[X,`>5"MG\@,DX0*G:I9(?A_P!N8.4SDKC50OGPLY(9X(#_``HH
MCZ5.9O=;5LO&QHN[H/H-.:\9_#>TCOW#[V,B+RR2#+5B=YN6[<(-=3;C],C$
M\@_`:1^I:?OG@R>1C#ARRJ'A(N!:?)1+--HB90ZZQ@,HJY=N5/'NNWSQ<ZKI
M\\6$/XUECG4/^9AY#W;]S<9N_N/+W@8'(-:T<FL:,-8T=C6@-'8%*TZ56A%W
M-1@8PG)YDN)YN<XY<YQ[7.))[2NUYAK*3A$X1.$3A$X1.$3A$X18]9[;5J3$
M_7KE9(*J0?U*$AOK%CEF$)&?5[+-,*Y7(OY^27;-?J,]895JQ9H^KW'+QPDB
MF!E#E*)%X_5U4&V#0@LT`-X+72VXU."78#:"U0\D:&)9C0/S'U0L`>7(9J#P
M4OEQ<%%,#^L!#A%D7")PB<(G")PB<(G")PB<(G")PB<(G")PB<(G")PB<(G"
M)PBB)G76N4IFI?K^0GX239%>V%ZG')1C@CI-68%V+4Y5EE#I%5:&<@(F`//D
M/AXYVGJ?Q4J;[TC_`"W6K6(IS'"TO,C2TB/3J&``<.T\OE7).G?#>ULW5'O^
MQ/!+#KF<&!AU`R:M)R>&6YY_(I=\XLNMIPBUUKNAIY+EU_TU2KVV[A1*E.6=
M.FT*`E+3=+4O$,%G;:O5BOPS1])2<U,.$RMT$TTC^#J`8W@H&$"+YYG/W"NV
MUCS&%:_KYU!6U/5_N)R6@7B#I51Q5M78GJXO5K/2,FJR7:'/SL9V-A:C=U_)
M7$4G-V,:R<KN1A"&DW+0B^B_/;,G=*#1[BB+PR5LJ%:LR1I"'6KS\R<]"LI0
M@OH!PZ?+P;P2N@]UF==8[8_E,3G$HF$BR_A$X1.$3A$X1.$59'W'.I6^]HXC
M.#Y)?<V:QV:VRAW1GF.CT6P3L7*Z#7]FRZTQ^G%L<+J-);-)3/*17)I*.9.F
M$@FHM)JJ)&1>`T<-B+BQKJ1V!SO[@VD=G+O?\RT&D:7C]UJDC.Q^?V"JZ&Q4
M/JT'/9-F?NO=5MD2>H9I0V2R"*[6.9I.WJSITH@5X_=+J$5GG")PBB/?^W-;
MIG9S+.K\53+-=[/?Z[?+!8K!7EHQ.#SQ>K4V1N=6J<RK(+MDGMVTB/A7RD='
MD62%LS:"[>'0179BY(G5CM&[[%.]BKD_GB&;WK#[E`4R\UZ,T&O:?%Q$W8Z3
M!7DE6D+36VK!@UT*GLYTC&RQ*::[>*DR"FW>OD3$<&(I<<(G")PBCM?^U^`Y
M=H4YEMZT*/@KI5L*NG96TQBC&6=I5G%Z%,0L#8+C./6#%TT8%-*3B2;)F8_S
MTA[2XMD5005$I%EN-;92-TKLM8:62T1ZE;LKVG6RL7FH6.@W:GVIC'14TI!6
MFH6R.BYR&?KP,]'R"`*H^APP?-UTS&35*(D6W.$3A$X1>`,41,4#`)B^/44!
M`1+Y#R'J#\0\APB\\(G"*//9SL[F'4S,AU+5%IM6(7LE;J,/!U6++.6JQ3]F
ME$6#=G"1!G+,KA**9&<2<BNHJD@PB&+IVL<J2!QX18A0.XN=Z9V3U+K-48&P
M2%DQUPK'7>VFLN0)0#29;5NE69U&-*?_`%1-MCE%JVOK%LI)#4R0Y7P*H?-B
M8I1.12UX1.$3A%2+CF]?=W<]]^U%.T?K'2ICJU5FT=_2X4+:SIT6E'&<+DIT
MOGFEOX!VII5@N<."KFRQS]LR3A':9$BJ,_21%YW?>^GO!MOA[M%W;-UG9U9,
M7=_F,R.U8'>-F@#QW#(G8;`]CG&5I)P_)<R,CEW#VN1KV`P#EQQYL'MSV^3X
M.VQ4-_U.+2]=JZ?[RS](^#N*C/81>F8`'XG32C]@86!0G[/$<!Q_N\YI_+NT
MRG%3>MO=\$C+<1_2KEGZ:S.^D'K1O^+2?MHGVYS]JF92U4#L71@(`^Z>Q];-
MK=LDO`?Q>Y,U*EV>"`"_F8'0E\?'SX^/*GHW<7G%2QMEC\2[5!_-DEC?^BGM
M#/I!X\[7?:!7,P[I=4GRP-5]ZSJNO!^'R-XG$\^?E-_<.QO*=>=D/_A$@#^[
MGF3H;J^-NMNWV9&>6)G?#Y8M8^R@LUS]-H\_#YUJ+5^U7VZ(NV8_BNHZ'UTL
M,QNE[=S&;5E\WIUXK\I?61SNDK7).6K29KM;FI"8<@V8RL@HV5>R:X((*G7,
M)>9-'P[ZVW';KNZU=MMFEM[`Z<N86%H/WK78<\M&7.#`XM8"YV&\51UNLQ[6
M.>W4_EQ_\84_.:6LA.$3A%0)NO9/5:MM?8VNX_VI<VF&=XWM]BLAY"Y9\U<8
M';\IWS(:S-U,]1GLYA8SK>O7\GGYJ(J-GLSZ6AKG//TI23.V:1Z;MR16!?;I
MU:^Z[B]ZF[BYL<O7ZYOFLT;([3<+%3[E:K9DU6E632O2E@NV>OI6C7.3C)A2
M1B#R46]D&[@(T/6\=KE5<JD4^>$3A$X1=+$66NV!::;0,_"S;BM2ZM?L3>(E
M6,DM`3R#5H^7A)I)DNL>*ET63]!8[9<$UBI+)G$OI.41OS5;-9L;K$<D;96:
MV%S2T/820'-R!J:2"-0R,@C/`J@<TYP0<'BNZY854X11!M_17K1<]ZJ_9A[0
M@A]FK,M:)XURJ\D\KLE8IJUY:;''$O8W4<=)Z[EXBB%1;1SQ!5L[9&:H&(K_
M`))``BRK!>M-<PB9N]F#0M-U>_Z%$T*O6&^:U-UZ7MCJGY3'2\3G];$]6K%/
MC'C>N)66055D7+1Q,R;N056?O72@IB2N#C/8BDIRB)PB<(JJ=;^V$TT;6M>T
MN.[#ZG&M=MR;L92+?6+$RHMHC6=JVA+%6U0EXA\E482VGI68-L98@T@G4NL`
MD0;I(N&Z(O".R*8?7'([[G!=<N.L6.I6/4MRTQOI%S-0(:9@J-"&A<USW):Y
M`5EG8):9FEVS6JYHR<.7+E4%5GSI?P4J94P`BDGPB<(JJON,YWVXT6S=>#XQ
M2(B\9-G.W]<M+L-?CM5F:!:YF_5SLGFCP7]LBV6?V-K/Y10\[:2DBY;C((IG
M?+E>N&RQ8M!)<BZ7J76&4EW?WO08W"=9P"+A6.OTIDXN&8Z1'K]CG\WKD#8;
M)N6D[%9&QJO:FP2D6#3,*Z@\?/(*HN'ROK:MW:45&D5M_")PBA?W)Z/YEW0J
MJ4-=+)HU+L<56;/5*Q<,_OUTJSB"B[I*U"3M)%X*O6.%A+`>5"DLD?4^26.@
MD!RI&("B@'(M15#+,EG>]+U0W9RIWG0NOR]IV"$Z_1U:H,9J.=.-RH<=E\@_
MT*]P9DK3>J7]!C%U&#609DE$W;]LO*2$@",2",M/L.]5MHAW^Q5G9LMB1T<4
MQ81&][/6:UW(D?9P[&=+L6Q+&Z0Q!P,@&2.T*RWD2KB<(H0PW?\`PRP5&ZWN
M)B-;>56J7B/S2`E29A803UN^RUYE,YB:OC:)B`XOLA(6J)4(0R)$T",S$>J*
M$9"+@"*3N5:A3MGSZLZ;07[F1JMJ:+N8]1_&OX64:.6#YW$3$--PLJW:2D)/
MU^;CW+"09.4DW#1ZV514*!R"'"+8/")PBX'+5J]1.V>-D';=0/"B#E%-=$X?
ML.DJ4Y#!_M#GIKWL=J82'>4'!3GS5?F^?:SZ/=E=>R[:]4Q"MR5PRY=R=)K%
M-&<'6K\R.1=2-AM2@(]HDSO$1`2JWSS))SX$BX"10RC<ZJ!^B]/>+/7G2^S6
M]BVB_*VE;`XN)<^$\-3H'DYB<]HTN+>8XC#@'##EHU9I&RR-&IOR'S^5;A_T
M?9=%)>WGUDVK)3`?W$D\YW'3XV&0,'\@)4N;LM@H()I_V2#%"0`'QX\?#D+_
M`#INTQSN,5&X/WU6!SC_`'K6,F^/O,J[[/&/4+F^9Q^;./L+W''^Q,`JF:F=
MLI>8:HE`$XW:L?SR]HF`H"($4DLU)ATVH!A^`G4<*J>/Q$1_%[ZZ:L#%[9V,
M>?I5;,T1_-G]J;\0`"=W,/5DS^,`?FTKT"<[GULJQI+/NO.JMT_'H6JFA7S)
M9E<OGXF1KMHI>E0_N"`?`BD\D7R/\_Y\K[/T/:($5G<J;CV20Q6&CSOCE@=\
MD1\R9LMYACO,2/G!^=0V[N_<=D>D&!W/;-$Z3ZVC8WZD56F9A=Y=-YO.S;X3
M,8I"_:91;5;9.KUE%L=4A'$K#I>ZH8C5%,55BEYN/0GA94Z[ZCCV7;-ZH&`@
MO>=,S9PQHX]W#+'&)7_@LE.!ESB&@K'M77583(^-V>SEC/PD$X^1;RP/NJ_W
M7%\VTS(>GG8X:[=:;"ST''2L7DN<0L<U=M"B5DS<7G3:FZ>1"!RB5H\9QYVK
MQKZ%T/4DH3S!;]T%!TWO-G9MUWG:VRUIG,.@V)B=)\D,$@:['-CG@M.6NP05
M<BM&:,2,C?@C/8/G(6V4K[VZG"*!$==LLIQ1#RBXT;L&]5>$#\O=A\\R.Y,S
MG#\REE"E^'CU?'R$4=OZ-KD=]N5N?RB&F`/SIK$9_P"7\2N:[!Y,:/.[[@/S
MHG7^Y\VF<)+4.NE!*?R()UK(=!T"01\^0]*<O8=:IL>82@/GU&BA`1_L^/@(
MV>AX#^JJ;G8/X=B&$'\EE>0_\SXTQ9/-S!Y@3]L?,O0V";#.-7#:Y]P=E43=
M)*I+-LZJ6*YTW*58@IJ`U?&S>TVQD($,/H.E*E63-X,4X&`!"O\`,.RP/#J.
MRT@0><TEF8\/*.^CC/P@QX/+&$[J0^M([X@T?:)^RJ^ND_V9X'I_;^PUH2[5
M=D+/_6>\!.124%H,Y2'C2!;JN7[-UH;V-?.0TC232$HY3<3C@B/O-BD`$"&4
M6]71NNO&ZQUG3VVH[:-LB]AKZ7:X6R@O.`1"'`=S#AK2V($X=GTB`W&'6VT5
MW/=WCSJ/EQ\OE/PJP7_2R<GGY?LCVJ;#^/G^K3=[X.'X'`)2L/P^']T0]L?'
MQ*/Q\\Y_FP'UMLV@_P#MR/ZKQ]WX5F=Q^')\O]"Y"=:+$CX^6[6]ID0`WJ`#
MVC+7_P#%\/(B:5R%^<Q1\?RB(D_8'*'JBL[UMHVD_P!W./ZM@?=3N#^TD^4?
M<7ZB]?+TD'_I^W?9E,0'R452=>'H`(_CY!]U]<>X`A^1A$`_+QSP>H]O/K;-
MM9\WM@^:X$[E_P"T?^C_`*JK;O/VS^WD]]Q?.NV5?^X#I[/,JEF;ZM.(^;BZ
M<[N[!P/LHN*`PJ<+38#&YG/[D\,65D7;N'))).F9"`"JH-GC7IU#Q2Z-K^&E
MGH^ST[4=NLUH/!:Z01$<<3&1TC[+9HA^K8ULF@M<3P;J8_"=2L&X+`F=H#<=
MF?-C&,'GRS\ZL;0SKME&&$679K.YTA?B1.Z];_FU5!#SX*LYIFQ45,`$/Q$J
M`?N#G,W;ET?*/UFU68S^ZNX^02UI?G6;HL#D\'SM^X0O0Z7=R/4\IONJ]O2#
M^R>*UO.5#^!#^V69U,J?J#S_`&3^/W\J#T)(.+=WA/XU>;_1@3^*'[,_*/NK
ME6O';R+('SO7G&[&(!Y,I4>R$\BJ?P'Q*1E;<%KZ)3#^7EWX_:(<H*'1DI]#
M<KL7]I28?LQVW_U4U6!S8T^9WW6J$7W`_N%=G^GO62U;'!](;?(6&+EH&)2F
MI.Z4>[9C4T)9Z"*]DNZ.>VA;0RPJ?I!LD9.,0;B\=(@NY0*(`?>_#KPWZ4ZT
MZIAV2??H6UGL>[2V*6*>0M&0R(S,$.KZ1R\G2UVEKNS%MW)Z\!D$1SYP0/A.
M#G["D_E7:7=M+R[/K^MT6W:K2MRJ$%8I"M6.ZX%!+P3V48HNG,<LA.:M&V9)
M-!0YO;^=BF+P4_2*S9`XF3)JF[])]/[7NUG;AO\`M\L,$SV![(K;P\-)`(+:
M[F'/;ID<W.=+G#!-^.>5\8?W3P2.1+?NY^PLV'7.S;@?#+J(LU\_@:Q;SG$>
M`?\`']`:VLP>?\(&_+_=@^YNE6^OO(/XE28_US&O?>3]D?Z0_I7ZTKUVY=_!
M'KGCL;Y#X'FNS4\`E'X_S(PO7>8`WCX#\%/VAY_/EMU#HYG/<[K_`,6BSYW7
M&_,FNP?H-_._\JQVXR_?9S5[&%'S[JA#6LT#+?I=6>UW6++')6`6#CZ.,DT;
M8I5/F&19`4_=*5PEZB`(>HOGR&52A\/6VXO;[.\/I]XWO-%>NQVC(U:2;,F#
MC./1/F5'&WI.D1AV.'$G_1"@_P#;>:_>$EL+EB]P;/C=0N0:';R5USIN?2EX
MT]:NC*.?F%)ACFVC9Y2VM?1F??"O>%5G2D1[0J^$P0]6^>)K_!>'?V?R7%=F
MI>S1ZQ!,V*`/TC&DS0S2EY;CON`:),XXZL8M+WB8OX@M#LG&1DX^(@>;X%/M
M3+>TLDIYE.UL)$)#X]2=#Z]5B(.4/S]I6\W/2R@;]@F(</W<YX-VZ3B'ZK:)
M'G][<D=_Z44'SK+[N<\Y`/,T?;)7*KUYO\FF4+%VZ['OSCX!5.$3PJF-3E_N
MD_3&),)-(!_:#L3_`.+GD=2;=$?X;9ML:/PO:Y3^G:+3^;A.Y>><C_T1\S40
MZFTI0!"P:;V7M@&'RJ25[,;5$MUA_'PHQIERJK#T@/\`9!("_NY5W6%X?Y:K
MM</XM&LX_++'(?LI[.WM<\_E.^T0HF85]H/J[U[[LW3N[1'%[/<K+#/F\%39
MNU3$Y7J?9[0V<1^@W!"7EG[ZTV9_<8\Q">Q+NWB#)0ZZB0"91'Y;;]_\9NJ^
MH^A8.A-P%?V&)X+Y&QM8^1D9!AC+6@1QB,Y.8VM+AI!X!VK'BVZ"&R;3,ZB.
M6>1/,^4Y^%6J\Y(L].$5/-=^V5<ZU.25^A+]A50T&IR662.4I9?U^1RS.;+)
MY7IULT)M;=_HU3MZ#6X76R1%TD(%1Y#J1)8Q)X[>MRG.Z%JB16*]<<?<X3CU
M:S>1L2=MG&<G=K7:;*WBQ@V,S=-+OEGTR[/8F%,]DU(>#4MEO>_(-%'3I5LS
M!),ZRIRF4,1;QX1.$3A$X1.$3A$X1=#:*K6+Q7I>HW2NP=MJM@9*QL]6K+%,
M9R!FHY<`!9C*Q$F@Y8/VBO@/4FJF<@^/PYD5+=JA99<HRR0VXW:F/8XM>TCD
M6N:00?A!5'-:X%K@"T]A7<H((-4$6S9%)NV;I)H-VZ"9$4$$$2`FDBBDF!4T
MDDDR@4I2@`%`/`?#EASG/<7.)+B<DGF3Y2JKEY1$X1.$3A$X1.$3A$X1.$3A
M$X1<2R"+E(Z#A%)=!4OI5163(JDH4?Q*=,X&(<H_L$.5:YS3J:2'#M"+EY1$
MX1.$3A$X1.$3A$X1.$3A$X1=%:!LP5JPC2@@C7$(.5&J%M!I`E:/9`8KC!DL
M*D21243@S2?M`[,V*9<J`F%,HG``$BA;U:U+MKIDA$NMI=]0(QJUKXJ:-GN-
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M90&\9)R\:P<J-&$D[702!,A`23(I!<(G"+5VU*:XAE5X<8.]S&/UUK"*NZ,Z
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MB<(H=]V-4[`XOED;H?7[.D=0D8*7M2EXK0N:@U<DKQL@T\U.DT5+I?,ZBQ8-
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MJ5#M<;".I"*C46T/'1DU](,_;E=.(])$BO\`.$3A$X1?.-VSSO.LNUOL-1K'
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M)0BD9?*K./:^FRF(%P`)346X<,C&)[_K*15:_;@G:7;=ZC+VT=XL6V:)U`C+
MDTK_`%FSK,LMI54K3_38XKVL;W6:1I>ISJ^RPSCZ=]&5?2";!HBO/LF20+MI
M!10BO"X1.$3A%0C#L(C).T5.Z9:+HE_EL8SS;L<L'6#)_P"O/V_H.%;0L>QK
M5XSD;959Z<IG=JQJYQJ;=]\BQ:H2"\PQC61E%),@NB*D5]W")PB<(JF>_65F
M0UO,-3JE:K.K:;J4.G@5=R:^];LN[$1BK6J,]"UR1L=-?:QO'7"NY8_^AHR/
MUHREC53GR,XU(C!5=H0_"*:W4/.S9/UNRC/SQ-Q@%J]`NR.(*]HT%E8H5U)3
MDK,.HD8C++)<,YKD%'.)`R,1$PLH^CXB)(V9(JF*@'"*2'")PBA!]P*@5:TX
M`]OENFF$7&=?9D^[E8V'+HO;Z79EJA5[/&'KUQR&;G*O&WABY:6%5=@4TK$J
M1TVW9/R/6_RHFX1::^W/71JUE[)1UPIYLLVIY*Y5,:+E-=S;*LJRVOPCZKSB
M5`LM*K6.ZQM]5>SEN9L7Y9N0=V1S,KGCFR*R"+)M'G6(K1.$3A%AVB4MGH^?
MWK/)&4FH2/OM.L]+?35:?!&6*(9VB$?0;J4@)(4EPCYI@@^,JU7]!_:7(4WI
M'QXX145=3HVC1':?`8=P_P`$;S-!T3M/A]2K^!89D.%:PC(8[4IVFOY_L7!5
MO3;O<!S&XQ4/)OF4>UCH-DA,DKSUZW*+U@BW(OH&X1.$7"X<(-$%W3I=%LU;
M(J.'+EPH1%!N@B0RBRZZRABII(I)E$QC&$"E*`B(^.$5`W1'0-)U/OYMDS`;
MKC.HTU.<NMKM]IS_`'K%]$1O^8/T'M=SF"J^:4^(-H]5BJE+_0#D?OU4HUBJ
MSDFY7DLM*>^0BO\`^$3A$X1?/YWUT?0;#WWQ_.L?WK%26AA"Q5/J52?;_B=,
ML>+Z_9EI212L5QS:ZQ4Q<KE*SY5:XX8QT1\U)R4.W>QZ+!N#_P"?5(OH#X1.
M$3A%4Q]X32'=/ZW1%;@=<S"@6*UV_P"96I-\U;-LGFM4K,!`3*JD16)G3DUZ
M\ZCJY?']>E)U!7Y)%U#MEFIWS;Y@I5R*9O3D;FIUMS%[>9Z$L4G+L)R?@GU>
MM5<OD6SSJPVJ=G,GKR=ZI\=%5.[.JIF$A$1;B7C4"L9%PS.NB95-0%E"*37"
M)PBQJYV2'I]1LUJL%FKU,A*[!2LQ*VVVOFD;5ZTQCV2SEQ.6%^_>1S)I#1A$
MQ6<J*N$2%2(81.4/X@(J1_M$636+K?\`<)R:U7-=!JC`TH2^R=+W+'MC<Z#I
M5GDZU*UC0FL;FE=B)ZB5\B$7;`:%G21JSV.E(]L@P*2*.L8BO=X1.$3A%\UK
M@TE:^]69V;<\#O'3"ZZ#V<K$NV8Z=MV%KPVP3%=+E@14#E5T:XW8V5O>S:F$
MU^5"`AKLG:#LU)*-32:M)%TB4B^E+A$X1.$58'W.)O#)'/J11M1F*T^F&UVC
M+DPIRU(ZAZM9V[-*&M,0A;$:)VYE658C(I)=99J$S')FD4UCB@F;VE7`<(I&
M]%X:V5_J7B,1=J]!5:?:59R/T6MU[-*C$I0CF>F'=4>IU7''+[+:V\F*JNR>
M.V$$X=1S1VX52277`OO'(I9<(G"+0/:A*5>===CAZ_`T>VV2R4&PU6LTS1FU
M>D*?=K%9F"L'#4R5AK:[8U>Q&M3Y\1BWC)!9%E).%TVRYR)*G,!%6%]H+,J^
M[B]!U23Z]Y10['6GS7,X?0&F+];LPV16RP?U:#U&N69/KV96,8PS=A#UPY&[
MQ-@\2D%G[<B'TYO'F$BN[X1.$7HHH1(AU53D333(91110P$(F0@"8YSG,(%*
M0I0\B(_``X14!].-$T+4_N/;'*U;=\7U"F!8+19[%9J%ON+7LEOQU)#1:[4*
M76LNJ\8MI<(UJDI+T/W7SA5.-8OH*5`9&25EB@8BO_X1.$6DNRV42.\==]TQ
M*(L#>J2>NY'H>:L;*\CUI9E!N;O5)6N)2;^*;OHU>48-32/J7;$<(&72`Q`4
M()O4!%%:F==.ULQO'7O4-MO75HE2Z]1NDL:]7,+QS2:3/OVM^HR=++6QF;=K
M5QC(RG,!:M'RC)!EX6<1S3P)/8*($5BW")PB<(J?;KT<[>3>9;MU]KNL]46.
M-[9LVNZDXG)O"].D-@BPU7:9;8$7[F<8;/&U64OE&7D6[2*E31Q`2&+9J^V`
MHE*!%<%PB<(G"*"&NX/V7/V<6[%]>KUU[AG$QA%5Q29AMOS#0+K(1R-8T&\W
MI23J<W2-.HAHQG9#V]NE(M545@6/$M%/7_EE*4BVWU&Q2R=>L%J^66^<J=AL
MD;9-3M$J^H5;?T^D-E]+UB\::6!J%9E)JQ2$+6ZPC<"QK-%5ZX,"#0H^0`0(
M4BDIPB<(HT]N<3LO83"YS,Z=.U&OV5>Y9%=8AYH%:D;C17CK*=>HNIA`W"L1
M,Y6Y&9KMD+318.DDGJ!O;<B;R8"B0Q%J?'L'[+(]FE.Q?82^=?YERQPF:Q2)
MA,0S*_TEW(H3&@5F](2MMF+OIM[-*-JV>"<HQK9))$&YY9VH!_\`-,4Q%.[A
M$X1.$5:V-_;%S7$]6:[+"[[V@N][)8%9Z5G=?N6:ZO8;`W</5GB]7D+[=<DE
M=.CJ><JWL%CXN<CTD6Q2II>@"APBLIX1.$3A%K"^8QE6E+&D;IG.?V:P)Q2L
M3&66ST2H6N9AVXBX5;`P<V6&E2E19/')UTT#E,@*HB)B#ZC`)%TO7?#*KUKQ
MFC8E2W\Q*UVC,I%NTDYXL(C*2+N:G)2RS+Y=C68:NUB(1=34RX.@PBX]A&1Z
M!B-FC9!LDDD0BW3PB<(HA=P^NEU["U?.`S:_5C/=!RG1UM%I\S>*0[T2HH3+
MW.M`S,DTYJS&T4]T:TTEMH:D]6WQ'I?I]AC&:IB'3`X<(L=Z?=/6O524TX\7
M(ULM:L,%B^<T*L56`-#)Q6>X/1EZ=6K!>7YE?%NUVY+2CMQ.2I$&J1VZ+!J4
MA_E!76(IO\(G"+4F_P":O=GPC:\>CIQ.L2&KY+H^;,+(JS5D$J^\O-.F:PUF
MU6"#M@N^2BEY0JYD2+H'5*F)2J$$0,!%#2A]9NUKO6^KMOV6]=4PH_5\UP/7
M(/$L6TBF6F0:67';'DS>KMYJUZY;XB#IZ)9II(KLT&(@LO$,R@)02*8I%9-P
MB<(G")PB<(G")PB<(G"((@`"(CX`/B(C^`!^T>$7Y$'[!T<4VKUHY4`HG$B#
ME%8X$`0`3"5,YA`H"8`\_A\>7I*UB%NJ6-[6YQDM('V0K,=B"4Z8GL<['($'
MYBOU\LJ\M79EM.7[#5*3=,]N$5.0>BUI*X4T#G5BI>;K2Q43EED:]+IL9Y%L
M0KE/W!5;$%/W"^H`]0>2+*R76G*-&C].VUE1B_F1KC%Z2>BC-'MA*X5:&@6C
MDKH47,R5T@=(6I#&7!0AB^GR`APB\N+G3VCU6-=VNM-9%NXCFB[!Q.Q:+U%U
M,/%8Z);*M5'15TW$I((*(-R"4#+K$,0@&,`APB_`WT&HJKR3=U+I0JL;:34T
M0LB2U<+)3X(1:Z;6!/-IL2V!!S]9;IHKLQ7167,*1#&4*8H$7>I3\"O+.X!"
M;B%IU@F@J^A4I)FI+,DG27OME'<:187C9-PA_&03D*!R?$/(<(NWX1.$3A$X
M1.$7"JX00%$JRZ*)G"P-VY55")BNN*:BH((@<P"JL*21C>DOD?241\>`'GH-
M<[):"0!D_`/*47-SRBCUL/:'(\0GHJIV]W<IFWRU<EKJ%0S3--#UJU15"@7C
M6/FK[8:_FM9M$I7Z<P?O4VX/GB2*;IR)D&WOK$.F4BSYIK^7/\V1V%C?:N]R
MYS3RZ`WO+27:N*\O3#5?];%L2+Y$YR*QIJB'U(#%\B+/_-\>GX\(NSK.CT&Y
M,(:2J]QKDVTL-:A+E#"REF9W#^JV2-^L0,^DR,J1Z2+EHL!705.F4ITRF$/Y
M3>"+REH-1<.H-!E,MY%I8H:>GXN?C"J2-44C:X_A(R2.XM;(B]>9N!>V!`B"
M*KDBKKTK"D4X(+>@B_;^M:;\E#R?ZMK/TZQ*'1K\A]>BODIU5-)9=1*'=_-^
MQ)J$0;*'$J!CB!$S"/P*/@BR;A$X1.$3A$X1.$3A$X1.$3A$X1.$3A$X180]
MJTBHW>?_`+U:DRJ(N0\*?I4&Z95"'^!S#5Q.5%,#?CZO4!0_'S\>3\&[U6RL
M_P"WTR0YO+VC4<$<OXC&3YL9[%"3;78=&_\`CK0!:>?<8&0?W/(>?DH@]?<E
M"O7&0>,]8I$FJI7'38R&=V.)F)HI#R$:H*KAL_BWZ)(THI@!C@0#`H)`\^!$
M![7XD]9^\MCB@GV:_$P6FNS=@DBBSH>,-<R1A+^/`9QIU<."Y'T!TF-OWB2:
M'=:4KC6<,5)F228U,.2',<-'#B<9SIX\5-2-@WL>Z!PO:+#+)@F<GR<D$#\J
M(G]/A4?IT%'N?<3\?P_YGI^(^0'G"+6X068NZCJ5H79!U,[[5YO3E>W![?1S
MY"%V>M1FKR]X^U8E;@C2_NM/G]")AR.SCCX%\].,]+.O,=%TFAPO<_JP^W`S
MO/G<5?\`.+E2E]?+G<7]OV\8>Z:T9RWLBEH%I(Q4L[N[$J2A6*D.U5<'\E*9
M<(Q2"QB:Z\8Q8,]8NT.POVF*Y$R^<Z+@2<96Y>!3RVOKVS+,*C#]BZB^-;R)
MR?92KUVHQS]LB5"..VKLTP:?5_"823\BR_4NI?3-Y.;-#VGM;TF9:[/,.^]>
MDYF_7'+C:;!:)N]MQ-WG]CN"TA,M[`E<\*)3BH.U#%1=L7DND+4&XJ^#$6S>
MQ?5_KE/6SL"]USLWU+@Y72HKO57<]9ZE9Z2VD\UTW9ZCTOBFEA9IV.<15C[7
MC:N7L74FHS*E(LB6:,,0R(KD%4BQ'KC`0I/NNJP#!UBAIK+)'OM8;):7,AGS
M3L9?5=DO.-V.,KTRM":-8I^^0&?M'/RJ8!&H*0,,TBD)-**<B@U>$7T(<(G"
M)PB<(M3Z+FMAO3R,=0NU:QE:4>V<-UV&=!F`LY=1=5-0CR3_`%]F=\=_,M2D
M$B?RRK=/T&'U$,;P(2^V[I6V]CV3T:=LN((,W?Y;CL;W,\0P>9U!Q\A"MO87
MG@YS?-C[8*IJ^XQ]N[0]QT3IQ+I?<PO^2JU+:6B,+':I:<ZK,W+V%T@I(M)7
M"&M"JV8-K%M[-I'+-631\C(E,Q=+G**:::Z#OMOAIXD[;L.V[W">EJUP3427
M.KQS/:U@.DMMF62<LJDD.<YA9Z;6@Y):YD;<IOE?&>_+<.[2!^;@#TE:?_IY
MO?H`O^L#L]Y`@%]ST=<?6(@4"^L?_P"=?1ZQ_$?AX\_ESDW\R;?G/N7:O_F_
M_<6?W+_VC_T?]5:BT'--5B.R3C1.NNIXM-:\^ZV4?+=/SW=%WZTRE3J]>-&F
M<FVQNVSD&<ZW(>V6&UM7\>=@PBK(HE[;5]&JQZGN:O*\22.D:UK&N<2&MSAN
M3G`R2<#D,DG',D\5>'`85;U(Z=T.JY_'T6![B]5+3U58V^TVJ8T&:LL*\M$Q
MI4M]L^W=?KC77";2T*YHQ@VE2>GTT6X/%%VU<]U$42,FQ9%3PJJ$$!B=4MNL
M0F!GU+I]3E:ME?9&SVOL%&6?-RO7U3N/4//HMO$P5A9:FVF]`ZXQ,`Y2<+QP
M,XQU'Y^@D#\L6BBS?2I%..:ZMX[=:#HUJG^SO1^CTJ^1>^.[/2\YM]<)UVSV
M"D;Y]OE&ZQM>=.YB+8+0,=_0%NI<7*S6-0_4=_;`JV2]\IG1%%7O!E.35.KS
MD7G=^ZF7^F=A)/LI7,J=6*?R1+&,16MG8[*9V>D,_GG>HUR/SJ_5"RN%D+"_
=09_32O4&)!7))(HQ<J1?6%PB<(G")PB<(G"+_]D_
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>7
<FILENAME>g7960434.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 g7960434.jpg
M_]C_X``02D9)1@`!`@``9`!D``#_[``11'5C:WD``0`$````9```_^X`#D%D
M;V)E`&3``````?_;`(0``0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!
M`0$!`0$!`0$!`0$!`0("`@("`@("`@("`P,#`P,#`P,#`P$!`0$!`0$"`0$"
M`@(!`@(#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#
M`P,#`P,#`P,#_\``$0@`I@$,`P$1``(1`0,1`?_$`-,```$$`P$!`0$`````
M```````'"`D+!08*!`,!`@$!``$%`0$!``````````````8#!`4'"0((`1``
M``8"`0$#!0P'!P$'!0```@,$!08'``$($1(3"105%CD*(;*S-'2U=K87=[=X
M,2)S=38W.$%A0G(C-1A1<:$R4F(D)T-31"9'$0`!!`$!`P8)"`8'!0@#```!
M``(#!`41(1(&,7$3-`<(L2(R<K(SLQ0W05%A<W05=3:1P=&"M#6!4B-3P],6
MX4*3)%22HM)#8Y15%V3D&/_:``P#`0`"$0,1`#\`Z6G;G[>\$M#FC#FZ`Q.U
M&OC^Y7W<GELKG!E>>8*6HZM.-KPX5M%T<;K:5'R282!SLAW6H5SF<0229KN3
MS=E[*['W52[N'9YQ%PEP)G+.1N8>WQ)%B,9N5Z@N]-E,K>SD3+UAT]ZN(*T+
M*-:*6*!KW.!WXV;V_O1EV7MQ3VHFL;(V$R/VNW=&,;&=T:-.I)<2">8K!IO$
MHO6.2"R(<LJ)GLN5);2Y322$HHV3;SH2FH*BI!7$;8(\XE570UAN2.R9.\3T
M!!:IP(+8TVBC#53AK8B"#,A+W6.SW*8W%YN#-3XK#OQ&`@M.G.-C+LQEH;L\
MTS#D,O28ZC!'4+W1PO-N3>:R&L0))&^!F[;'OC,8?)TDI;IOG^SC+0`=R-QW
MB7<I\4?*>0):6KGK=<W>$A$!X]PM.RS3DL1Q?K8RPK9D$9E().DHV37M*)C9
M$8;*J?28LSL#,P[;`M:1<XN![D6;H0B2M%F"@=SNZ\!X"D^3B/B6^Z_0X5.>
MO"GCH9Z_0.RT&)KUJ4\F0B-B6:6;IS/)%#"R`LT#W[S1=-R]J5VD,+=UT_1-
MWGD'7HS(2X!AT``TT!)U^9:##_%/E<W>V!M8>.#XXACY=6MUU)&'[6)BJ9)/
M9=E2FME2.OG^'TH]0)>R0O45,>CU<I=HH<XMYVBDY`3RC,D>;[H6'P%"S:R/
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M6:L>"6'=(TTU())"2RO?$2NE]DEC7"KKV+K^.#3'N(:YUCA]@)T\\@:B\;`G
MU6/IT$2I:^*23T1+JA:G93IX=&D`TW;2H>T<$6QR_B7NR\"8_%XO@B')VX^U
M&:SQ&R.<4W&I;&*IT\A$+;G7"ZGK&^Q79[M7L$/W9;&D9&[0AS-I[WV2QII!
ML.HWO&;ON<P[OB^-MT)U(V;!M2B0CQ'IW)FB0LKU2L>B-V*Y]2-?PBH)-*;(
MB3VS.MWRF31M&NM(<VIF,&>A44*BJE2"4PXN61R2F`$E:U0S0Z$.,Y_NO<.X
MF[6OT,]9N\!,QV5N6LE!7HV(I8\57@G<R@*N3G'O5@V&1G'Y(XZ[1:1-;A#"
M0VM%FI9&N:Z)K;6^QK6$N!!>2/'WF#Q1H3OLWVNY&E?2Z>;=]0]CL&-J:?AD
M;D%:\5[JOVW91$KR0O:B+AKR6V!7;*V5$8KIZ4L<DD,B=(D2ZE^D*)"!F(-&
ME<$8U9(DX_'`G8'V=9O(8W*19N]:QN5XPQ>(QU>QBGQ"?WVO3NROR(;DJ\L$
M,,=AU=WN<LILO:V:M.V%XD:M92W&Q[#&UKV5WR/(?KINES0&>(022-?&`W>0
MC4:)-!^(];="P.<6#>U<-4[@"Z[>9]=T^]PZ6]_8;R\TK:=AHJ\B<M@[3`"4
M#!&W6/QL32!S1J7AR2C;RE"M*>8M[)4K;W7>#.T7B+'\-=GF4FQW$<>`X8NY
M**S7TI1193'TG7;%>W)<+YIXYIQ8,$C*T$@F?'#-&V#5]'[ZL5(GS6V!\)EF
M:PM/C$L>[=!:&[`0--021IJ0=4JD=Y]7I(9K%*I1\9VW4^7R*QM2!QDDFM2J
MX>K@U:P2NK!<GJ`IK@HN"S=\D+D5/!,A:1R:VAN3.J31QCAM$;WI</R?=R[/
M<9@;G&$_%<O^G(ZM+H6008_(66V[UN[39%<=C<M;JQ0L-06C)!/9F?7D+&UA
M.S<=79E[;Y6UQ`.F+G:DE[!NM:UQ+=^-KB3O;NA``(UUT*7GAERU?N3*"?D3
MB$-%6S2!`A:]\K\]58[;.(HCF[0XN*9NG40M6K:L?VPYL6LZQ&G>6XIUC,@\
ME-/;%YH"C0%Z[[=.QG'=E-C&R</WY\O@LB;3(K@;2?4L.JR,8Y]2SC[^0AD#
MVR1R/K3NKWJ?2,CMUV.>QSKO&9%]X/$K!'*S=U;XP<-X$Z.#VL(TT(WAJUVF
MK2FCM?BCV$^#EB./\?D<T5C@,;L^OUU<N%QSIB60=TN-EJF1O1JMNHE,MN!)
M#&Z0)WTTZK2)L2X$`/3)1#[!:L_=%SNC<-8]M.?)<2/H0C(ST+C+K,94E;:C
MQDN0@B#7Y9S<:ZT^%]1K<^_%NA<8Y9@W>=#'CFYZ9^\&0AQW`YN[ON&Z7AA.
MR/Q]T'>_LM_7:!\Y76U>6$L>_#JE/*&NG6-QR;%,Y`DZR&+SILS,KVU6JB@D
MC1)/3B&19U"O($E5$*6]Y8F]S:E>S$BM,2J3F!#KW@_L;PU#O.4^R3B>&U:P
M)G.\VTP5998I,>ZW`YWNEJQ'N'>C?'-5MS06(]V:&5\,C2;NQD)'89U^$M;+
MI_N^,`0_=/E-!^?4.:"#L(!":4'D+R;@KU(I;8%KVFDU/6/E$LK"0HH]QXM/
MA):@8U7-JV-2Z.A+`K7N[4JZ61^,PLIP&3/0+"'PEM<D@A*U1B-0#<Q[-.RC
MB&A5PW#>&P[SCK&`;?A=-F<?Q3C^GNX^EE'9>G>UQ]^O-/:="'8@Q/J.GJS`
M0PMGB=C_`'R]$YTDTD@WQ+NG2-\#]&O<SHW-\=I`;K_::[VCAM.A2O<!+$Y7
MV-)*CDTH>>3DIIV4\;$TKMAZY15]0,&0E7"^):V=(2*B#JDC4/EKLTNB)=(S
M',MU1J6PA(6BV4I`JV,LR%=X[AGL<X8Q>:Q.(@X3I\;T^*75\=%@;F8MO.-B
M=>CM?>PR,]FM')&]E(0.KRLG?(;&_$Z$!S;C$39"9\<DAG=6=!J\RMC;XYW2
MWH]P`D'QM=01IIMU7[+;AO&U;#K^.QJYIG3T7M+Q!+IX[$*(`SUNLDC'6O'/
MC]=YKBC0GV)`)TUE.4WN:K5#JJ5FHSC=-@DJ8C900C&;^8;@GL_X/X9R63RN
M"HYO+XCLVQ>:(N2WFP2WLUF,4&.>*5RI(65<9D&5XXVRM;TXEED#R6M8DLVK
M$S&,E='')<?'XH;J&QQOU\IKAJY["2=.30#Z=6+YI632$FG\#L:?@N#[$;-Y
M(PMLL*0N]<U2RV.UP>@*'N6(-5N+F2OEC4DET;?KE%&E"R-I&<!RI"$>FQ:K
M/TBS,.[">%N/\3C>(N&,:<)]_P")PEJ2G#'=R$M*2UF,OC+,F.9+<;(ZM/#C
M!>9%>DLEL<I;[W!#&;"\?><]61\,S^DZ*21H<2U@<&QQO`?HW34%^[JT#:/)
M).BR,(\1J22&X(JDL9F=*ZAL"6<BHI;+-%*\N&5&S!?&8-Q0G]:RMBA<HIB*
M7VV%(VR]#TYZ33``!@M#5=XH1[)-!:Y_NP8O&\$W)N%YX<GG,C'A;&.EL7<;
M7%9D]OB&G>KRVJ^3L8B0N?B6O;)[X2`6Q;L<^^QW[%FGOLM$P+(F&0/`:\ZZ
M-B<TAI8)!LDTTW?IVC0I?9CX@+;&V.8R-NKE2[-4;Y%I:*;1+7Q?'%[R@6\3
MFCE(EEZEG>(H2[,*T21UTTF-"H@*D@0-GFF`%H28.N,)W;K64R%'%V<HR&Y:
MX8=EG[L3)V1/9Q#)@'5FRQ6#',W>C]X%F-Q8\$1L:X:2F\DS#6,<]K-6MFZ,
M;=-?[(2ZZ$:CETT.WY?H6Z\:^5<WM-V7QJX:UBM82(V@*DY-,8(C8IT^82ZY
MMH4O1DL4D?W>)05,V3&(.L+4EK!E!.:E9!Q9Z=1T"<$O`]J?8_@.$*<>5X(R
MMS+8QO$F1P4ILTA3F-W'>[.,L$,=BVZ2M9CM,=$'%MB-[71R1:EA=4HY"6PX
MLLL;&_H62C1V\-U^NPDANC@6G7Y#R@\J:/%O%(GLI=447:J.ACM)9TIX\J*O
M7H)_9;97;@QW_9<EK4I<NGTKHA@13-%"CV$#@-WAJ>0L+T0<(I&LULLLU1NC
M+]T;AS$4Y,O<X@O0XK'MS+;['TZ,EUDN'HP7BQE.OEIG576A,816R;Z=NJ]H
M?/`0YS(\?'GII'"-L32]_1[OC.#2)'%OE&,;V[IKJS>:[Y#\^N6QXAG(V0U!
M?@*JJ^#0JP>.B#2"[)0JLD;BD8)`7R7LFA?*:=;7JLC4E@-IJ"FWEZ,V]%LF
MP$JTR(&AJ^\&7E.#>[1V7XSC;AP\89?(7^&N)Y-_%UVT0QTT)P='+[N2?%?#
MJ;P_)UJH]U-K5T<L[BV'=:ZG8S-U]:;W>-C9H1XYWM=#TKH_$!;XP\1SO&W>
M4#E2W^)1RIM*DRZNKR@'5S16V\IYS=SPG9ZY>K2-=ZRHUH(=#JU<&./Q>5K8
M^&^;">F2)D.XR4VT:94N.3G@4D%[U`>ZQV0<(\>NR_$W:1#%)P9`ZIBHS+=B
MH".]E9#&+S)9IZ[9ONBG%:R#ZP<_I7QUV21NBD<#=9N_/5Z.&F2+!WGG1I=J
MU@UW=`#ITCBUFNS0$D'4)`GSD=;MI0?G;RZIWE5,(?7G'N+UW:-&5TJB-,.E
M12>(*.&U-<C5<=L4I[KU39:@^<O\R7-ZHU!*6]8VB4`"FV$PC0!;&Q_9?P5P
MCQ!V>=BW&_!]&]Q-Q+;NT,M=;9R<>1@LMXFR>$;-2,5QM$"I#6BFC;-0FBG#
M"9=6R;PM'W;-B*WD:UAS886M=&W1A81T+)-':MWO&+B#H\$?)R+9YQ?E_,EX
MKK,E,_N*&T0EN"F(HRO%7LO'NVN.U?,$@1UDV6!4'*F$:VCY/0:W3YK(7%"<
M_H5!C4Q:<&I68$A.0O2FXGA_LY[.+_9_'PIB,;@[W:&_"9.Q+'?ES..S5R:%
MUZ2GDN'[7C8&WCA5A@E;3E8+%LPW(6F262O*RI+;N-M&>1\K:G2,`+1&^-H.
MZ',E;ZUK]XD;PV-U:=@!"<+#+?N:6<`+4N/TQT3;L(=>63VPOI[2Q%HU(*%Y
M`6ZBA\5>&XE"G:Q,;G%:_1L;@:`L"D:,TT\)NE6]':UIG>">!<-WD,/P/[CO
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M`!/'7>DP69J<&X__`%&WB&"C$*]%^/?+9;7AFFMUYHJTU9\NM66:>6I;#.EJ
MB23W:6)A(5K)6PDL;K#^AZ(N.K@_0:D!I!(<!XP`#FZZ.T&H*7=/&N*\5E<.
MB:4-01^:JY4[WU`8D4]1YND2Z2FPMXACQ9,3C6G`I>M`""K%J$Q4D(&E*0[,
M#^J$.^FO)<KVOYC#WLS*<W9P+*<>(N6#%,^%D`M1VHJ-B?<+&$VVQ2MCD>)'
M2AIVD[;L,H1R-C'1B4N,C1J`==TM+@/-U&HV:+!(>(_$N2JH)8#-5D(<RF=.
MQOT/=V!<OW&WE"FESE:L0<W!"T.P(U/&]FF\D5/[(-R)<"6YP6C5HNZ,,V/>
M0L=M';+BH<CPW>R]^)\[I8;,<S&=/$]U9F/LQL?)&9ZCY:L$=.T('0NFAB;#
M/OM:&CP,=CWEDS8V'30@CD.TO!V'1VCB7-UUT)U"W8?&.@CJJE5'J*KBBRHY
MJ^R"32.OER0Y=&EC_)Y.9-7=U2H%AYX6A6.8&;=$XD6T_D*_03TVB30A%K`M
M[6.T=G&%/C^+,7&<:4*\,$%QC@R=L,$`JQQN>T#I&BL.@>)=_I8=8Y=]A(-7
MW&F:[JIC::[B26_)J3O$_1MV[.0[1HM(0\'^+#=##(&CJ1N+9#IPW66>O%(9
MD?-3Y^T-!\=:Y:?9)\C-L4Y[01I4<UE'"==B`U'FHM?^U-,*%G[';]VO6LZ.
M(I\U*;[<>^B&=#6%44Y)!-)6%$0"D(GSM;8<T5]#88R?US&O%(8J@V+H1&-S
M?#N5V]O`:`[VN]KILY>39R+\:N#7$AB>X;(&6AX,TN$!;(:S18IM3+D3.A:J
MY6.CE7:!9'4RXN/OB6`.KTK6,85Z53IH6GC4).Y.WWF+G>![9\A0O8V_Q%D)
MJV2ELRV"]S'2/DNMC9=>V9S#-$ZY'%'%;,,D?O,3&Q3;\8W4;BL<QS7MB8"P
M-`TY-&ZENSD.Z22W4'0[1H5]V?A-Q988U*(@TTZP)(]+TT80.2#3C(SAMC9!
MWY1*8,SPQ<H>CG&O&2"R=68Y,:)@.;$C.X#VH1ED'?KY3N]O?:]D<K4S=S.6
M7Y.D^=['[D`$DEJ%M>W):8V(,NRVX&M@M2W&SR680(IW2,\5?K<708QT;8P&
M.TUVG8&G5H;MU:&G:T-T`.T:%;,U<5>.S)&'&&ME21)/&WFO'RJ7IM$E4*=/
M<`E#^^2N3QYZ5*E)ZYX!)93)G%R<5"DTU6N<%QZ@\TPXT8]XJYVP=IM_+19R
MWFKKLK!DXLA$_>#>BN00Q5X)HFM:&1F"O!#!"QC6QQ0Q1Q1L:QC6CVW'TFQF
M)L;=PL+"/G:220?GU))).TDDG:L`1PLXK)WR=2'[#X2J<++0V`WS8ER2*W9F
M>B;85@76B=Z-N:Q7'6UQL5227M\5I$J=4ZA)*"I,,`46$.2D[=^U^3'X_&??
M]]E;%24WU2QS8Y8CCFEE`=/&ULSV4FEWNL<DCXZY<\Q-:7N)\#&8\/>_HFZO
M#M[7:#O^5L.P%W^\0-3\JS<)XI<>:\$6;&*M82UH1RP:AW?3W>8/SJ*<L<>B
M\K\_R"8.3Z]R,+S%XDUM@PKU"D(&YO3I0:"04`O6/S_;%VF<3`LRV7LF`BN!
M'$(ZT,?NDLUBOT,-9D,4'13V)YP86,)GFDE=K(]SC[BQ].'U<8UV[3J2=X`'
M4DDG4`#;KL`'(LW4'':EZ&2/**IX*@BA$@2L;:Z[TX/;XI.9(LD5H(I&"%LD
M<WA:@B$30N"@EI9TYA36V%J#0I2"M&F:%8<:]IW'7:)-!8XQR$ER2L^5\?B1
M1-$MAS7V)RV".-K[-A[&.L67AT\[F,,LCRQNGJM2JU`178&@Z`\IV#D&TG8/
MD'(-=@23(.`7#UL1*$*"C8TE+,:6QA0J2W.4^=8RPL$H;9M&&.#/0G[;Q7[-
M#I8T)U[(D8SV].R*0;$A`G[8^U,K'>/[;;<[;%GB"T]PFDF>TQU^CGFFKOJS
MRVXNAZ*Y+9KR/AM26F3/M,(%@R[K=+<8C&M&@B;R`<IU`!#@&G75H!&K0W3=
M/)HEE2T'3J.J-T<3`&(54&`/TIABD"I8W.!RQ_'*W!P=5"Q2>Y.[NZR@TQR6
M+51YJM8O-&H/,,-&,8H--VC<;S\8_P#V`_)6/]8@C=M-+6O8&PBNQD;6M#(X
MXZX$$44;&QQ0M;'&UK&M:+D5*PK^ZA@]W_J_)RZ[?E))VDG:3M*3%FX.\3H]
M+G^<,](1%$_R4F<%+]!V[FL*,5FI5Z&QED;B"AS-B4/<YVC=593NK:$*%4X%
MJSPGF#T<;VI9>[?^V3)X6M@+V?NR8ZJZH6>K$SO<7,?2;/9$8LV8ZCHXW5H[
M$LL<)CC,;6EC-*#<5CV2&5L30]V]\^GC>5H-=`7:G4@`G4Z\J<LP,+/%F)EC
M$>;TS0P1QI;6%C:48.[1MC.T(R6]L;TI>][["9$B3@+!KKOH$.M9JO)9&]E\
MA/ELG*^;)6IGS2R..KI)9'%\CW'Y7.<XN)^<J^8QL;!&P:,:``/F`Y`FKR#A
M)1<Y4SU)8\933J'R^WR[X8HDY;7M@:^M)="`0:72.*/S`YMCTF]+T.CU2DKO
M-=E6XKA:$("GNR]O8WM\[0>'XL=-PO;?C\W2PAQ$UAFY)[Y09:-NM!8AF9)$
M[W9^[&QV[MCAKC0.BWG6#\74E+Q.W?C=)T@!V;K]W=)!!!V\I^DGYULP^&W%
MH<":*P^PNOBX&P-\Q;FB.$,H4R5""P3DJN:KRCTYA2X3])'!$2L5.8C1.(UQ
M0%7?Z4!";K%-[<NUUO$<_%O^H<D>(K,E9\DYEWG/-,.;58006=#`Q[HXX`T0
MB)SHNCZ(EB]_=M#H1!T3.A`<`-/ZWE?TD[2>77;KJL[77%^@ZG?=2F`UHR,<
MJVOD+LIE0U#L\2AR>98SQ./RA\>I&^N+F]/C[(F6",R9:M6'GJE1;:1HPP7=
MZWF.XG[6NT;C''_='$>5L6,/T<,;:X;'%`R*O+8FKQ100LCBBBAEMV7Q11,9
M'&Z>3=:-XKW#0J5W])"P"34G7:220`222220UH).TZ!:C9?#'CY9LAF$]=(`
MTI+/EK<Y`]/2=KSU;1*%E>N57(K!0L!SAZ+[GC5!G,366[;2:<1M@`(QG[3@
M"6'-\*]NG:5PIC*/#M/)3/X3I2L/N9W`V2NVXR^ZF^8,Z?W22W&+#JXDZ$3E
MT[8Q*2XTI\93G>Z9S`)W`^-\QW2W>TY-X-.FNFNFS719CCUQ2I;C3`28)741
M;R2E<0AL-E3POTK='"7-4'C?HRQH'+;PM=/)(ZWH3E/D;,G$6TM_EB@*8@O1
MQG;L>TOMBX[[5>(W<0\3W9'/9=LV:\;-V-E:2W/T\KV=$V/>F>\,Z2R\&Q-T
M49ED<6,T]T\?5HP]%"T>2UI/+J&C0:ZZ[.71HV#4Z#:L5".$W%>NE[6ZQ"F8
MRVNC'J'E,CDI4OKTO94%>.YK[7S(SK'UV<U#7&X$Z'F&,C80(MO:-&C`D))+
M&(.[S/\`;WVO\3UIJ>;SMN6I8]Y,K&MBB9*^[&(KDLC8HXVR3W(PUMJ=X,UC
M=:Z:1[F@CS%BZ$)#HXFAPTT.TZ;IU:!J3H&GR1R#Y`%_<RX5<5[`7$N$OI2(
M/"DMTD#RI[07-$F>E\GGRFU7@4G1-SBC12Q,.S%AT@3IW,M6G1/!HU:8!1XM
MCWYP?;QVO\-UW5L+GKL$1AAB;ZMSHF04VX^/H'O8YU=PHM;3>^!T;Y:S1#*Y
M\8#4EQ="8[TD32=2?EVZNWSKH=OC>-MUT.T;4NQ$#AR>=.5FDQYM!/W>*,T&
M<)9W.Q/"B(1]V>WYGCOE(Q"[IK1/,D6J=%`T'0SE&Q"[6]![.O).(LW+P]%P
MH^S*>&X;DMME?7^R;9FCBADFW1RR.B@BCWCKHU@`TU.MV(HQ*9PT=,6AI/RZ
M`D@<VI)364/AT\(FV1ERE'QOKLMS+>6^0^3#2.2B.G/C2K`O9W-9#U+D;$ER
MMG6%%F(Q'(3/)!$E=UV.Z+[.WK'>=[?;6+.(GXIR9J&!\.\',;,(I&EDD;;+
M6"RQLK2X2!LHZ0.?O[V^[6P&&Q;7]((&;VNORZ:CD.FNFSY-FQ;V_P##CC)*
M+6U=K[3\9764-]CLJ7/G>.Z9`^2R(%I"HE+I/%$;FGB$KET6+;DVFYU<D"MP
M0Z2D=R<#N"NQ'L;VX=K&(X._T%C\W;CX5%>:NR+2-SXJ]DN-BM!8<PV:]:P7
MR=/7@FCAEZ23I&.Z1^]5?C:,ECWI\;3/J#KMVD<A(UT)&@T)!(T&AV)-Y%X>
M_&M2WV7J"0T%72.W&^9L4WE45<7\U4LC]J/0G&WDC<RN3VHC+2Z6`A7.!)B\
ME'HY&H7#5%:[T/NRG&=Y7M3BLXH\17CE\7A9:LM6O89"&MFQ\6YC7/E9$V>2
M.F]D+FQ.EW9&1"%YW#LH/P]$A_1-Z-\@<'$$\CSJ_0$Z`NV[=-FNJ>LB1)&U
M&D;F],0B0($I")$C3%A)3)$B4H!"9,G)!H("B""2PA`'6M:"'6M:S0L\\UJ=
M]JR]TEB1Y<]SCJYSG'5SB3M)))))Y2LH`&@-&P!>K*2_481&$1A$81&$4/4E
MI1SNVI?$G8R6).]<F&JWN1I5<''+-(7MN6SOBRQUU4@&I4:K2$)4DAHN6)VE
M,<H%I&4<K5#UL!H##`?;>*X]J<`\9]EF0?8=!V4S83"&Z`W?B>VIGY;N1,C0
MUQ<Z'+5WV'M8.D<V.%I#F.:UT;?5=:KWF`:WA))N_.-Z(-9ISQG0?)M*2@,5
M4CY.,?)U!QRMIIXH,\B@;&Y5<90DR+EI4Z:.+UG0'[3":$(C1LT=&>+IY0U0
M+;@0T&E[&7LT@1C6F\M#,CF(F]D]CLFL<48:;MCGK6Y67QEZQKFI)GJ%SW$Y
M<SBK')8->QE^A=9:X`[D@;;EZ`V_1GWX7A#(,>'-!;T;M=X1.;O='IO$#41Z
MZ<WBC5)S1]`7+!8S"JJFU+3T=Q2:W?#KLZNIT&&JGV,U33U'E5PJFL$D=H)B
ME<9A;C3D:B,K9#&=2O(/<Q28);<4L*7*!!D_'_:1P-Q#EK_&&`SV.'!%3"\:
M4+M3WEL,^0R65-UM6W#0<6SVF9.>SC[3;+(G,@%$NM/@?7B!HU:=F*-M>6)_
MO+I*[FNW=0QC-W>:7<C2P![="=N]XNNI4JW`S0M<?SM(-%AA&KMY+ZJ717:[
MC['O^0UF?9IY!VO<\PZBOD_FKL?Z7FGR;N_U.SGQ]WB=#VD--C7[_P#N#!_>
M.O+]Y?<U'W[?_P#6]XW_`'C7QO>.EWO&U6?Q/4]GJNEEW/,Z1V[_`$:<GT:)
MYF:,631A$81&$1A$81&$1A$81&$1A$81&$1A$81&$1A$81&$1A$81&$1A$81
M&$1A$81&$1A$818M.R,R1U<WU(TMJ9[>DS:C>'=.B3$N;JE9O+?-"9R7%EA4
MK2&OSBH\G":(6B>_,['3MBZW<M^]-3BQTTTKZ$#GNCC+W&.-TN[TCF,)W6&3
M<9OEH!=N-WM=`O(:T.+P!O'34_*=.37FU64RT7I?,THH\HT@XL!I)Q8RC2C`
MZ&6848'8#"QAWUT(`P;WK>M^YO6\],>^-XDC)#VD$$<H(V@CZ0G+L/(O(U-;
M8QMC<R,K<A:&9G0(VMI:6Q(0@;6ML;TY:1`W-Z%*64F1(424D!11180EEEAT
M$.M:UK65KERWD+<M^_+)/>GD=)))(XO?)(]Q<][WN)<Y[G$N<YQ)<22225^-
M:UC0UH`:!H`.0#Y@O?ENOU&$1A$81&$1A$81&$1A$81&$1A$81&$1A$81&$1
MA$81&$1A$81&$1A$81&$1A$81&$1A$81&$1A$81&$1A$81&$1A$81&$1A$81
M&$1A$81&$1A$81&$1A$81&$1A$81&$1A$81&$1A$81&$1A$81&$1A$81&$1A
M$81&$1A$81&$1A$81&$1A$81&$1A$81&$1A$81&$1A$81&$1A$81&$1A$81&
M$1A$81&$1A$81&$1A$81&$1A$81&$1A$81&$1A$81&$1A$81&$1A$81&$1A$
M81&$1A$818Y0\-"1Q;F=6ZMJ5V=P*QM+6H7)B7%T`WEA.7C;D1AH5*T"(D>A
MG;*"+10=ZV+IK>$6.3R^)JRVHU)*(ZJ*?5JMM8S$[TVG%O+B@\H\N0-0RU(@
MN*U%Y&=WI1.QF%]T/M:UV1="+8L(C")J_('D:\T3):Y0BKE+*8O-GML8%3L&
M?LS%*S7)R="TZI%`H*I;EI\P-AL9*6R:1JEZU@:6>-MJA6)::,L1(2)JM=>(
MQ-K9B%:R>!<>V-R6SV\X?2BF*.]N2B,R=$?,X!#+>U)&-I>:'3KGI!"JH?G=
MV?MKRV5&'T<4Z:E;NF4)%9Q%*EA$81&$1A%#?R?O"V$U]WC`:>OB>PA?#*KT
M?)`26MUSE7<2%)F>"Z93:G0QJIIA+)E(X4C<7&4R.3B-<&QG)4E-HDJCN57F
MDB4/CJ[WK9UMT&]JYY><>A$:IV<RVTV62FL+W`+46!GLOJFH#6QV=ZB@\FV7
M.6QH<)R8<7YN7$H"&,HQ/HI6HV:12FX1&$1A$81&$1A$81&$1A$81:@[V#`F
M"1-,0?IO$&26OZ!R=6*+N\E9FV1/38S)SE;PXM+(L6DN;D@:DJ<PU2<24,L@
ML`A#V'0=[T189KN2H7O4-VRVI6[OJQ1NI=?;:YQ&%^IV8Q"&![+ANTCH;Z3C
M9AE"TKTA[_:?8=Z,[/3>$2D81&$2&V9R-JBH9,PQ6?/#TT+7XIM/"YIH9,7J
M+L93Z\^C4:%+)8RL3A'(H.52;HVM8%ZE.8O7;T42$0L(DV:.<W'!Y7QUJ)E,
MH0NC^]E,"EM>ZRLIA7PM>N=XPP,0[-2O$41'5B@E+U-FA,TJ7W2`AR,<2NX$
M/03=ED3N\(C")@')7DW:M1VJ&)5X34LU*;ZGEMDOU<KU#DW3=ECD?AME.FK+
MG-A.LGC5<U;!5$YCC(PM*9R+4'R(]6Y&%JD9+:J.((DGKKF-?,HF505RO!4[
MC:*V>JX5=%2H(0^,DQ9T;"[-QMD3M`ZM%V6C`X=6];PZ0-2A"\&N\A],'Q>!
MF*3M2W0P`(I5\(C"*+KFWQDN#D-:3$B@T!@K)&=58\H0<A4\E;&ZW8Q:&D-A
M-U=(`D+8^M>&VJ("Y2O;ZO)9%A3E(ERD"0[92%,H)<B)K<&\/WDNP3^I9>!I
MK]FCT8D\8,:88N<JO>T]7$Q^PZ:E\KF+_P":*68&V?.\X;*_<DK:-D*87=L"
M0Q`4+#/)M'MQ%/3A$81,5Y"CX#I;EB\LY'6S5L)N&+P5;'F5LF?(Y=6"E16T
MM=P+G=E?*]+L:,L,MADP<F():].ZMJU$ZE(])SPG$E=V'/8WA7B?,U_?,1CK
MUJH'%N_%!+(S>&A+=YC2-0"-1KJ-1\ZI/GAC.[(]K7?,2`D\@-D^%=6"YA>(
MER+XR)WB+NKD^,C\^\HV"7/B!>Y0QNKHPS;W+[*?'-2F;X`T)F9`0<:80VMA
M6DZ4!)>Q:WD/_K_CO_X7*_\`M)_\M>/>JO\`>,_[0_:I'&AW:I`TM;\PN;>]
M,;VW(G=F>6E8G<6MV:G),4L;G-M<$AAR1<WKT9P#23BAB+-+'H0=[UO6\BLT
M,U:9]>PQS)XW%KFN!#FN:="UP.A!!!!!V@["JX((U&T%9'*:_481&$48%H^,
MOX;M,6/-ZDLGD>BCE@5S(W")3)@'7MJN(F:0-0]%KV\2]I@ZYL5B3F"Z;,(.
M-*%O]`MYM;$]B7:;G,9!F,7C'2XZS$)(W]-7;O,=R'1TH<-?F(!^A6,F2I1/
M,;WZ/:=#L/[%K\8\<#PP)C)HW#HYR=0.$BETA8XK'F_5;V\FVX/TC=$C,S(=
M*%4!(2I]K'):47HPT8"P=KJ(00ZWO5Q:[!^U6E5ENV<4YM:&-TCST]8Z,8TN
M<=!,2=&@G0`D_(%^-RE%S@UK]I.G(?E_H4K^:A5^C"(PB,(C"(PBQ9[XRIG1
M.R*7AK3O2M$I<DK0>X)"G12W(A@+6+T[>8<%6<B2#-"$TT(-EE[%K0MZZZPB
M\B.51=P\R^021@7>D9*M3'O(WAN4^?DZ``3%RAE[E0/SH2B`+0C1D=X$O6];
M%O6$6?PB,(F`\B>/=L6[?,.?D,(H)]IJ/Q(A>XAF#L\H9I*K89D]@)8+JQVE
M#6SYJ=4O7P)<:H2QQ/(&02]>[KC%1NR"@)E1$W^/\'KW(4P8Q<CIUHT5RC;N
M1+TYIYW+I+*X*D:K"ADX5P$N0*JOC^[MA3Z:T.QS:UKR8N5%W`]K,)-7!:2M
MC(I?L(C")IUT<<YE;EPU7895SJ8[":O2K52.JE$#9Y*S'3Q:>>61;"!Q7.R0
M@FPHNSF[3L!KHA>FUF/&8K*1B4CT8`B;.5X8T;<'IG?9;9P7A2JL])9]CI(Y
M7+17C3,W)IE543M"F:FB)/R-OCH9!.ZB2/LCTL+>D;J^N;DXI$S8M4%GD$4I
M.$1A$U^?J>%S?99TBM-1Q?0W$UM2=I4/L_-JA-9;<R*VQP)2-ASG(A`E*1J4
MLTA5@+)$,)(TJXW6M;+.'VLM5P&=O0"S2I6YJSM='LAD>TZ'0Z.:T@Z'8=NP
M[%3=+$T[KG-!^DA:,W+/#D:'*(O#2JX3-CQ`2BT\#=6X^BD3G"R2G1>]DD1)
M<F&6JCA1;TZJE80HQDZTJ4FFZ_U#!BW<?Z5XH_\`C;__`+>7_P`"_.GA_KM_
M2$]<`P&@`86,)A9@0C+,`+0P#`/6A!&`0=["((@[ZZWKW-ZS!$$'0["%57]9
M^(N=KQ&/'H4<!N4LCXV%\7@6D&/Q&$RGTQ%;WH?M7N8-ISCM%IC^SJ2=SIO[
MKL=YY4+O>O7LA_1GTGV:=WUO:'PG%Q.<K[H9)I8^C]WZ33HW;NN_TS-=>73=
MV?.5A[F5]TG,.YO:`'773E_H*8FH]JY5D$'G_P#!DH7<DF&]G_D-T[7=@$/L
M]?L;WTZ],G[>Z*QS@W[_`#M/_1__`+*M?O[_`-+_`+W^Q=<5?2KTZ@4(F_D/
MFSTQB$:E7FW:CROS?Z0LR)W\A\JT2G\I\D\L[OO.[!V^SU[.NO37QUD:GW?D
M)Z&]O]!,^/>TTUW'%NNFW373734Z*0,=OL#OG`*V_+)>EP`>TNE%#\2%MV,L
ML>_^--5:ZB`$6^GI7:'N==ZWO.B7==)'9D[0G^:6/9P*)9KKO[@\)7/>J3D>
M2J?]`GXN=_\`3!_]L7_ISZ.8YV^-IY0L0K7;A5K6N&_$O6M:UK7&:A]:UKW-
M:UJK(KTUK7]FM9R(XY_.V8_%;?MY%/:W5H_,;X`G,Y%E71A$815=WBD>L@YO
M_F/L3YP+SJWV3_#+`_AD/@4'O==E\\IOG&3^IGC;^86D/Q1BN23BK\K93\-M
M>PD5&#U[//;X0K93.0"GR,(D'F/(*,1.T2:7212PYC92VIIA<+0PQ>-%$MKV
MP0N0PZ,N#"US:6N<5@!LU6+YLD,);3'4LPM*`9ZD2<L2<1Y$BU=\Z8G9+K02
M!JI*_&I!R//F(*]D;TTU;IG*004,G/?9&_$,MLO4@20[:&.$J4KRF0JVM:2]
M-/<GC&X$`V1/APB,(HHN7O%.W>0=UO@XY6E>L,.'34E:H[=228I6NPW6UGJM
M[6@;0VV&7Z-*90FI^*L\[4)"6IE6=7%8^J5JOJ6B`D5D6B0/A-<S;;;5/55;
MU5#V.36]75F,S:TRE,I5\4(Y6]J2^=RN`5V2WQ-(C=RK_:'X)+OYJ&VHRE2U
M:!1I00`@0R*9C"(PBYC?$H\>NVN"_+^P.-,4X[UU8#)#&"`/":52&<R5D=5Q
MLQB+;)5))[<VL:U(26A.7[*!L)@MC"'0M]-[Z9]4=F'=\P_'W!E;BBWDK-:>
M>29IC9$QS1T<CF`ASG@G4#4[-BPEW*R5;!@:QI``VZGY1JF&G>U47Z4489KB
M%3^]@`(>M?:?--=>SK>^G7T8WTZ],V"WND\/$Z??-W_@1?\`C5I]_2_W;?TG
M]B[1(F\F2.*QJ0G$`2FOT?9GDU*6,1I:8QT;DRX9!9@@@$8`D1^PZ%O6M[UK
MKTUGP_<@%:W+6!U$<CFZ_/NN(U_IT4E:=YH/SA;!ELOU<?OC0>+5SKX><Y'J
ME*`M&-Q.N454UM*$[.YUE!94K"]2/4@V[*1.\@9USB,M1Y"5V2]C[!?9_5UK
MKO/L[L0['N`.-.`F9WB*I+-DW7)HRYL\L8W6;FZ-UC@W9J=NFI4>R60M5K1B
MA<`S=!Y`5%JS>T#>*@K>F5&HO.&#3K'IH1J`:I&JP;&G5.*9.>#0PQS0@;&4
M9O776];UUZZ]W-L3]W3LE9!(]M"?>:QQ'_-3\H:2/]]6`R]\D#>'+_5"L1R1
M;&24,7_B&46(7]GNB#K>_<_[=YS:<-'$#DU4P7US\15P7C]HTAOBN\E##4J<
MP>VBDNHS""ACWTI*!:UU$(.][Z:SIGW=WO'9%BP"0-^U\O\`^5,H;EA_S[_W
M?1"ANVWH/U?_`&23_P`8/_QB?_.'_P!&;L$DG]8_I*QN@5O5#?X0BOT;8_FM
M+G&J[UR;ZU_I%;";Y(YELF6J]*O#]HI]:-8WW24K]6E6=(N[7\**WVRSZ840
MS'7G>:WP*"YP^(+?DBGX$>;]C]8WSAX5BSR*VPX_?R%I'[HJV^IC+G'GB/\`
M,-_[;/[5RG\/JF^:/`E=S#*HN`3VEKUD#;^6FJOK7:&=$>Z]\,G?BECV<"B>
M:Z[^X/"5SX*OBJGY.=\&+/HUGECG"Q"M<>%?]''$O\LU#_A9%<Y%<<_G;,?B
MMOV\BGE;JT?F-\`3F<BRKHPB,(JN[Q2/60<W_P`Q]B?.!>=6^R?X98'\,A\"
M@][KLOGE-\XR?U,\;?S"TA^*,5R2<5?E;*?AMKV$BHP>O9Y[?"%;*9R`4^1A
M$D%C4I%;->"']Z<)*UNZ2K;<J-$OCCJ4UJ4,<N?T)W*G!&<-$J,(D2$R`(!M
MRG6^RF'WFQ%F=H/9(O/%:&@$-ET(F+"2YI5=<4P70T*:=K2Q,#!`=.<;=%)*
M%N"F!LIT<#(<U%*#]&=D9#>0#L:['79$L^$1A%S3\ZO:%%7##E;;?&4KB@78
M@*N61=)J9CN;<7V]^D<)C<PV9YAU6;]YO\DW(/)^GE9W;[KM_J]KLZ^HN`.[
M@SC?A"GQ2<P:QMMD/1>[=)N[DKX_+Z=FNNYKY(TUT^3586UES6L.@Z/7=TVZ
MZ<H!^9-21^U6+52U$DWP>)+TL6HTFS-<A-BV7I4I*3[,T'['0]K8-&=>G777
MITZZR7/[H\;&.?\`?Q\5I/4_F&O_`%*M_OXZ^J_[W^Q=@"<WOR"3^SV>^*+-
M[/7KV>\!H?9Z]-=>G7/C!PW7%OS%2)?7/Q%72>T'^M4O/Z$T?^%D>SI7W<OA
M)0^OM>W>H=E^ONYF^!0H*OBRC]B9[W>;S9Y0YUC5;HU?_+2N_H-$OF!OSCCE
M?YI9^T2>F5L"/R!S!;SF/7M5[?M'GK.I)]Q-->\E>='.[+\*XOQ"S_AJ(YGK
MQ\P?K4'$=_B.-_2-@^=T>;ZL]5E^J?Z)6+;Y0YU;R)OBR?\`8%?!ASC6_P`L
M\Y6PE]\\HJXOQ^/6M\D_W12?X)0+.F/=X^$6+\^U_%3*&Y;K[_W?1"APW_A_
MS@]^'-V!8Y6[\-_A"*_1MC^;$N<;+O7)OK7>D5L%ODCF6R9:KTJ\/VBGUHUC
M?=)2OU:59TB[M?PHK?;+/IA1#,=>=YK?`H+G#X@M^2*?@1YOV/UC?.'A6+/(
MK;#C]_(6D?NBK;ZF,N<>>(_S#?\`ML_M7*?P^J;YH\"5W,,JBX!/:6O60-OY
M::J^M=H9T1[KWPR=^*6/9P*)YKKO[@\)7/@J^*J?DYWP8L^C6>6.<+$*UQX5
M_P!''$O\LU#_`(617.17'/YVS'XK;]O(IY6ZM'YC?`$YG(LJZ,(C"*KN\4CU
MD'-_\Q]B?.!>=6^R?X98'\,A\"@][KLOGE-\XR?U,\;?S"TA^*,5R2<5?E;*
M?AMKV$BHP>O9Y[?"%;*9R`4^1A%P#^*5XDW/>H?$)Y4UG5_*ZVH-7\.L-`UQ
M:),+@S$L[$W#A,47C2("CV50<`H:U8:;OM#%OMF;]W.B'9/V8=GN9[.,1E,K
MB*=C(SUBZ21X<7//2R#4Z.`UT`')R!1.]=MQW)&,D<&`[!_0$R^">+%XE+A/
M(&W+N:-V*D+C.8:WKDISHPB)5(ETE:TJQ*<'3!K8B5*8T0!:ZZZA%O)Q?[(.
MR^/'V)(\'1$C:\A!#7Z@ACB"/'Y0=JMF7[I>`97::CPJS(SENIJC"*M@\<SU
MJW+7]\UC^"=;YT][!/A'A_JY_P"*G4+RG7Y.<>B%%8T?[RR_OEH^<4V;;F]2
M_P"K=Z)5B.4<ZMYV_P"((ODB;X$&<:I/6.\X^%;"'(O7GA%72>T'^M4O/Z$T
M?^%D>SI7W<OA)0^OM>W>H=E^ONYF^!0H*OBRC]B9[W>;S9Y0YUC5;HU?_+2N
M_H-$OF!OSCCE?YI9^T2>F5L"/R!S!;SF/7M5[?M'GK.I)]Q-->\E>='.[+\*
MXOQ"S_AJ(YGKQ\P?K4'$=_B.-_2-@^=T>;ZL]5E^J?Z)6+;Y0YU;R)OBR?\`
M8%?!ASC6_P`L\Y6PE]\\HJXOQ^/6M\D_W12?X)0+.F/=X^$6+\^U_%3*&Y;K
M[_W?1"APW_A_S@]^'-V!8Y6[\-_A"*_1MC^;$N<;+O7)OK7>D5L%ODCF6R9:
MKTJ\/VBGUHUC?=)2OU:59TB[M?PHK?;+/IA1#,=>=YK?`H+G#X@M^2*?@1YO
MV/UC?.'A6+/(K;#C]_(6D?NBK;ZF,N<>>(_S#?\`ML_M7*?P^J;YH\"5W,,J
MBX!/:6O60-OY::J^M=H9T1[KWPR=^*6/9P*)YKKO[@\)7/@J^*J?DYWP8L^C
M6>6.<+$*UQX5_P!''$O\LU#_`(617.17'/YVS'XK;]O(IY6ZM'YC?`$YG(LJ
MZ,(C"*KN\4CUD'-_\Q]B?.!>=6^R?X98'\,A\"@][KLOGE-\XR?U,\;?S"TA
M^*,5R2<5?E;*?AMKV$BHP>O9Y[?"%;*9R`4^1A%65^,AZT'F=]Z3;^'T+SJ7
MV*?"G!_9'>VE4)R/7I/._4$P.N/YDUM]XL#^MK/FQ,G_`"RS]FE]FY6C/+;S
MCPJW0SC@M@HPBK8/',]:MRU_?-8_@G6^=/>P3X1X?ZN?^*G4+RG7Y.<>B%%8
MT?[RR_OEH^<4V;;F]2_ZMWHE6(Y1SJWG;_B"+Y(F^!!G&J3UCO./A6PAR+UY
MX15TGM!_K5+S^A-'_A9'LZ5]W+X24/K[7MWJ'9?K[N9O@4*"KXLH_8F>]WF\
MV>4.=8U6Z-7_`,M*[^@T2^8&_...5_FEG[1)Z96P(_(',%O.8]>U7M^T>>LZ
MDGW$TU[R5YT<[LOPKB_$+/\`AJ(YGKQ\P?K4'$=_B.-_2-@^=T>;ZL]5E^J?
MZ)6+;Y0YU;R)OBR?]@5\&'.-;_+/.5L)??/**N+\?CUK?)/]T4G^"4"SICW>
M/A%B_/M?Q4RAN6Z^_P#=]$*'#?\`A_S@]^'-V!8Y6[\-_A"*_1MC^;$N<;+O
M7)OK7>D5L%ODCF6R9:KTJ\/VBGUHUC?=)2OU:59TB[M?PHK?;+/IA1#,=>=Y
MK?`H+G#X@M^2*?@1YOV/UC?.'A6+/(K;#C]_(6D?NBK;ZF,N<>>(_P`PW_ML
M_M7*?P^J;YH\"5W,,JBX!/:6O60-OY::J^M=H9T1[KWPR=^*6/9P*)YKKO[@
M\)7/@J^*J?DYWP8L^C6>6.<+$*UQX5_T<<2_RS4/^%D5SD5QS^=LQ^*V_;R*
M>5NK1^8WP!.9R+*NC"(PBJ[O%(]9!S?_`#'V)\X%YU;[)_AE@?PR'P*#WNNR
M^>4WSC)_4SQM_,+2'XHQ7))Q5^5LI^&VO82*C!Z]GGM\(5LIG(!3Y&$597XR
M'K0>9WWI-OX?0O.I?8I\*<']D=[:50G(]>D\[]03`ZX_F36WWBP/ZVL^;$R?
M\LL_9I?9N5HSRV\X\*MT,XX+8*,(JV#QS/6K<M?WS6/X)UOG3WL$^$>'^KG_
M`(J=0O*=?DYQZ(45C1_O++^^6CYQ39MN;U+_`*MWHE6(Y1SJWG;_`(@B^2)O
M@09QJD]8[SCX5L(<B]>>$5=)[0?ZU2\_H31_X61[.E?=R^$E#Z^U[=ZAV7Z^
M[F;X%"@J^+*/V)GO=YO-GE#G6-5NC5_\M*[^@T2^8&_...5_FEG[1)Z96P(_
M(',%O.8]>U7M^T>>LZDGW$TU[R5YT<[LOPKB_$+/^&HCF>O'S!^M0<1W^(XW
M](V#YW1YOJSU67ZI_HE8MOE#G5O(F^+)_P!@5\&'.-;_`"SSE;"7WSRBKB_'
MX]:WR3_=%)_@E`LZ8]WCX18OS[7\5,H;ENOO_=]$*'#?^'_.#WX<W8%CE;OP
MW^$(K]&V/YL2YQLN]<F^M=Z16P6^2.9;)EJO2KP_:*?6C6-]TE*_5I5G2+NU
M_"BM]LL^F%$,QUYWFM\"@N</B"WY(I^!'F_8_6-\X>%8L\BML./W\A:1^Z*M
MOJ8RYQYXC_,-_P"VS^U<I_#ZIOFCP)7<PRJ+@$]I:]9`V_EIJKZUVAG1'NO?
M#)WXI8]G`HGFNN_N#PE<^"KXJI^3G?!BSZ-9Y8YPL0K7'A7_`$<<2_RS4/\`
MA9%<Y%<<_G;,?BMOV\BGE;JT?F-\`3F<BRKHPB,(JN[Q2/60<W_S'V)\X%YU
M;[)_AE@?PR'P*#WNNR^>4WSC)_4SQM_,+2'XHQ7))Q5^5LI^&VO82*C!Z]GG
MM\(5LIG(!3Y&$597XR'K0>9WWI-OX?0O.I?8I\*<']D=[:50G(]>D\[]03`Z
MX_F36WWBP/ZVL^;$R?\`++/V:7V;E:,\MO./"K=#.."V"C"*M@\<SUJW+7]\
MUC^"=;YT][!/A'A_JY_XJ=0O*=?DYQZ(45C1_O++^^6CYQ39MN;U+_JW>B58
MCE'.K>=O^((ODB;X$&<:I/6.\X^%;"'(O7GA%72>T'^M4O/Z$T?^%D>SI7W<
MOA)0^OM>W>H=E^ONYF^!0H*OBRC]B9[W>;S9Y0YUC5;HU?\`RTKOZ#1+Y@;\
MXXY7^:6?M$GIE;`C\@<P6\YCU[5>W[1YZSJ2?<337O)7G1SNR_"N+\0L_P"&
MHCF>O'S!^M0<1W^(XW](V#YW1YOJSU67ZI_HE8MOE#G5O(F^+)_V!7P8<XUO
M\L\Y6PE]\\HJXOQ^/6M\D_W12?X)0+.F/=X^$6+\^U_%3*&Y;K[_`-WT0H<-
M_P"'_.#WX<W8%CE;OPW^$(K]&V/YL2YQLN]<F^M=Z16P6^2.9;)EJO2KP_:*
M?6C6-]TE*_5I5G2+NU_"BM]LL^F%$,QUYWFM\"@N</B"WY(I^!'F_8_6-\X>
M%8L\BML./W\A:1^Z*MOJ8RYQYXC_`##?^VS^U<I_#ZIOFCP)7<PRJ+@$]I:]
M9`V_EIJKZUVAG1'NO?#)WXI8]G`HGFNN_N#PE<^"KXJI^3G?!BSZ-9Y8YPL0
MK7'A7_1QQ+_+-0_X617.17'/YVS'XK;]O(IY6ZM'YC?`$YG(LJZ,(C"*KN\4
MCUD'-_\`,?8GS@7G5OLG^&6!_#(?`H/>Z[+YY3?.,G]3/&W\PM(?BC%<DG%7
MY6RGX;:]A(J,'KV>>WPA6RF<@%/D815E?C(>M!YG?>DV_A]"\ZE]BGPIP?V1
MWMI5"<CUZ3SOU!,#KC^9-;?>+`_K:SYL3)_RRS]FE]FY6C/+;SCPJW0SC@M@
MHPBK8/',]:MRU_?-8_@G6^=/>P3X1X?ZN?\`BIU"\IU^3G'HA16-'^\LO[Y:
M/G%-FVYO4O\`JW>B58CE'.K>=O\`B"+Y(F^!!G&J3UCO./A6PAR+UYX15TGM
M!_K5+S^A-'_A9'LZ5]W+X24/K[7MWJ'9?K[N9O@4*"KXLH_8F>]WF\V>4.=8
MU6Z-7_RTKOZ#1+Y@;\XXY7^:6?M$GIE;`C\@<P6\YCU[5>W[1YZSJ2?<337O
M)7G1SNR_"N+\0L_X:B.9Z\?,'ZU!Q'?XCC?TC8/G='F^K/59?JG^B5BV^4.=
M6\B;XLG_`&!7P8<XUO\`+/.5L)??/**N+\?CUK?)/]T4G^"4"SICW>/A%B_/
MM?Q4RAN6Z^_]WT0H<-_X?\X/?AS=@6.5N_#?X0BOT;8_FQ+G&R[UR;ZUWI%;
M!;Y(YELF6J]*O#]HI]:-8WW24K]6E6=(N[7\**WVRSZ840S'7G>:WP*"YP^(
M+?DBGX$>;]C]8WSAX5BSR*VPX_?R%I'[HJV^IC+G'GB/\PW_`+;/[5RG\/JF
M^:/`E=S#*HN`3VEKUD#;^6FJOK7:&=$>Z]\,G?BECV<"B>:Z[^X/"5SX*OBJ
MGY.=\&+/HUGECG"Q"M<>%?\`1QQ+_+-0_P"%D5SD5QS^=LQ^*V_;R*>5NK1^
M8WP!.9R+*NC"+`)G9Q5D%*26,[N3P!-+[Q<C`9LL>NH-C!L6^P+8=^[KK[F$
M7&_S-]GQYN\B.6G(R]X7-./#9$;<MJ5SN-MTDF4V2R!$T/BH)R1.\IFZNW-`
M0X``'_4"2H/+UO\`0,7Z<^V.".\AP3PUP=C.'[U3)ON4Z<<3RQD)87-&TM+I
MFDCYM0#]"CEG$69K#Y6N9NN<2-=?V)+*>]F[YY5];]26`\3OC4J:(%:==3=V
M3-TVGIC@I:XC,F61.*=O+45FG3F+CT;:,)(3#"P;,V'0A!UUWK+YKO/\!Y'#
M7,=#3R@FL5)HFDL@T#I(W,:3I.3H"X:Z`G3Y"J<>%M,D:\N9H'`\I^0\R[>Q
M+73M;T%D,V'M;T$0EZ(.]AZ^X(0=#'V=[U^G6M[Z?WY\(#73;RJ3KRI'=S6)
MB51;"<$!P.V$)B]$$>M==ZZ"UH0M:W[G_7"+D'Y]^`5S2Y3<RN07(6OYA0#1
M"[5FB611UMEDPF:.2)$*>+Q]D$6[I6FOWAN(5"4M)@M!)5'![`@_K=>NM?9W
M9YWBN#.$^"<=PWD:N1?>J0%CW1LA+"3(]WBETS7$:.'*T;5';>)L3V7S,<S=
M<?EUUY.9-AB?LT7/MAEL2?E<_P",9B1AE<:?59:><6`)08D9GQ`Y*2TX3*O+
M+$>80E%H&A""'8MZZ[UKW<E=SO3<`V*<U=E/*A\D+VC5D&FKFEHU_M^34[51
M;A+0<#O,V$?*?V+N?VN=>N]:9![#U]S>W!'K?3_KO6A"Z?\`?GP,I0O,E=W)
M8G+4%L1P0&=OH$Q>B"/7=F#+WVM:%O6NNP=?T_HPBY*/$?\``@YE\O\`FM>7
M(ZMY;0C)";+<8>J8FN92^8HI*E*CU>1*)*].B5G@+TVDC-<&$T9>BE1NMDB#
MO>]"WL.OL;LR[PG!W!G`M#AG)U<C)?JMD#W1LB+#OS22#=+IFN.QX!U:-NO.
MH_=Q5BQ9?,QS`UVG+KKR`?,F5H/9E/$`2KV]498/&#9:1P0JS`@G-A;&(M*K
M)/&$&MU=K6QB`7O6NN]:ZY.).]5P`Z-S!3RVI:1ZN#Y01_?JV&#M:^5'^D_L
M7=8F4NY"9.2)D%L1)!)0MZ<4?38BRPA%T]WKTZZ]S^[/@-YWG%PY"2I2A.[.
M:DL1@&$X(0GJD^]#<$6M]M(I.2F;UK0M_J",)WL._P"T.];SRBY4/%(\#WF#
MS;YJ61R.JV447'X5,(]7+2VM4YETM0R4A1$86U1UR&M3,D$?6T!)ZU",1.P*
MA[$5O6Q:#OJ'7UUV3]OG"/`G`U7AG+5LA)>ADF<YT3(BPB25SVZ%TK':@$:Z
MMY>358&]B[%JRZ:,L#2!RZZ[!S*/,[V8KQ!#"32]6%Q=UL98PZWN<V)TZB#O
M6NO2K-[Z=<V0WO6=GX(/N66_X<'^>K/[CM?UH_TG]B[GX>E?8[$8JP*F<)RM
MCC3"SJS2'%+L@Q4VM21&I$1LS0#!$;/)%V-B"$0@]-[#K?N:^!KL[;-R:PP$
M,DE>X:\NCG$C7Z=#M4H:-&@?,%G$[LYJ0&#+8CM:+4*4V^VO1!WL:4\9`Q!U
MVM]0"&7O8=_IWK^S+9>ERY^+-X*?+CG=S%=N0=2R:DH[#5]:5]#BFR?2N5-T
MB"Z18#UYR.,3,,(D+=I":-R!HD6E.QBT'>Q`![FL^L>Q_MVX3[/^"F<.9BM?
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M.)5Y&8DX"<$K+`GQM+">X,QHR>[5&;V2(.Q=D74.OK[LK[?^$.!^!:?#&5K9
M"2_7=,7.B9$6'I)GR#0NE:[8'`'5HVZK`7L58LV73,+`TZ<NNNP`?,F#;]F,
M\0/W/_D+B][@@[_CFP_[!:WO_P#EO]V;#_\`ZL[/_P#H\M_PX/\`/5I]QVOZ
MT?Z3^Q=U+#IZ:F-E:SF;O#FYH;$!XRW%)W0CDB(A.=LK8NR+9>S"]]G>]:WO
M73>]:_1GP)8D$UA\K=C7/<1S$DA2D#0`?0O:G=W-2$P9;$=K12A2F%VUZ,.]
MC3'#(&(/ZV^H!"!O8=_IWK^S**_5RR^*SX)/+SG-S+E?(>J)/1\?AC[!:[C2
M1LGDLE;?(RE\39SD#D8>F8H/(&[20U0;U)$%2(0@:ZB"'?N9]:]D7;SPEP#P
M1#PWEZU^2]'8F>71-B+-)':MT+Y6.UTY?%YM5@K^+GM63-&6!I`&W779_0HW
M57LQ'B"')E!(;"XNZ$<0<4'8IU8G9T(PL0-;WTJS>^G7>;.9WK>S]KPXTLMH
M"/\`RX/\]67W':_K1_I/[%W%U@S2*$UI74,<FHE2Y1&"1",N*A&Y)Q(SG!AC
MS<UKC48C@E'#2#5)1[*$,`!B!TV((=[V'7P7E;;+^4LWH@1%-8D>T'E`>]SA
MKILUT.W0G;\I4H8TM8&GE``6XIW=S4Z.V!B.UW"D],+MKT8>T,@?8$('ZV^I
M8M_HW[F_[LL%Z7,=XO'@R\L>?7+1'?%0R.EHY$B*AA$!&W6#*I0W/^WB./,P
M<EZ@*>/PJ1(-MQA4A*"4/RC1@A`'V@!UTZ_578UVY<*]GG![N'\U7O2W#=EF
MUA;$YFZ]L;0-7RL.]XAUV:;1M*P>0QL]NQTL9:&[H&W7Y-?H46QWLQ7B"&$F
MEZL+B[K9A1@-;W.;$Z:V,.PZWOI5F]].N\VPWO6=GX<#[EEN7^[@_P`]6/W'
M:_K1_I/[%VQ\?(;+:GH.CZLD#:B6O]:5!6D`?%C2Z%&M2MXAL,98ZYJ6PU60
MD5&MQZQM&,D1I)1@B]ZV(`=]=:^%N(\C#F.(;^6K!S:]J[/,P.TW@V25SVAV
MA(W@'#70D:\A*DT+#'$V,\K6@?H&B5KSR?W?3S8H\L\X^;?)>_3].\\A\X=[
MY1V^Z[GR?W.OZ>W^KT_MS#*HL]A$81(5?U_QCCK&8U*97$[.ER*53N-5RV(J
MM@CK/G8F2S`\U#&PNR%IZ"9VEU=P%(`+E(BT@%RI.2,P(SR]"(MJJFRR[6C1
M\E+@EEUX$AW5M'F*UH>IA,E.VD3HS]N1#.K4*33&A1Y9V"C^UT,,*,#T_5PB
M4O"(PB;]R(O<5$1^$K&^"NMD2NR;'9:N@\0;))#X:%WE+RSR&0D)5<JGCRPQ
MAH$I:XLK)1`.4:,<'0Q*B)#LU2'82+7>-G+*O>42RU$D";)(U'4_)(W#)HW2
MQ&G:)''YJ\0YHECY"9-'`J5#A&9?!SW;S<Z(E7385)6S"1')C"3S")T>$1A$
MA/(6]6[C["6F6K(F_P`X<)).(C748B\=7Q=F5O$KFKEYM9$)K_-GZ,1)D+5*
M-;*),7+R-*E@R4A'>*E)!)A%I7&;DTLY`*;$8Y%4LKIB:5R="U;Q"Y:]QA^>
MD#!9,<W+(47)_19P7D1"P`L@>T]QI6+RUF,&3O9BA.I3J#2)U>$1A$D=ZVZG
MHFKI-:BVO[.LUOBA:%4Y1.GXPFF4]4-REQ2H5CDU1I0[,PW1(QD*=K%H231'
M%HR33`%C['9V1)1Q*Y:,7+J.SZ61:MI_!8Y"IZX05`\S)?6[JV3<YN2IE2IV
MBCC6\^GC>J0)/*@`.[TTK03!Z"`1F]&=V1.SPB,(FR\K>1Y?%JN$%GKJ^EMA
M,.I&8SR-/#6UZ=G./-OH?+G](^'H6-A?U(TBU_CZ)GT,T"=*2H=BC#CRP`WV
MB+7^)_("PKN2V&VV;!(E$Y17SG#B%#G6TGE,SKIV(GD&9;!;V9OD4O@M>.PY
MA$VE^3$/:72`9)`STYFC0F'F)4I$[K"(PB0+D=R.KWBY!&VR[1//;X6JF4<B
M#H^Z4-B-OC>Y(8I)3O;VM=U[<C2M*<Y/HL6^\V8,XTLL`1#'K6$2><4.6)?)
MHB7)E]=*ZVD<59*QFFV?<YA5C(5D#NF,*9C6CJ9(H,X+FUMDCC'T@CW!G._U
M419J8\HU6B6)%9Q$\#"(PB1N][QA?'>`@LRPSAH8<3-*YA[T]"4MR%OC95C3
MV.P%/)WYP=5B%"WQN/+)&6K<#Q&=HM(49L`1C[(!$2(<2>8Z#E.-](U7:ZOE
M*:`U7<,7+,F\*GY$AJ*[DDD<*RD+HM@[BY)8A*G9OBR@]4QK!",((,)-3J%9
M8QC+(GIX1&$227E<T2X_UNXVI.QFD1)FD-?L;VX!4-Z-.R)9]846KX$C=EKJ
ML0-Z"/1I1*0.#DH,-#HAO3'&:T(0=!V1-]XI<U6?E&\NS6C@"V&)U-=PVZJ\
M<_3>$SM-,Z:L-WDK-"Y2\:A+FYA@4B>#HLH.\S+AF"VG%K9*@\PA:4D(GNX1
M&$1A$81,?Y\'V`S4XVS*)2IV98I"I8C=[2C48L"4U+-;#BR]M<X\QQ&&61"(
M;.YBRR)3/WEH-(0-J$E4]C+TA"L3Z-$$XB^_!U?/A0VV8U8TB>US]!KJ?(LG
MA4MF4HLR:54T@AD%=T<.D=J3"&P9ZLH+L8[&2)M==I%1'FE\3)BG!<6G"=LB
M>SA$81,LY[DRXB@%TICTC`Q1NO9$W6%:2`F8.U=/TMKJ+-KTL5QN(V)'H38,
MGALLU*-M3BB/:VW;DM&W[;TZA(8LTI*(M1X&%RU"5?S+.%KDAD;/9["2=7\N
METCM&QH(WJZRAB]M+F%QS"$P:26:1(B%.UC<H.`[%-J?8F\MS.\E&E1$4@.$
M1A$TKFVEFXN/<K>H;+DT010M2WSZQ#C90O@2M[JV%[.D$W8&>Q&B)3I[@#RJ
M;4.CB'-`U*5VMI]D$#2F'A6)R)'N`ZN=$.-[1N;KI.QF-[G6$D:JEL&;S.V+
M%A**:P0#IZ3R&UY[`X-(Y4BG($Q:<A$:)X\QK6-:C$N"<`YO0$4BV$1A$V?E
M\DL`^@9LNKJ;)X"X1P+7+I.]'R=;`S%5<11T2O\`9#&BL1LC4R=*[7O4,;UA
M!3TE:5RE$(74H)0]A4DD38/#PW(6QTNB/.:>0P=E6MM2VA'Z<F\SFMG31A%:
MS;+I"[V@Y6+.JWKYY<R+25D!(4-HS7D]J>V!QTI4$*CSD9)%)OA$81,YYW1N
M;O?'.6O4&<7\2JMQ_:B_P6.+9ZU+[BBD(:W9T>ZFT[58\,EC-XI07H!B?S0:
M:>J6I2$IJ98E/4)3B),/#L(,W#K,<TTL5*6!SEK,8Q5D0EY(FQBK"RHVDTN3
M1Z0\I69@L=X,E:HSRY:2F1(&="?K19*8*D2LY012*X1&$37>8[7/7*@Y8?`Y
MHUP?4?.;97.W!VEXZW3.E5QE3IYL9@#9Y,:F*BM!N472']IZ*;%1J8H`P!$F
MV9Y8G(FW^&^]/+ZU6\X`7RA%!#W6"F0^"S1VMR=22-J]1Y:F>WP^U;CIJH9%
M*VN4MZ9K+1-Q.WY,S$MO4"X`58424BDRPB,(F_<I&.PY!1DV;ZQES;"9&6!E
M=%STZR4,'2FPQED#6[V"QAGXH[+OL\4R2#HG!`4_::EXF@:C2D)6A%Z,`1,K
M\-J4*9(ZW"<A>'IGAYK%53K&ZLG4UM"RIXC(7DS%.GM=).;?J.J)4Y5=8C$W
MH44>`E&_LFPL2@Q&K3[&:E"12JX1&$2'\DF2Q9'2%@-%4RU!!YL>VH3T4C<G
M8,=2D,S>]-CC,&WTI%'9?N'*9##4B]N(>PM3B-E/5@7`3'"3Z+$1,0\/-W?5
M$YF835$AB$-F5+5)9T&K*=61.[HE+TPR-TEY#?:;38E@UM`WALC"UM3D(/1T
M"ITVWCT4>:0U[5%@6D4K^$1A$81&$35.<#B0V<4KL.4H*]=$Y\2VWJFZT5$5
M3Q!4A<7)`B<M':F\BB$15OR=M/..9TS@ZMR14[EIBC%)`1[,"1-]\*0N9&\5
MT;Y+80WPXN625/)61:#<>/D4YTL@$"1R^9S!SC<WL-*_N2FRD#VA;UY[GM6>
MPH6\(R"`EEAV126X1&$3>>6J_39QEO55MOKQV_\`C*6)=--KJH^CKMV$O:ST
M`6J5&RMWC\8,;G(2G1&B7!P0(E!I@"CE*<L8C0$3,O"0+EBGCR_R%^A2"-LL
MHEZ5RC<D.U%C9C88T$48(_(Y-*G*(V'9[<\IB7QG,1M:@UT"<4B(TE`G+2)D
MIAQ%*GA$81([R&<1M-"W.O*10)S4$5;/-(VJTUK2W5J[KCHRYD(&>>+'Y<UL
MA,2=UAH$R_RM4F3"3&C"8:6#>QA(HZ/"`+E"JHK!D3C!FB/Q1[DZ,B-3+9<)
M,E<^51Q5)(\K/<G*#6;:K8OBK'%F]B+:2]KR2V]0>O1I2=HDZ=0>12\X1&$2
M<7$X#::DL]R)30M:>BKZ9*$J&QUB)OKY>K+CSCM(@G*YR/3-Z2(KE/9*<3#S
M`%!2#,V(6M==X119^#N7)UE?VK(E<!88]#W%Z:&5@F*0J`">):YQ216.UFM"
M1PKZU[=:U%=Q"`#C.F5(%<G2-BQ<Y)T8#4^M'"(ID\(C")HW.>9.</XQV:4T
M07D!.5LV87&N`:XT1)'-[1AOINU.+*"P4L=43.!KE;'$3CPJ%VV]P`X@*]TC
M0=]32R)H7A(1)ECT.OURC"E0EC3Y::+;-$UVX<%ZBJ9$Q`-*12M)'>0?(!Z:
M9:2E<24*A(Z',)H$C<E-TW]^<J5*"*7;"(PB36Y4#&[U)9K))?)!,3_`)BPN
MA"YO?GA,L0O,=<6Y4B&RQ1>URI[\K(4"+\C:U)#DJ[7=)3`'B`+1$Q3PXS9X
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MVA;UO6L(H5_!\]+G13=$C4UO`X]$=::HMJ814-<G(#I(R2"2N`(!6;A7-N6R
MV_8[#V-]+"W(-&-Z)$(P!J8)YJM9W!%.#A$81&$1A%'=SX8_.;SQ-<BYS1<7
M=6*^'I3$X[R4C$J?ZBG4T74O9[:S-BM<PJ$35'YJR(5*UR8CG$\O1ZE,,A+V
ME9A6L(LGX?K,E:X[R.5)YG2,K5/G)R3.CZW<<HW)(]3D(E!56U$SR6+1@R0*
M%B9]=%#RU'.[ZL;3S4>G]U6IS-A7IUH`D3_L(C")@'B!LJ1UCW&]4HFE*1)8
MQ<GXNZQ]NY%1N22&G)Q*S*OMQGC,5E)D?/2)V)Q3N[J6[L2QQ/)1[D+4A3E[
M$O/1`$18O@.Q[;'SEFYF3FBI.Y/MZL:B5QSC7&)4P5#!9L@IJM6Y\;T:]^4+
M6J035]0D(7%]-;3S`IU)X"%795@.UA%(GA$81,'\0]D0O5554)QF]40HAGY)
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M0K3I3]KT3,SM8E@`E*$(AD4E.$1A$U#F="FF>4DL9GZWN3M*LI$ECSHZ2WB2
MTRMYME8C0J#MF1LQ'!JVM*6ZASQWFM.HT+<28$@O7:5$%['L1%HO`V$<?(1`
M)HEX^7&CN1J<)CI9,G,YEJ%EF;%+PLZ`E2U6056M;UO*#YJ8A`2<H',"%<AT
M`8-#-T3W8-$3Z<(C")$>0G_''[-'#_E7]BOV/>=&7SI_R`]!_LW\]><"O1WR
M_P"T/_\`6?.GG3L>1=Y_J^4=GNOU^F$3:N%L>X=M5@\D'GB#/ZWE#%)%U5J)
M1$:(9X.VT378FZ.OR%B;8TNJ]A0P1[GS[V%JZ0GC7KWX"<;84M"G2`;`C(I`
M\(C")G7.YD97[CNY)7^;Q:`H4ED4D[DN]B1M^E=4.3NSW%"'&/Q.X6B.F)5F
MJKF#\G3-KTJ/4I6]"E4[4+#=)2C0B(FK>&W#*FBU@7ANN;EC5H2!)!:EBUJ!
MC<(FD1DKK:3%,;P4VE:?('4H0I@H;TGUNNTC3Z8U`O/+-%VAKVI&>G5(S=$4
MMV$1A$R_Q!V=E?>)UA()',8)!&`,EIER=Y!:;`_2:K3$#+>%</*B.V<TQOLN
M(JYF8$'F=]4#$6@1-2\]2N&!$4H'HB0OB$Q+RN6%Y2%\GO%M=+C:*IEFE5?\
M48E,6V/)$A$QM%=#)C9$B<ESG&E,K7(%*Y"V(N^"YE-B81H@>2F$;PBE$PB,
#(O_9
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>8
<FILENAME>g7960441.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 g7960441.jpg
M_]C_X``02D9)1@`!`@``9`!D``#_[``11'5C:WD``0`$````9```_^X`#D%D
M;V)E`&3``````?_;`(0``0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!
M`0$!`0$!`0$!`0$!`0("`@("`@("`@("`P,#`P,#`P,#`P$!`0$!`0$"`0$"
M`@(!`@(#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#
M`P,#`P,#`P,#_\``$0@`LP$Y`P$1``(1`0,1`?_$`/(``0`"`@(#`0$`````
M```````("0<*!08#!`L"`0$!``$$`P$```````````````@$!08'`0(#"1``
M``<``@`#!`0%"A`*!@L``0(#!`4&!P`($1()$Q05%B$7&#@Q(G>W>$$C)-15
M-Y>X.0I1,K)SDS0EE;75)C97AU@983/3E'56EK;7&G&!0G8GV%)B<H+25$76
M*)BH$0`!`P,"`P$("PH(#`4%```!``(#$00%$@8A$P<Q05$BLA1T-@AA<;$R
M<C-STS05%X&1T9(C4Y.S-1;!0E*4574W">&"PD-CPR14M-1E&*%BHN,E\-*#
M1&3_V@`,`P$``A$#$0`_`-@;K9<)BW]A]:5E]#SQ;0&';CN14Z,ZO/J,[@2U
M,'59U+4*YEE;=]%&32/SZ8JL2DQ8LD8Q&72%>(3!^0`7\B?/HSU3PECA>F>%
M998S)MVW)LO;-Q=MM-E8HV[VSV%A/D)V[L<Y]Y'<2%\LKIW6SM%RXV[B8]3E
MB-C(Z2\DU/9SA<3!NJY?7@]P8.1P:0.`I7LX]J[Q6_46VO6)6DQD1(X;UTK<
MVVM=+M6G;/7K',P-9[!X#G4;:.QN4IL5-`H+-RG%76T$AV2JCY)5)K3K&N7W
MHY4?=K!E/5BV'LVSO[J]BW!N?*6[[>ZM[#&30133X;,7K[?"Y`O%G>.:9+6W
M-S*UL3FNDR6+C/)!?S?5F9NKAS6M,4+#5I<\$@21M!D9[YO8XT''L8\\>%,;
M8UZE.@1L3MNA:(K5JC&VG*-[[$5N"TV?E@:5*[9?U/Z$7RN9/4G4I*P7FJ$G
M(;%/RBL<FW3D5R'!<GL#BX\^4[Y]5?;=U>8#;6V1>7MU9YC$8:>6PACU7%K?
M[AW?:3Y&Y;''+_M,;,;9P-F<\P,(,;N8T1Z?&VS<S6RS3:6M=')(`XG@YL5N
MX,%2.!UN-.WN\.*ZM7^]O8&JVJSR5IO.>66;F=-V""AWL\A<H*D==ZM:+IZ=
MU5A);1:K&Z6>-L-$H<5OLA-IKR*;!\5NV,",@T;OWJXW?)>KSTVS&'M+7$8_
M)VMA!B<;+(R$VTMUFKBWM=YW$L=E</L0^&[NY,/#:ED)FB+W@OMII+>",>;,
MM>1R.=(]CG&1X%=0;&"ZW`+@'4+6B0NXT/#@0"2LK67U`>T3,=TC*M-]?;`U
MZOY9V(U"?T5M0;?)5K?T<(LF;)(1%+:L-62:T%O(Q]RD8*<=`\L`1]DA53-R
MG1\[9+#L5ZMW22?]WKO+V^Y;:7=N7PMA#9.O+9D^'.6@OB9+IS\>77A8^V@N
M[6/EV?.L;I@D+7Z97U#\Q?CFMC,)$$<CB[22).66\&^'X-=1:XU=1S>'#@I6
M]RNV^A8G;"UZG63(<X85_K/JW95>;V6+E99GJDEFTG7&#3%:8>/N-*)"R3Y&
M8%63DTQF'K0KMC["-6`ZG-/=#>C&VM^X;ZSSEKF\I<7.Z\?@Q%C)(XW8]E]'
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MH8GOK06,\MO:0:9-,D[Y`Z25SWM'++Z`!SP`2!3@1P!/$A=,SOU$>P4\XN4[
M+:)G];LFR6GKTMF.7.Z&C8%L_JTUT\1V.[RM96O6Z8W3E*I:9>+6EFDE99N!
M2^&^]"A[\\%)HE?=S>K+TVQT=CC[/&9*ZQ>#L\R+^_;=F$7EQ%N4XRUCG%IB
M<G<BXMXY&V\D%C:W;N?RA)Y/!KF?Y0YF\>7/<]C7RNCTMTUT@PZW$:I&"A(J
M"YS>%:5/!27Z:=WI&XX5VF[?;))&;UJ#H.#[.XJD9+.7M=JZ4QTPQW0[+5\_
M;OWL@#1I8;=(NSLVI%5SKO7H![1=4XJ*:IZY=`K;!]0MH=%-CQ!V5N,EE\8V
MX?&ULUP8MSY.R@N+PL:S4Z&V9&)9"U@9%$3IC8W2VNQF4=):7&1N3X`9&^@/
M`5A8XAO;VDF@[Y[J@,VW;9:Q)8SUS[HWO<<75V#L?C&]SEBTC6'..2LC4-#S
M?60[#XW6-`SS3"/(7(\@W>-@RQC/XI'K)1E@8-A1!$A/&1LO3S8V6M<[U/Z$
MX[;^=9A-KY/$10V..;DXV7-E>X[ZFR<]G>V);+D<EB7W9GE\GF:Z>SN)>87N
M=2T"[N8W1663?+%S)V2$N?H)#FOYC`YKN#&2!M!4<'`4HLV6?0UIV"MN?TKL
MVRMG7F#[J?)V)2VQ]D]?HU.["U]+K+&VO0,`/W:SMM8[K&,,XUR8D'=?>OWT
MF68D(9:OK*/"LCD0P+$[9CQV0LMR9[:<EGU,N-A^4Y6/&8/&W=SAICG7V]GF
M!M:]=!:R/O<=%#'>10Q0&VAN69)C(#.UTE5),7L=#%.'68NJ,+Y7M$@Y0+H^
M>VKAI>26DDU+2PUIPR+U"[<51EM.?L-%W.2IF=*=6M.C8J/W?L'5+G%3-ZHO
M<"ZT9X^J>IKO(:`V>'A(=BG$P=I*126E(%LV/(G%\+D1QCK5T7S-QL3)7&V-
MOQ7VYQN^P?(_$X:XM9(K2[VW:W;67&/#99L9++(\W%W8$BWM[M\K;4"W$2]L
M=D8Q=,$TI;#Y.X`22!P+FS.;P?P#P!P:_M+0-7&JF!VA[0WS,]CCL\K.A8/C
M];A<4/M\E;MWC;#)Q>G*ET6.I*F;T]Q7K-7W,*M%,ERKR#YLVGGR;J9B2(QZ
MA5%"K:3Z2=)-N[KV/+N;*XS<6;RD^>&*9;8E\,<E@/(GW0OKELT$S91(X%D,
M3WVD1CMKUS[EI:TLN5_?RP7(A8^*-@BUDR`D.\(-TBA%*=T@.-7-H._$'2_4
M@WRFQ=IL]=6P:>D9RR]F*76\8>P-G"]8.\P+5V><U^W[4\C-!,\GH*Y(*)'D
M6I(ZNF9/)^)3:.'*9C'<[KVKZKG3G.7=GB<FW<5M:V]K@KJ?)LF@\DR[<OCW
M7LUMBVR6>F&6V(<(9#->B6*SO7311.`$5MGS5W$UTC.27%TK0RAU1\M^D%]'
M<0[NBC:%S:$]WF;MW5[=UN9W/.XV;P5Q9.N%/[B:'9+M(97=18Z+&=<*-U7T
MFG5N/I[77TODM>S,>PSJ+EGII.4]D,:DZ;(E%4Z!:'`=!^BN4L=O;FNK?<;<
M7NB^VU906K,A:Z[*3-W>X+&YG?<NQI\J$#\-'<6\0@@U<]\,LA#!(>\N4R+'
M2PM,.N!LSB[0[PA&V)P`&OP:\P@FI[*@=Q8_L'JH=A(R1U*TL<TSM*J0,_N5
M+@:'8Y:F,;+4B936`EXS4[,X8;<[U.T5LH"G.S[`E`A&S2HOF[UK)G!,%GN2
M8WU0NFEW;8C$7&5R9S%Q;8JZFNX([I\%P<A/RY,?`U^*;C[>?MM+.4YBZ?)D
M8I();1I=H@\7Y^\:Z20,9RP7M#26U&@5#SX>LC^,X<MH#""'=T_WLSVNW&JJ
M1X(=E\'T6O5?-^]+*U&RB)NU)A=)L>?8]A5^H5==RT'KYY>E:354[S(+^%?G
M)3P8$%<#HN1618\=*>CO3_,-E,FU-Q8S)W>4VFZW^L)+6ZEL8+S)9:SO)FQR
MXT1W5C<&TA9_MEK!^6/++7Q"-]POLA=1TI/"]C63UT!S0XM9&YHJ'U:X:C[U
MQX<>!J!V.\>I!O\`78YU/5QQ@L[+7>R[948'(G5=M)[CUV>Y+V+IF)0TSM3J
M-T0'MG86=E90&10*PK1F4R_CT6BCIN8YU+7M_P!5WIOD[IF.RC=QV]GC[7%W
M,V1;-;^39IN1PMUE98L6U]EH@?`Z#\B\S7PEM8;F29L,@:UO>7-7C&ZV<DN>
MYX#*&L>B1K`7T=QK7CP;1Q`%0O%H'J&=CLKM$[6;;,XJ[A\;TW1JIJ5S@:4F
MZL<Y7:O/XV,'9SXK,;]7+Y$TTU=U)9A(251-?I1"?;-C##IM5@35[[;]6CI?
MN_$6^6PT&>9?9S$V5Q86LUT6P133PY/FP#*1X>>TDN>=8-FA@R(Q%NZS?*/+
MG2LU,39F]MY#'(8M,4C@]P;Q(!90Z#('!M'T)9S#J`\&A4P^ZVDZE6;E`0.:
M/95C*U?JKW1[&56/C4/>0O.N8_4<_J>7U)TP\APGF#)_KSN6-&'!1)T\9-#G
M3,"(<TCT&VMM'+8.YR.ZHX9+.[WAMC"W#WG3Y)CLE<WEQ?W+7U')>YF-CMQ.
M"UT<4LS6N&M7+*3W$<H9`2'-MYI`!_&>P-#1[/OR:=T@=Y0`@=+CU]JS3'6W
M9[19_IY=&F-6;1M<>=@K:@^:ZY9^M_8&\N*(.[(6AG9*@PO*M.KMO<1#679-
M4'OLD$$4&<@9FM)#([4N8]AY7>\NTL9;=;K!^3@LL<W#VY8['09O#VC;OZI-
MNZ"Y?:"YO<:RYDMI9'Q:Y))))[83QV=DX-TRV$[SC7!A<_F'WYCD=IYE:C5I
M:\@$"O```T/#]>^P6OW$N/7F_;->S[]]>?2#,J9FJ]L?QD9HO6_4\OH\MH&A
M3.1HK-*]:75^@YBUVE[/JQRKN,>5PI&SAJBQ40&NZE]-MDX,YO;^W,%CATX_
M=_=5]=7PMV2/LLWC[^ZCL[.+(D.FMVV<L6/L(K-LS8YXKTNEBF?<-D76SO+F
M7ERS2O\`+.;`UK:T#HWM:7.+.PZ@7O+J5!;P(`HK4(QFZQGMABN6U:<N,U2=
M+Z\[<[L419K-+VY=C8LDT?,IN"O;N5L#R1E/B,X;;YE@]5%0"N"@P2#P29H)
MDB#=SP[YZ.9[=V7M[&#/XK<V*;#)!!';!\.1LKZ*6T;'"UD>B+ZJM9HFTJP^
M4OXOGD<Z_M!MLA%!&7&)\+Z@DGBQS2'5-34ZW`_<[P4W.:#5T3A$X1.$3A$X
M1.$3A$X11C[G6>;IG5O;+36VV^/YV$ICE[%Q75NLQ]N[!3KLCQF4E<RJ&E:]
M:8\+18P.+$CU5BL6+2<*/?,D+<%DR*H+-+_W8'1O3EK$C>^XDQ;'N0V6Y[S8
M[-U\TJ*ZT2`D<:^UK6'Z&YENO];MP;=/S3V!C7-JMCBH,(ZO5`DVF@F^L16[
MLBEIZ0%P[>VWK[;C]S8G7D-097.NJ.9O6XI_6EI.=F<FSN;T^#IE5GJ)1)^*
MIU$UI].0Z"Y"2,"_5;*+P;P\69NDD16R\(G")PB<(NC!F&:%L/S:7/*,%K]^
M-*?,X5*`"P_$S^;SR/QH(_XE[\;S#XK>U]H/B/T\R`[MW4<;]2G)Y#ZGY?+Y
M'E$W)T#^)RM>C1_Y=-/87ER(-?,T,YE:UH*U[]>U>_-T6D6:*4@K'3JK8(1:
M5"=5AINO1$K%*S8.S/PF%(]^S7:'E0?',M[P)!6]L(G\WF'QY3V&X<_BKP9#
M%WUY;7[8>4)8II(Y!%IT<H/8X.$>@!NBNG2--*<%RZ*)[=#VM+:UH0"*]^G?
M7\F:)1[&+8;#3:I.BSER6!H,S7HB4%K/)LB1J<VV%\S7%"73CDRH%<E\%@1*
M!`-Y0\.+'<.?Q8<,;?7EN'P&%W*FDCU0EVLQ.T.%8R\EY8?!U'52O%'11/\`
M?M::&O$`\>ROMT[J_9J12SJRZYJC5S+V!B:,GEC0$4*LW&G8-8H\?+J"T$\D
MQ/%L46PI+"=,6Z)$_#R$*`=1G\Z&01B]NQ';2<R$<Z2D3P]T@?&-5&/YCW/U
M-H=;G.KJ))<J+B=+:D4/`<1V<>_PX+^QU)ID/%-H*(J-8BX1E$*5]G#1T!%,
M8II`K*>U6A&T>V:)-$(A57\8S8I`1,;Z1+X\76>SM]>/R%[>W<U_),)G2OFD
M?(Z8"@E<]SBXR`<`\G4!PJC8HFMT-:T,`I0`4IWJ=[V%Y9ZH5.U?"1M%8KMD
M&`E&\W!#/0L;,?!9IGX^Z2\3\0;./ALHU\P^S<(^14GC^*8.=,=FLSA^=]4W
M=S:^4PNBEY,KXN;$[WT<FAS=<;OXS'5:>Z%R^..2G,:UU#45`-#WQ7L*YELR
M9L@7!FT;-`<N5GKD&R"2`.'CDWG<.UP2(3VKE<P>)U#>)C#^$1Y0RSSSZ3.]
M[RQ@:W42=+6^]:*]C1W`.`[B[``=G!=?F*-2K%`&JE@I]6G:N=<CD];F*_$R
M<`=RF[&03<&AWK1>.,NF_$5RG%/S`M^.`^;Z>7*QW!GL9D1F,;?7EOEPTM$\
M4TD<P:6Z".:UP?0L\`C533X/9P71T43V<M[6F/O$`C[W8O5FLYSVR*G7L5#I
MD\LH,(91::J\)**G&M+N75<$ZCYBN<PP#IZLHR\1_8JBQS)>43&$?:PW1N7%
ML$>,R-];,'-H(IY8P.>&MGH&/'QS6M;+^<#6A]0`N'0POXO8TGAV@'L[/O=S
MO+ER5BM)LG,:G7H-..>F0,\8$B6!&3LS4$0:F<M2MP07,V!NF"8G*/D`A?#P
M\H>%$[+95\[+IUS<&ZCKI>9'ZFZJZM+JU&K4:T/&IKVE=N6RFG2-)]A>K9*5
M3;DD@C;ZE6;4BU!4&R5D@8J<2;`N9$RX()R;5T5$%C-TQ/Y0#S"F7Q_I0\/7
M%Y[.8-[I,)>W=F]]-1@FDB+J5I4QN;6FHTKV5-.TH^**7A(UKA[(!]U>*3HE
M'FJN:CS--JDM2CMT6AZA)UV(?U<S1NH55!J:ONF:L29N@J0#$(*/E*8`$``0
MYWM-PY^PRXW!8WUY#G@XN\ICFD9<:B*%W.:X2:B"03JJ1P*X=%$Z/E.:TQ=X
M@4^]V+CI/*\PFFL.RF<XH<LSKS).-@&DG4*\_:P<<D!`280[=U'*I1C)($R@
M5)$")E`H>`?0'*JTW?NRPEGGL<ID89[F0OF='<S,=*\UJ^4M>#(XU-7.J34\
M5U=;P.`#F,(:*"H'`>QPX+FYFHU2Q.()W8*Q7IUW5Y).8K+J9A8V3<5V72)[
M-*5@EGK9=2(DDDQ\I5VXIJE+]`&\.4%CFLQC(KB'&W=S;PW<1BG;%*^-LT9-
M3'*&.`D83Q+'U:3W%W='&\@O:TEIJ*@&A[X[Q7K!1*067G+`6FU4L]9T&+6R
M385Z("7L+:+$@QC><D@9^^RR$<*9?8$<'4*CY0\@!X<]3N'/FRM\:;Z\^KK1
MSW01<Z3EPNDKS'1,U:8R^IUE@!=4UJN.5%J+]+=;NTT%33LJ>[1<F>OP*JKQ
M92$B%%I%)ZWD%3QK(ZKY"219-Y%%XH9$3N4G[>-;D7*<3`J1!,IO$"%`*1N2
MR+&,C9<3AD3FE@#W`,+"YS"T5\$L+WEI%"TO<10N->VAG$T%3['?[?<"XU*C
M4E">D+4C3JLC9Y:(1K\I8TJ_$ISTE`-P*5O"2$P1H$@\B$"D`"-E%#(E``\"
MAX<JG[@STF.CP[[Z\=B89S-'`9I#"R9W;*R/5H;(:FKVM#C7B5UY40>9`UO,
M(H305([U>]["])KFF<L8:'KK*@4EG7ZZX=.Z_!-:K!-X:#=/D7K=ZYAXQ%@1
ME&.'B$DX(J=`A#*$<*`81`Y@'WFW5NBXOI\G<9*_?DKEK6S2NN)72RM86EC9
M9"\OD#2QA:'$AI8TBA:*<""$-#`QH8WL%!0>T.YVE>XG1*0C+3D\E3:JE.6?
MX=\RS*=>B"2UA^#F(:)^.2)68/);X69(HMO>#J>P$H>3R^`<\7;AS[[.WQS[
MZ\./M-?(B,TACAYE>9RF:M,?,J=>@#74ZJKGE1!Q?I;K=2IH*FG94]VG<7XE
M:#1)U[%R4W2JE,R,'-&L<*_E:Y#R+V'L)DT$33T6Z=LUEX^:,BU2(+I(Q%Q*
MF4/-X%#PYL]Q[AQ\$UKC[^]@MKB#D2LCGE8V2&I/)D:UP#XJN<>6X%E7$TXE
M'0Q/(<]K2X&HJ`:'OCV?97HVC.*M;K/GMREFBX6;+YN6FZA+LW)VCIF>P5V2
MJT]&.C$`0?0<S%28^\-%`%([ANW7\`6;HG)48G=&7PN)R>#LGM^JLO;QQ7,;
MFAS7"&9EQ#(VOO)8I(_`D;1P8^6/BR5[7<20QR2,E=[^,D@^V""/:(/9[1[0
M%_1R[,S5R0IQL[HHU&6DUIJ5JHU&OC7).9</$Y%Q+2$&,?\`#'DFO()%7.NH
MD94RQ0.)A,`#P-W;K&4CS@R>0^NH8A%'<>4S<^.)K2P1LEU\QL882P,:X-#2
M6@4-$Y$&@QZ&<LFI%!0GMK3LJN:4J556L$?;%JS7U;5$1CB%BK,I#1Q[!&0S
MLY5743'S)FPR+*,<J%`RB":A4CF`!$HCR@;F<PS&RX9EW<C#S2B62`2O$,DK
M11LCXM6ATC1P#W-+@.PKMRXR\2%HY@%`:"H'>KVT7#I9W5T](>:P=HNXNKJE
ML,^0D'+E15"*JK.;?V)Q'P[,?!"//-S#Q-605('M7GN+,JAA*U1`E<_<V6=M
M9FS6O:W`LOWWA8UH!DN'1,A:^5W:_E1M<V%I\&+FSEH!F>3UY,?/-Q_G=.GV
MA6O#VSV]^@[P7>.8^O5.$3A$X150:/ZP_6;,L,O78&>IFYDI5![46SJ3*1\G
M1HFBVIS?:94WEXE)Y&"T^TT96.K4K78]081"1.RG9]ZJT9,(Y=V^:(K$4B<K
M[W9%KO;K;>F5;@[XRU#!ZQ'6JVR<W&U]G77+!^QH<@";5FA97=XAC'0TB-]R
M6F8:+:S0I/QC5798YX9(BFMPB<(G"+4:]4/UV^YW37O1M'6G(*1UPDZ!FS#+
MUHB2T&EZ-.6QZXNN856\2IY%_`:O58DR2$C/J)(%39)B5$A?,8YO$PR/Z3=!
M[+J7MA^X;C)S6<C+M\.AD+)`0QD;M6ISVFIUTI3N=O%6B^R;K.81!@<-(-:T
M[_L>PH!_^9V]1G_1YT\_@SU[_P`>N;._[1L5_3MU_-8_G51?7S_S3?QC^!9'
MQK^<G]_[QL^+4.R9WU-^7-`VC(<\L!H?/=78RZ4%?])J]-F'$2\=[;(M&LHV
MCIQ11NHJW72*L4HG3.7Q*.+[U]6?';2VCD=S19BXGDL;5THC=;L:'EI`TEPD
M):#7M`*][;,OGG9"8P`YU*U/X%O-<B4KZG")PB<(G")PB<(G")PB<(G")PB<
M(G")PB<(G")PB<(G")PB<(G")PB<(G")PB<(G")PB<(G"*`VM>FMU9VBIW:G
M6^#N[:/T#<KQV$LC^L:):JS.+W[3\O=XII2#66BGZ+AG5;UDLH^@9"-)X("S
M?+'2]DX]FNF1=^R[H[U\QS?;KV0H<%8X[0KO#S4*X9N[E8Y2EUY&V)9JE>7E
M0J#]\O$P$E>PQNK#*+)E,*IH1$4@2]HX]N12[X1.$3A%\WOU[_Y6SM9_T=U_
M_B]YOSZ%^JS_`&;3?UK-^J@6*9OZ8/@#W2J@>215G68^N'WE^L'Z476C\^^>
M\UMUC_LJS_\`5LGNM59C_IT7PPOK/\^5BS=.$3A$X1.$3A$X1.$3A$X1.$3A
M$X1.$3A$X1.$3A$X1.$3A$X1.$3A$X1.$3A$X1.$3A$X1>D\DXZ.!,9"09,`
M5$P)"\=H-05$G@)P3%=0GG$H&#Q\/'P\><$@=I`1>A\S5O\`ZP0?]]F'[8YU
MUL[X^^E"GS-6_P#K#!_WV8?MCC6SOC[Z4*YE-1-9,BJ1R*I*$*HFHF8ITU"'
M`#$.0Y1$IR&*/B`@/@(<[HOWPB<(OFZ^ON*A?5E[9F2#Q5+$8&*8`'F$5`Z\
M9P)``O\`[7B;P^C]7GT,]5>GV<35[/K:;]5`L3S?TP?)CW2I`?9H]-LW:?JU
M%2^F8[6\#D*W[:4B)&^V-L^VUP#W,(VJ2FAW:JW+5&-%869:X34@X6=-Z6]$
ME;>QZ[-B4[5V6J_>CJ?^Z66FAM;V7<+9?!<V)A%J*3ND;#%)%;F4LY<3`&NN
M6_EHY&ODH]AXY%ESXP7-$5._[[LI4@FE:G^3V$4"I_PUDVC>VG7V.9/V,HRC
M^WN`,&4G%G<*Q<DS9]B*,V:R$8J[;M':D<]02*J@95))0R1BB8A3>)0S?JW(
MZ7I%FY7M<Q[L426NIJ:3H)#J$BH/`T)%>PE4U@*7\8'9K_"OK%<^62S9.$3A
M$X1.$3A$X1.$3A$X1.$3A$X1.$3A$X1.$3A$X1.$4+>TG8[3,+U?I=3JIGU6
ML-#['=C"XEHMWG[,[92U)(^R_1KW7DJC5&+$YK!+3;NAJ@LZ=.V[2/;(&#V3
ME5PG[$BK)UCU7^Q&=USMF:*J/6NY2>$:GEC6M7FF3URO6>CC&ITS:[-&V>1B
M*I-.[/H4G&V[%UZ<Y7AU8UTVF%W[YU#-8N%,O(D5VF%:4KL^(XYL*U>=U);5
M\KSW2E:I(+>\/ZPK>JE$6A2O/7'L6_MW<*:4%LH?V:?F.D(^4OCX`194X1.$
M3A%5UV<]2C[+^G=H*=;<&M+ZH]=.ER?;2(NZ%J@!4UUXK='-'/1*O5XA.?G(
M&-CIL6S9S+2B;=P+@ZWNT<Y;HD<."+J]:]2+1["7IV+3`Z9,N.QNLW/%K[7:
MUK]L4T+/KKGFH3V=Z4:LYC:L.J-[FX3&(:NN;)>7=F94U&N,BD8^9U(N&B+@
MBMMX1.$3A%IC?SL-JV>WCH2@[02<HEJ_9Y8J*Y"JI%5"4P`@*@F<!*"@$,(>
M;P\?`1#]7DH?57QN-R>Z<K'DK>"YC;C6%HEC9(`>>T5`>UP!IPJ.-."LN;>]
MD#"PD'7W#3N+4@^`PG[DQW_,T/\`\')N_NKM;^C,;_-8/FUC?/G_`);_`,8_
MA7\&!A!`0&(CA#P__)H?\GSO'M7:W,;_`/%XWM'_`.K!\VN#//3W[_QC^%?4
M;]*<1-Z9_0D3&,8?LDX,'B8PF'Z,XKX!XB(B(^`!SY(9IK69J]8P`,%Y.`!P
M``E>``.X`.`"SR/XMOP1[BG]RVKNG"+YO?KW_P`K9VL_Z.Z__P`7O-^?0OU6
M?[-IOZUF_50+%,W],'P![I5/WLTP`X`0@`H(B</*7P.)OH,)P\/QA$/P^/))
M5/?[%9UF;KA]Y;K!^E%UH_/OGO-:]8_[*L__`%;)[K568_Z=%\,+ZS_/E8LW
M3A$X1.$3A$X1.$3A$X1.$3A$X1.$3A$X1.$3A$X1.$3A%Q,I`04XK#KS4+$S
M"U>EDI^`6E(UG(*P<Z@S>QZ$U#J.T5CQLLBPDG*!'*(D6*BX4(!O*<P"18S=
M]=^O[^%M=;?89CKVNWNU)WN\0#O,J4XA;E=TG2+U*Y6N+6A#L;%:DGC=-8LB
M\36=E53*8%/,4!`BS`4I2%*0A2D(0H%*4H`4I2E#P*4I0\`*4H!X``?@X1?K
MA$X11B[@=MLEZ0819>Q6V_-0Y]596IPLBG2Z\I:+&M(72SQ=2@T6,,DY:&<@
MI+S"(*&%0H)I>8X_@\.7+#X?([@RD&%Q$1FR=S(&1,!:TN<032KBUHX`]I`7
M221D3#)(:,:*DJBVW^O_`.CQH$I9IJ\X_MENE+GF<CC-M>V+K8VEE;'E$N^<
MR4IGDR#VP+$D*D_D'BJRK)0#(G44,(AXCS:'V!=7/Z'D_36WSRHOK2P_.#[Q
M_`L-1GJ]>@C"S6.6.(ZP:I&3_7UJZ9XQ-,>N"[:4SUO(VTU]EBP+Y&V$<D/.
MW<XR\@=4RIY"2'WAR*JOXW'V!=7/Z'D_36WSR?6EA^<'WC^!;!71WO5AOJ#9
M).;1@(7=.HUW0)K-)9"_U56H3S>SP4+6[`\(6+5>/O:L#QEJ9G26*H('$Q@\
M`$H\UQN';F9VIEI,'N"`V^5B:TNC+FN(#VAS35CG--6D'@3[/%5D4T<\8EB-
M6'N^TIE<LB]$X1:9W\ZY_P`_>A?_`+I]GO\`"W7[DKO5*]+,O_5C/^(8K'G?
MB(_AGW%KQ4GI/N^@YID&IUJ/K:L#O&L?4SE<:^EY%A.66X$FU*\Z7,HK!C5X
MJ"92C=8JB[N41<&3;JG204*F8>2^OM];?QV4O<3=.E%QC[/RF=P:TL9'IU@>
M_P"8YY:10-C(JX`N!*L#;:5[&R-I1[J#V3[G_BL.['C]OPV[&HET5@7KY:MU
M*YPDY594TY5K53+Y7V-II]KK<JHTCW#R'G821253]LW;N$S^9-5(BA#%"^X'
M,V>>M&Y"Q$C8Q,^)S9&Z)(Y8GF.2-[:D!S'-(-"0>!!((*\I8W1.T.I6@/#L
M((J"%]+'TIOY,[H3^B5@_P";F`Y\BLY^W+[SV?\`6O6>Q?%-^"/<4_\`EK7=
M.$7S_P#UG.I79[<O5([9W'',/MVC51LIA,$XGX*5HC)DC-,>NF6.GD:9&RW&
M!D!<-VS]$YC`@*0@J'@<1`P!-WU==YXS`;#EL;R&[DE.2E?6)C'-H8X12KI&
M&O#B*=[BM?[ISF'QN2;;W]PR*8Q-=0AYX$NH?!:X=P]VJK+_`-W+WU_V4='_
M`.T.1_\`B7S?/VGX'_=LC^BC^?6-_O9MK_?8OQ9?FUW[(NC'<G.]LZ_WJ^=<
M;U5:95.R'6Z8LMDDIO-'#"%BF^\YT5=^Z0B;[)2:J*1E"@)4&ZRGT_04?IY@
M/5/J%A<ETYS..A@OF3SV+V-+XXPVI(/$B5QI0'L!/L*Y8?<F!N\K!;6UU&^X
M?(`UH;)4GO<6`??(7T]N?.=;23A$X1.$3A$X1.$3A$X1.$3A$X1.$3A%T71M
M/SG(:R:YZG>:KGE3)+U^OC8KC.1]?AS3ULFV%:K$*F^DUVZ"LK8;#*-F3)N4
M15<NER)IE,<P!PBQA*]N>KL%:M5H\SV"R&+N&&556[[%6W]]KC68S6I-T(ER
M[GKBR6?D6@X]DWL$<9P98"B@$DS]H!?>V_M2++&?Z%1M6IE>T3-+;7[W1;8P
M+)UNV5:5:34#,L1540,NQD6*JS=;V+E%1%4OCYT5DSIG`IR&*!%W'A$X1.$3
MA$X1.$3A$X148_SC3^2IU[\I_7+\^U"YLWHQ_:O@/ZP;XCU19'Z#+\!?/+Y]
M3UA*<(M[+^:W_<(V?],70_S0X5SYJ^L=_:YD/D+7_AV+,<1]`9[;O=*V4.:-
M5R3A%IG?SKG_`#]Z%_\`NGV>_P`+=?N2N]4KTLR_]6,_XABL>=^(C^&?<6N;
M1NV>C9UF</EU6KV=-(N-NM,N<E85*_+FMEN+GMZ<Z54*O:7Z-D;QKBOQ%S=G
M=%69LV4R=+R-S/\`V"9"!,2_V?C,EE'Y6[EN3*Z"6)K-;>7'SHA!))&"PN#W
M1`-HYSHZU=R]1)6/MN'L8&-#:5!]DT-0#Q[_`-WV5TCL!O5_[*Z=)ZOI2[%2
MQ/X:LUIJTB_BYHR'K5.A&E>K<(P6L$O8+"\1CXQF4#.)!^]>N5C'566.<XCR
MX[8V]CMKXZ/$8L.\F;*]Y+M.ISY'E[W$,:Q@)<>QC&M:*!K0`NDTKYGF1_;2
MGW!V+Z3?I3?R9W0G]$K!_P`W,!SY(9S]N7WGL_ZUZSR+XIOP1[BG_P`M:[IP
MBHCT/[V?<_\`*[F7\5;K_P`E;T1]$)//I?$B4:NK_I1'YG'X\B\?E'P$W@/E
M`?`1\/H`1_`'CS<516G=6J=30X-)&H]Q8BW+][O_`%D8+^?_`"[F#]2/0N_\
MW?XCEENQ?3#'>=-_A6Q[R%"E\G")PB<(G")PB<(G")PB<(G")PB<(G"*)?=?
MJK`]QL(?X[+.J_"R2=XRZ_52WSM297!:FV'-]&K%T"7@63ITP7C9R2AX5W%$
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M[:/>UII[-#P75QTM+AV@%:%@>OGZMG@'CVGAA'P#Z?L_8']/_#]%`Y]`7^JO
MTX:\M%QEJ`G_`#T/_+K%OKN\[T?WC^%/]_GZMG^U-#?_`-?L$_\`V!SK_P!K
M'3C_`'C+?IH?^73Z[O.\S[Q_"KNO05]3KN]W3[8ZYE79O8(S2*57.NSW0H".
M:YEF](<1MI9Z52*V5[\0I-;A'KQ!2)GUR&16.HEYO*8"@8/'D?NN_2K;?32/
M&.V_)=O-X9^9SGL?3E<G3IT1LI[]U:U[E**ZXR^FO"_FAHTTI3V:^R>\ML?D
M=U=DX148_P`XT_DJ=>_*?UR_/M0N;-Z,?VKX#^L&^(]461^@R_`6F1TJQ['M
M5I?9E?2X-F]L=8H+9[GMKL5E3A:#F+M"M:-8)6XWMA&:QG%Q?L'SVMQD2P<,
MF-C:-9)\D1TQ.+A$BOT+WSFLUB+[%-Q<CFVLMP1-&QFJ:<%\+&QQ%UO-&"`]
M\CPYT+G,82R0:7$8I;1QR-?K'A`<"3P'`\3Q![@'=X]Q<SW5P?",GR3JW:L6
M?0[]2^4N(<6>:-9GDG:+S(O<FR:Z3MM7A/FVR0\?7X6_VV;KQ56S&N'0D(M>
M/58KG9B]6\=C;@W!E\QEK3.->T6\[@QN@-CB:+BXB9&'<MCB]T,<4Q#G3`LD
M;()&A_+;S<Q11QQNBIQ''CQ/`&O:>Z2.YV4IPJMIS^:W_<(V?],70_S0X5R#
M_K'?VN9#Y"U_X=BR7$?0&>V[W2ME#FC5<DX1:8?\[%?L(^]="%)!\R8)J5;L
M^1-1\[;LR*'"4Z_&$B9W"B93G`OT^`"(^'T\E/ZJ5U:VFZLLZ[EBB:<:P`O>
MU@)Y[.`+B`3["LF<:YT$>D$^'W!7N+4?^9:W_P!8H#^_49^VN3D^N,/_`+Y:
M?IHO_N6-\J7^2[[Q7\&RUOP'_*.`_OU&?MKG>/,8?F-_VRT[1_GHN_\`"7!B
MEI[UWWBOJ.^E(8IO3-Z#F*8#%-U(P4Q3%$#%,4V<5\Q3%,'B!BF`?$!#Z!#G
MR$S9#LW>N::M-Y/0_P#Y7K/8_BV_!'N*?QC%(4QSF*0A0$QC&$"E*4/I$3&'
MP```.6PD`5/8O1K7.(:T$N/8`L0[1O.5]?*Y$6K6+(O78FPV>,IE?*QKUFM4
MK.6J92=KQD'%051AYV;>O'2#!8_XC<4TR)&,<Q2@(\M&9SN+V_;LNLK(8XI)
M6QLHQ[W.>ZI#6MC:YQ)`)[*`"IHMA]->E&_.KV9N,#L"R;>9"SL9;RXUW%M:
MQ06L)8V2>6>[F@A8QKI&-XR:G.<&M#B:*D;?)Z^PO;GM*WHN>H7KXQO>6,;*
M]>7",J3"FU\.J_7DSNP+@]:/WL\N"1S@@R:)>T45(`'.F4?-R373C*[HQNU+
M6/;6*;DA<9F1EPYUS';-M8-$.J<ZFR/F(%0V*)A+B/"<QIU*.^5VOTOW%N#,
M774W=<NV1C]OMFQ\,.*N,I-EKXNG$5BSDRPPV+-089KRZDY<<;B61RO;H,%M
MCP[N38>Y^::30-/;1&-Q3`2?KA`2C*C#I>Y!::M.T\SLHW20O!_`S=T'_P!0
M#G:^Z(G'`M_]/.ON7]87$;LVSFHX-A0QT/$".VB&CRFWEMM8-T^[(JR7AI(`
M+H>1$YTW/5^]8_\`N^MI?W=N\>CW5;9%Q?\`K"7]T'<"77&5NW<WZMR5EE>4
M?JB##`Z9[8]][HX[WR^=C9C;IX?5X/@'@'UE8-X!X^(A_P#R`R_\41_HA^`>
M20ZC>A5_W?\`9W^(Y?*C88<-W8T.-7>4LJ?9XK8\Y"E2_3A$X1.$3A$X1.$3
MA$X1.$3A$X1.$3A%\GSM1*S2_:SM:JM8;.<X]I^RB?C\SV$H%30W&^H(ID(2
M3*1-)%!(I"%*`%(0H`````'/I3TDV5LW(],L)?7^)QL][+8M<^22WB>][M3^
M+G.:2X^R358??W-PR\D:V1X:'=@)6)8R'OLV=).$;Z7-*.&KA\W3AW-ZE5'#
M%HY]R=OFZ;!PX.NR:O0]@JL0#)IK?K9A`_T<SV79'3B`$SXG"L`(!U6]NVA(
MJ`:M%"1Q`/$CB."I1<WA[))#]TJUWT'G\XAZM?55DO,60"JI;PRD6#Z>GETE
M`0P#353-7S!\^42.9!XV(82*$\2*I@/@!B_1H;UDMK;6P_3N*^PN.L+6Z=DX
M&\R&&.-Q8YDI(U,:"6F@-*T-`5=,///)=ELCW.;H/`DGNA?2`Y!)9,G"*!_J
MD?R:_?C]#[L3^:FT\N&(_:]GYW#^M8NDGQ;O@GW%\UKKGU_T#M#L5+Q+-"1"
M5FN4@FU^,V60&'J57C0511>62V3((.1BX-BHX23$Q4U5EW*Z+9!-5PNDD?ZY
M;IW%CMJ8BYSN4UFU@!.E@U22.XD,C;4:G&A/:`&ASG$-:2,#@A?/((F>^/?[
M![)7?;=T^U.F]<H'LY(/JN\HDW*PC%6*C5K`K886.M5GTNFU&>DW#BO-JBNU
ML%DR.<;BS9RCJ4CP2;G>MFY'2(C;+/>>)O=S2;5B;*W(1L<0YVC0YT<<$LC&
M@/,@+&7$1U.C;&^K@QSBPKNZWD;")S30?X20/8[0>[7OJYO^:Y_?VW7]$&9_
M/1EO(Q^MS\5@?A7GN6RO6![9?\7^%;WO(6+(DX148_SC3^2IU[\I_7+\^U"Y
MLWHQ_:O@/ZP;XCU19'Z#+\!?/(.DFH)!43(<4S>9,3D*82&^C\8@F`1*;Z/P
MASZH`D=A[5A*%33(8YB)D(90WF4,4A2F4-_](X@`"8WT_A'@DG@>P(M[7^:W
M_<(V?],70_S0X5SYJ>L=_:YD/D+7_AV+,<1]`9[;O=*V4.:-5R3A%3AZ@T'6
MIWM3UX0L\)79QJAUY[$*M4+)%1,LU0<GTSK8F*K9*7;N$4G)TQ$OF(`'$OB'
MX.;EZ*Q6LN<NQ=AIC%JWWW976M3=71=G#V@LQ*9/*7$\L.)IRSQ.GC3V3P59
MW9[;^KW52.JZ]]S.FRLQ;I)-"*K4!GM.5E1A4'2*,Y9%C.8E)JDPATUOQ4S'
M!1TN()$\`\ZB>4=:.LW3CHC;63]R0.GO[Z8-C@A:#)RFN:)IS4AH9$UPH"0Z
M1Y:QH]\YFU?4O]1+KUZ\>6S5KTOFMK'`8&S<^YR%]+(VV\K?&]]GCV"/5*Z>
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MUW/99:\O7,QEYY"67CW2D1,E+V![JQ-U^"RIX:]+B`.`!-1*CI=N;I[MB.[N
M-\;;.YV3XHPV+'W]Q81VUR\-Y=[,VU:9;GELJ1;&:*,O(,CWM:6.FCLV`9)V
M#BJS!;#4BW2#J-KC[M"PSJ:L,9%?,D4@Z0C7LJP@Y:+;6!NS*\.<C1^5RT]K
MY5!2$Y"&+29G`8G<$44&7BYT$,HD:TN>UNMH(!<&N:'@5/@NJVM#2H"J>FW5
MKJ#TAO[W*].L@<9E,A8264TS8;>67R:5S72,B?/%*ZW<_0`98#'+IU,#PUS@
M<Q"`"("(`(A]("(?2`B'AXA_0^@>7A:YJ1P[BHIOIBD[<]R3G#Q(38LN,</`
M#>)2]6>OPF#RC]`^(!^#DJNB@+MFS-;[XWLU/Q(E&GK!Z41^91^/(J/L>Z&]
M@XW*=?KFM.#N[^VUZFZUEUM@+]7TI6_Z]"2V@,Y'3+N]:1IVY<])%VJ)D$&K
MY$ES!6.=H>]E`D;Y+C8;8S+;&XAO`3=-N&R1O#@"^4%X,CCI%8Z.80#^5\%P
MU<&4MM_N/%NO8)K+A;&!T<C7,-&1$,(C8*^_JUS21^2\)IT^_4Q*'7-BI?6E
M:E;+!5:%D*ANF0P5,<UB24E%;31D-_R-RRNEH=*2\T96V6J?=2+UXJ91!5P*
MH+*M6BAS(%Z;E@R%KT]R-MD&,8Z..4-+23J8&<'NJ3X3CJ)/"O`Z6DD!M^6P
MN-^8VXL'/<U\T9=J%-+^-6-X#P6C2!VTI0%PXK;4Y$=2G3A$X1.$3A$X1.$3
MA$X1.$3A$X1.$3A%\F[M(`&[3]K0$3%`>U79D!$@@!P`=VT#Q\@B!@`WA^`1
M`?`?U.?4_HOPZ4X#^KV^.]81D?ITOPU878_42RI*]]6M#QBAZWACOK-UYV',
M:]48.^1TE7T[4\?VB?P9@=_7XRAO;/2J]>91I8+`I+)N7$D^3$%D79R&7<6>
MVZ:Y=V/RV-SEQ9W[,IDK:=\CHBU_+`C9=FCW2B.5\370PB,M#&'P7,!#6^CK
MR/7&^(.9H812O=XZ>]45XFO:O'Z$CIX_]77JF_D7CF1D7ZV_OI&1>K'<O9"0
M>=?M5<O7[URJ)E7+QZZ5.JJH81,=0PF$1$1YB7K1L9'TQACB:&Q-REN&@"@`
M$<P``[@`X`=P*HPE3>DGMT'W0OI%<^>JRM.$4#_5(_DU^_'Z'W8G\U-IY<,1
M^U[/SN']:Q=)/BW?!/N+YJV"]B-GZQWQGI6&WR6H-L;FC".G4<5NX8SD?$ST
M59FL'8HQXBNSFH%2<A&CA5JJ7R*'0(/T"`#SZY[DVWA-U6;\7G[=EQ9DNH#4
M%A<US"]CA0M?H<X!PX@$K`X9I('!\1H[_P"CQ7-6KM%LESR`V&SLY$GH+J_/
M-,G4V%=BXV>MEP=2UGG4I"V3K-))Q-DC9>YR:[8IBE,47)2J&4(W:E0I;3:F
M$L<U]?V\;_K$6X@;5[G,CC#8V4C8>#=38F!WP:@`N>7=G3R.CY1/@5K[9X]O
MWRKPOYKG]_;=?T09G\]&6\BSZW/Q6!^%>>Y;*]X'ME_Q?X5O>\A8LB3A%3WZ
MYN82.W]!IG&8.PP-7L&F[EUNK$),V1-VXB&3T^U4Y^*[QE'J)R+Q%)NR.)B(
M#[3P^G\`#S,^G.6^I-_8C),$3IX[UI8Q[M#7OTN#65[:N)H`.)-`%1Y6.]&#
MOK^SM;FZCM+5\TK86.>61,H7R.TM<&1L'A/>ZC&@$N("TL^P_I>7SK-2SV_0
M^RF(*N'23[Y9JD/1M-<6&W/8XK8SIC%`=P#%HFV!ZD*[ITHDW;D4`3")A*0T
MK^J_K36_1[`'-[JLK3G2,D\FMXY972W,D8:2QE&$,:"]FN5]&1M=4U):UV6^
MJ3T'ZF>N5U(CV#TLQDC,=!+!]9Y.XEB99XNWG=(&33U(DFDD$,HMK:!KY9Y&
M%HT,#Y&8_P`?]._8MWHU5O.:V^$F6]CO+ND2L2GF]R/\A'9'9K.)^VV1Q/QM
M?5@$HJ02<>U8'=+*'`Z`(@L02\Q/IUZXV4ZE[5Q^XMO;5NIY[N^-I/'&YQCL
MY&Z3))+<R\ECK=K'M>'QASW5,>@2-<T;@]9;U1+CU7^KVY.F?4+>&U+'&8C!
M-R^-NKN[='=9RWF,S+>SL\9:PWEQ'DWS0/AE@N'16\8++@73[=X>-MCT7,2[
M,=3>N.G850FF+ZI.1W>*;<:;>)RR7&C5BN46<PWKK/K/JM`)5JRSUHM!XY\J
MW0:K+,&H.DRG46!(WT:'Z_YG<^5ZC27UG:6;;F;R<3!\SPR*)L+!J91CG2/<
M*T:2UH=VNHM.=$9NE&Y=MW^9ZCWV<QS8[*4X^WL;2WNI+J]U2-9'<2S7-O':
MVS'ACI96MGD+"X1QEX%;U=?IVO7).EMLHV1MC:47;H^7O3WZNH/096W5)GXG
M=T^'/8I%O&51:75`"*R0M7RR2/F!),J@E4+JG+V>7O!"W%7@LPV8.E/);*Z2
M,=L;=9#6%W=?I<0.P`\1E/3O<?3S;;\G-O[;;]R23X^2*Q9]8SV$5I=OX,NY
MA;QNENFQ"I;;<V!CWT,CW,!8[R;!D1M=CZS'EU+7\M^6K0QLXOL?N*--D+"#
M)-9/Y=LSA:(EPE*N\]MYEVH%2%0Q"CYP\.<Y?$G+1Q1BZN[7E2A];>3EE]/X
MCSI=J8>ZWA7OKITZZA-Z>7=]=NP6W<[Y;8OMM&7LS>1V^L@^46S1+%RKEE*,
ME)<&@D:3558>I1F=`U+L]UNA]$J4/<(N'PO?;!%L9E%59!C-L]*ZXHM9-`J2
MR)BND$G"A2B(B'@<?HYM_IKLW;&]LG/CMU64-]90,CGC9*-0;*QY#7CO.`<0
M#[)6I,KUDZJ=%&C<'27/9#;^;OXIK&YFM'-8^:SF:U\MN\N8\&-[HV.<``:M
M!!%%!WN5]F>-R(ET[4P2<U0*K<:<$:9O%2<M/_-MEL<;7:]$0C6#,G+NQL<J
M^1:NFI#@@X;B85@\A/,7??5'9/3[>>#A@ZA6,5YC[6YCEB#@[4V36UH:TQT?
MIDJ&2,KHD::/!`X:K]7;U@>O'J\;KO,YT!S]W@<]DL9/9W)C,;HI;9T;JF2*
M9KX3+;U,MK.6<VVF`?$X$N#N5K_:_"3:5&8=%.I^-O[>/RLT=0RT68BW3=KI
M3.'>U>':,`:I(M'$#7I9N]E6_@0D3'D64.(E:N02R*'/X2V`P]L!#RHHFMC#
M"T,:X`-8&AH#1&VA+1P:T=@TFFH<A89W(&;<&3E?=3W$T\DUQ+,99)9=3G2R
MRR/<Y\CY9-1,CB72/-227`FZ[T[/N*]3_P`A>?\`^`FW(3Y+]I7/G$OCN4OK
M#Z!;_(1^(U3-Y1*K3A%1'H?WL^Y_Y7<R_BK=?^2MZ(^B$GGTOB1*-75_THC\
MSC\>1>+FXUJM8CW+][O_`%D8+^?_`"[F#=2/0N_\W?XCEE>Q?3#'>=-_A6Q[
MR%"E\G")PB<(G")PB<(G")PBK;N_J<Y/E]<[C6O3<5[,TJ%Z2LH![IJYL_J-
MW6MAK5&RL_7F6<-<LT6^+OWSNI,&LX[),E@PA(678/94S!!<3D(K%HR00EHV
M/E6H*`VDV+20;@J!2J@@\;IN4@4*0ZA`4!-0/$`,8/'\`CPB][A$X1.$7R;^
MT?WJ.UGZ579G\^V@<^I_1@'[*,!_5[?'>L)R/TZ7X:PB9)4J9%C)G*DJ8Q4U
M!*($.8G],!3>'@(EYF5KN;;M]G[O:ME?VDVYK"**6YM&2L=<01S5Y3Y8@=;&
MR4\$D=UM::FUO=_LC>6+VGC]^Y/%9"WV1EIYX+*_D@D9:7<UM03Q6\Y:(Y'Q
M$^$&D]CJ5T/TVW>@W_*V=2?_`+&[_P`7C4>:*]:;^S.+O_6MO^KF5OPE?+":
M&F@^UVCNKZ-JMPJ2%F;4I:TUQ&XO(\\LTJ2LW&)V9U%IBL4\DV@3N@E%X\AF
MZ@"L5(4P$AOI^@?#YUF\M&W(LG2QB\+=0CU#66]\-KJ(X'C2G!;$9MW<$N$?
MN6.QO';<CF$3[L0R&V;*:4C=.&\ILAU-HPN#O"'#B%U:0V?)HK48/$9+1J:Q
MU^S02]GKV:.I^.1NLU76I90[F;C:\=<))W&($A'@F6(F)`!JK]/XAO"EDS.*
MBRC,+)<0MR\K"]D)>!(Y@U5<&5J0-+N-/XI[ROMITVZ@7^Q;KJ=98;)2].[&
MZ;;7&2;!(ZRAN'&(-ADN`WELD<9H0&%P)YK.'A"L$/51V/+V?43MGUQ=W:%:
M[9J_37L:_HM`4%^K+2D2CE]T;+3KP6+!ZC"U]%RQ63%X[%)$RB1DTQ45\$QJ
MK//8JRW188>69OUO-*R2.'CJ<QCP2[@"&M\$C4Z@J*"IX+TLNF&_LKTXRO5F
MPQEQ)TYPTS+>[OZL;!%/+HT0`O>UTLSA+&[E0M>]K'![PUE7#0FTSTU.W652
M98.;K5"L,T-;F+::.S^PZ/<_8P4$B_6?.74FPQM*!8N%/AJI&[=P\1674\H`
M4`.!N?0O>7K-XO9UR;6\P&8O,@;.6[$5G'+<?D8FO<2Z5ML(8W.T%K&R2!SG
M$#3Q"Q3HOTFR_6ZP;G,-E=MX3;'UY9XEUWF\MCL:!=WLEO&P16DUUY=<LC%S
M'+,^WMWQLC#ZR:FN`QIBW3/L1V-G1C<7I;*<A6IO=9NZ6:8?5JHUZ3]V.[38
MRLPWKLXD11T@0!3(F"BX"<H"GY1\_--="/7?O^L6NT?LW(LNFWLK'7-O*TV$
M,%#)#SYI1K%P&:62,C:_6XMD:R-CM+9F^OAZAVU?4MBAR=UU%V_=V\^&AN(<
M9>.,.?OKMLK+>Z;88^!DC'V6MSYX[F>:!D,;'V[Y)IF!\FQ%Z&O33M?U`[\R
M"ERB<6=M=%Z[7!I/J1>C6.:4BJ#6],RYQ-RL*1.@Q7OMM&P2D6V;LG/L&AVJ
MZZYG('1*@K;?6=W?N+<.1P%M:XR&WQ$?E1FFDNBY]7<GP(XFP#4:`'4YX;Q(
M[1QA3TFO^CNX]F;AR6<RV;@WW:F!F-L(,?$^WN.8'%TUY>R7C/)XHRUS>7%;
MSRO.D^"TDC;;O-2V*>T/,IFE:_&4+-JR[D'VE4?ZN(RT3NG%.#<L3#M;E*S*
M(4:*:^"IW"C5@Y>.#"0"*H@!O-%N^M,Q/D+::RNVP8V(DS1\EKW3=FEHD<[\
MDT<:EK2X\*$+8&UMP=.<3L_-XW<VW9\MO2]CC9C;WZQEM8,93499G6<4)\NE
M=X(C;+/'#&`XNCD)%/[?\9C-%O&97:4O6K01<NE7,XPIU+T&:J%%MTHHLP79
MK:-`0AFIKNTB#L/V,S>+&8A[97VB*GF#R\W^'BR-[;7LL]TP6KRX1QRNCBD=
MP(,S6TY@;3@UQT\35I7&TNI-[L[:^;VS8XK`73L[;M@DO+RPAN[ZTB`D:\8Z
M>;5Y$^42?E)H6"?P&:)&4-83>J'G]*GLUQ2_S58B)2YT+LIA+"F61ZT(O*5E
MI<]6IC"U(P[@_B+,)YE'((N1*'BHFF!1'P\0',]G8?%9#?F'OK^WAFN[2Z+H
M7/:'&)Q;74RM=+JM:0X<06@@@A8)ENH^_=G],=S[7VIF,CC=OYZQ;#D8+:=\
M,=[#&7M;#<B,M,L.F:5IB>2QPD<'-(*B'.1,%-P\M%65C%2,!(Q;]A.-)M%J
MM%.(9TW,230DO?0]V".4;`(K"<0(!2^8PAY?$)QY7'XW*8^>PR\,4^-FA?'*
MR1H<Q\;Q1['--06N'`@\"H2[>W#N#:F;L]Q;6O;O'[@L+N*YMKBVE?%-!<0.
M#X9HGL(<V2-W%CAQ%2.PD&OND][>J%,SG."Y]6KO"9%)VK:\YI\A$4DK6O,2
MX0N0EBFS-W$L$RYB+>Z>IKPRI45Y*32<>^+HI)^=0,&V[E-G;7P5IA=M6ODN
MWX>;%$R-@#&-A)J:5U'63J#B"Z0N+W=KG+.]_P"3ZD]4=[Y3?G4?*2YC?V2D
MBN;RZN9=<\TDP#6@D-#&B)C1&V)@9#"QC8HFAK6M%W?I@R(S%<[1RXLW,:,K
MV.A)(T:^.T4?1BCWJUUK<*QK\\>Y>L1D(Y104%P1652*LF8"G,``88_]5Y.;
MO>XDH1JA@-#VC\BW@:$BH[#Q*VQTS9R]GP1U!TRSBHK0TE=Q%:&A[14#@K/^
M:Y6>IPBJ*[U_>PZ__HY]A_SG]:^;NZ%^D%YYH/'6GNLO[%L_.G?JRH<[;DC'
M;:`\H3^R2M3(XE(>8;SL/!46SN6SN&=>\))+U_2:I=:=*L79#'263=1ZA@*;
MSI'34*4X2.RV,;E;0VKGNCJ0:@,)X$'L>Q[>YW6GV*&A&A<=?.QUR+EK`^@(
MH2]O:/Y4;F.!'<H[VZA8#N_0[*[QGN9Y<UM>A4V$R;-*WEE$F*S)Q2=MCX^N
MJUMFUGY6QNXI9_8)X]9KQHDOO(BU:LY)\+=),[DPA9;O:EI+9Q6[))F,MX&Q
ML+74<`S2`:D'CI;IJ0>#G<.-5<[?<EY;W4UVYD4DD\SI'AP.DEVHT#0:!NIV
MKAQ):VI-%?'Z<2`-.A?41H55PN5I@.:M"KNUC.7:Y6U;9(%7=N3^!W#I8$_,
MJH/TG.(F'\/(49`:<A<-XFD\@X]O![NWV5+ZQ.JQ@=P%88SP[/>#L]A34Y2*
MJ3A%0]I:Z#3M7W6=NET6K1IJN<.W;IRJF@V:M6W5'`EW+IRX5,1)!LW03,=1
M0X@0A"B(B``(\E7T3>R/9TKWD!@OI:D]GO(E&OJ\"[=436@EQLXP!WSKD714
M]1S)60I,2GH]!/+:9%*3V;Q9;C71DM!@T62<DK,TAC\1]ZM<22.5*X%PP(NC
M[`?/YO+]/-L#(V!DBB$T1EF;JC&IM7BE:L%?"%.-144X]BUF;.\#))#%+HA=
M20Z748:TH\THTUX4-#7@L8:!?J'HV3.)S/+O3[]"--;Q&%=S%)LT):XIK,QW
M8'*RR$2YD(%\_:(23(5"^U0,<%2`8HB``8!'"M^WMI?;'R$MG*R6(0R`EC@X
M5##45!(J*\1VCNK*=F6US:;SQL=U&^*0W#"`]I:2#6AH0#0]PK9JY#%2W3A$
MX1.$3A$X1.$3A%"C=?4=Z*]9-`6RK?\`M+D.3Z,VA8JQ.*;<+,E'3J$'."[+
M#R:S+V2ATVLB+!;V1C>'G!,PA^#ETL,'F\I&Z;&6=W<Q-=I+HH9)&@TK0EC7
M`&G&AXTXKHZ2-AH]S0?9("@!+]X_1&G<J[-XY)=X,:7I_;J6T^:VL_UJ+EFY
ME[K50CZ%9QBI@&GO$,DUJ$0S81Y$_$&3=JD4GT$#E=^Z&[?Z*R7\UG^;77RB
M#^6S\8?A4FZ_ZP7I6E+`5>%[S]?EU#GAZW"M!NZ1EW+A91M$Q3,%%4"@==RN
M=-,!,(>8YOIYY3;6W/;Q.N+C&Y".!C2YSG6TS6M:!4N<XL```XDDT`[4$\)-
M`]A)]D?A5G?+$O5.$6.937<QA=,J^-2EXKC/5;G`S-IK%`4D4AM$M6X`0++3
MB,6F)W"46V.!BE65`A%CI*E3$XI*@2W2Y;&0Y*+#RSQC*S1N>R*OAN8SWSM/
M;I'?-`:&E:&F96/3W>^2V3?=2+'%WDFPL;=PVMS?B,^317$_&*`RFC3*X4)8
MW4Y@<PO#1(PNTV8CTW,)V'6;?H-VQ"L25/MNG=D;)>[HKLVXQU[M%[D.P.JM
M46D)4JW;XBH5J(BP9I&<'\@E<D4`$BD.!_"773^_ZE.&'M+"2.'IY%C`9)/+
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M44#A:-A;</;'+KJ-TOZO=;^Y?3NVX72E*W.R>EZ'$NG_`-8-VN!7->G.LVZ2
M`@"%GM$\V]V?.(9)1%<I0\02-[,W@)_&^]:]G[<F$>_YHWS[Q#H;874D\\DG
MDY;*1'1\KH]/;0Z-0[ZBGTQZ_=8\CM2;H;?9NX=TE?._(.QG)MFPF^:Z*EP7
MM@%QK%!5O.T<!5BV5G&4Y@\T1AKSO.J.YU>*@U:Q%Z6XJL&M?HZMK&='6@&-
MN48FGVD,J=\L)FR;@J)A6/XE_&-XQL=BL8_(-R[[>`Y5C-#9BQO-##7P1)34
M&\3X(-.)X<5N&'?N^+?9TO3RWS.49L&XNA<RXUMU.+"2X`:!.^T#^0^8!C`)
M71EXT-X^"*=N/$Q:DBC+J1L>I+-T3-V\H=FW/(H-S>T\R"+TR8N4D3>U-XE*
M8"CYA^CZ1Y5F*(R"8M;S0*!U!4#O5[5CS;^^99NQ[)YACWNU.B#W"-SA2CBR
MNDG@.)%>`[RB'ZAR"(=&.W[@$4@<'ZY:LB9<$R`L9$E/F#D2,KX><4R'4,(%
M$?`!,(_J\K;!H^L8'4&KGQ\?\<*WWLLAQTT)<[DB*0AM30$L()IV5(`!/;0#
MO*O)<YRN%P*8Q0]X4-X`80#S`H/@;P`?PAX<^@4;6F-M0/>CW%!<Q1OXO:TG
M33B`>![1[7L+KD!6:Y4V*T95H"&K<:XDI*9<1\%&LXIFO+S#H[Z6DU6S))%%
M1](O%#*+*B'G4,/B(_@Y;\1@\-@+=UIA+6WM+5\SY7,AC9&UTDKB^20M8`"]
M[B7.<>+B:DK*-U;RW=OK)1YG>V4R.8S$5G;VC)[VXEN9F6MI&(;6W;),Y[VP
MV\31'#&#I8T4:!4UX_*.P^08;WYRV*T^W)5M]=NGG;23KZ'PV7E3K1F763#M
M0NLB\+#L7YHQC%TJH23I-5P"1':C0Z"`J./!(=%=>)&'ZMC!',!G)'=`(AH5
ML_HLUU<B^AT_D!7N5_*\/;XJW_KSVNQ/M+$*SN*V.0L\8UKU?L,DY<UV<@PB
M`LDI:HAE!2I)EBR.RM+9S37BCJ.,'O+9JHU<'*"#QJHM'E;V4C>$5>OJ6_O#
M4+]*#K%^>&L\R[87ICC_`)?_`"'+%-\^A^1\W/C-4#['7H.W5Z?J=GC&LW6K
M3"RM<L4*^*<[*8@9QBO&2\4\(F=,YVDC'NE$5``Q1$AQ`!#DW+B"*Z@?;3@.
MAD:6N!["'"A'W05$6&62"5L\)+9F.#FD=H(-01[1XJ-M0Z6]>Z!F,YC%+JTM
M6\OL^IO=?L-/C[1-&82UF>+MG9(U=P\<NI%*IQSV.9+M6"2R8)*Q[<1.8"G`
M^/VVU,5:61Q\`<+1TYE+:FA<:&G"AI5K2`"`-(H%=Y]P9.YO&W\[VNO&0B)K
MBT5#1PKWM1!()(_C%6&^CCCU.P/*>RN34`)?Y3JO:%R,::>D$Y.544FNON`3
MT@HZ=(-&#0/:2,FJ)$T&Z"*1/`I"``?3%#J3CH,3NZ>PMZF*.*&E>WPHPX_^
M)[!P4FNG]_/D]K0WMSIYSY):T%!P>6COGL`[22K?^8(LT3A%45WK^]AU_P#T
M<^P_YS^M?-W="_2"\\T'CK3W67]BV?G3OU96#%731`JAUW;1!-)=)JJHLZ02
M32=+F2(@U5.HH4J;I8ZQ"D3,(',)R@`")@\9.F:(#47"E:?=4>`UQX`&J]EL
MJD9Z#<JR)G#=1J9RW*JF9PW*X,)FYG"!3"J@5P5,PIB<``X%'P\?`></D8YK
MVM(+@T^XN""!4]A5B7IV?<5ZG?D+S[_`3;D`LE^TKGSB7QW*;UA]`@^0C\1J
MF;RB56G"+7N[&T2OZAN/J"9S:HF*G:]=KM2:Y*1$XT!_#/49+J5@B21)1B;\
M5ZQ3=>S442,`E4*3RB`@(@,H.D-G'D-B7%G,&NCDO)@0X`@U9%P(/`@C@HY]
M5+F6SWE;W<+G-ECM8G`@T(H^3L/</LJMZK^G[HE0U'J?H,7JM87:81UYP?$;
MY$/65H.VL_U%0.BQIT:Q!^W4K!Z]J*^AF3D%Y1N,G!HL"+1QA7<*@7+H]IY"
M&]L+F.9H;;V4$+^W_,LD'@M)+/RAD-2YKBS2"TU)6*S;FM)[.]MGPOU7-U-,
MP^#X/.<P^$??5CT>"&G2\NH[@`NY9-@6@8)A5^:ZHYR>4T'0>Q&#W.>G<=BY
MVN5!VS:ZWB-1JT!%TZ681L?2:_0JC7&,'$1D<11!..9$5767=K+JGQ_/X>\Q
M.P\H+\1>521O<3'4-H(@QH#3[UK&-:QK:G@T$DN+B;MA,G:Y+>^)-ESA:Q2M
M:!*0YP)<YSB7`DO<]SB]SG<=1(`#0`MP#D45*!.$3A$X1.$3A$X1.$7SO_YQ
M<<Q/53T@2F\OA@O7\?I.)"^(,[S_`$Q@\?`/Z(_J!R>WJEN<-F90`D#ZU'9Y
MO&L7SOTAGP/X2L89]T!R6XN>OGQVV;;G:F@X9K>\7BL7R*A(JRS5%S>E52<@
M+90C5ZKW(U0A-*LTO*HQ+&09V&:4KD,2;%L"3]N@&QLEU)SEDW)>3QV5R+:_
MM[2)\3WN8V6:61KXY=<D?,=`QL9D>QT,0FD,&JL;G*D99Q.T5+A5I<0>V@`X
MC@:5-:=IH*]U5T:-0'^5=@;)E;M.2(\SG>DJ*LA(KQCN3`U6U!I#`$@O`N7L
M*X?>S9@*QFBIVXJ>82#Y?#PO.\<Q'D^D.2S#I&"&ZP$LE:EK*RVQ(`YFEW$F
MC0X!QX"E4L;6>7)LMK>-\DPD]ZUI<ZC35QHT$T:`2X]@`))`7U+]`V.RU#5L
MIRVN8CJ&AIZ&K(O+)HM?:0S'-<LK<29%!Y*W&S3,HS`\PLY>(^YQ+5)9Z]1!
M91(!]B)#?(W(9BYM,K:XNWLKJX%P27S,#1#`QO`ND>YP\(DC3&T%SA4CLH9$
M;1Z<87<.PL_OK,[GP>'?AVQLM\?</F?DLI<R@N9%9VT,3Z0M:Q_.NY7LAA?R
MV/IS`X=@M%#N\[I^;76'U^SU.ETQM9B6O*(N!J3NO::\FF)&4,[L4[*1#JT1
M:=8,95=%&/<MR+KF(93Z$Q*>HNK&]GR=M>PW<L5G"'ZX&MC+)BX4:7N<TO;H
MXD!A%32O9QM&"W7MC%['S6V<CMVQR&Y<D^V-KE99[MEQC60O+YF6\$4K;64W
M/@L>^>.0L8'!G%X+>]C6*V-D"Y#7X0;<$*%;"TC%,1L85T'II(($)OV'Q((;
MXB<7'NOM?8>V$3^7S?3RN\FMO*?+.6SRO1HUZ1KT5KIU4KIKQTUI7C2JQ7Z\
MS0PO[N"\NOW>\I\I\EYK_)_*-`CY_)U<OG<L"/FZ=>@:=6G@M>3%_P#,F1_*
MSV(_C$:KR;O3;T)Q_P`@WW`H7[[],<CYR?<"B9I?4^;U+N&TTZ7I=%ALG?XM
MIV3Z-=8BY/4-'TBN:918JK%KSVNM:BRDXJ;ITI%@:/?&L+R#)%*JB6-+)K&<
M$YO]OW5[N(WG+B;9.MY(WN#O">V1H;IH(P0014$R.:`YU&AQ#AYVF;BL\%Y(
MR21UZ+B.1C"T:&.C>7:@2X@AP/$:`_4!5Q8*'S]"\#W+`.\'5&"E6]!1PJ:O
M-U<QJ"4NZL.D0-EA.N&]0E#HRTZ9JQ1D*S3\_06!4R2#=@>2>++-4DQ66(&I
M>I.*R>*VSRI1&,<ZXB(XN+PX"0,94\-+6`U'?)(`K1;0Z>Y+'9/<7,89#D6V
M\M>`:PM)87OIQHYSZ=TNT@!Q-`MN/F@EO!.$4-_4.^XEV]_1VUG_`+FRW*NP
M^GV_R\?CM5->_0IOD9/$*KL<_P!L+_UY7^K-SZ`Q?%-^"/<4'AV!>'GHN5@C
M$NF.4:1ZO&`]HI22OD=HV5=8MWDTV<7<)5.IVQDE*9KE<57+!7%U%V*-<CXK
M6)=ZLT9`U3DI`Z:CT'`)@48U]=+""&ZL;]FKRB42M<2YQ%&<LM`!)#>+W'P0
M*UXUX+?G1F\GDM[VQ=3R>(QN:``#J?KU$D"KN#0!4FE."M>Q;H)4L/W]7>JM
MJ>E%/(5N[0\[F#5U%PF5R\I;K8:883@U"'9MHV/+3:DUBZW%M&Y")(Q<%'>(
MBH@<RN@UNU3ZX15Z^I;^\-0OTH.L7YX:SS+MA>F./^7_`,ARQ3?/H?D?-SXS
M557:>T>!4NVZA1;)I,0PM>*Y4VVK5(A)M*R"U)SI\^-'1TK,*1S!V@$I*.0+
M[K%I&4E'":J1R-Q(LD8\QKK<6'L[J:SN)FMN((>:\<3I8:D$T!XD-)#??$4(
M!J*Q4@PV3N((;F&)Q@N)N5&>`U/`J0*GL'==[T<17@:<'#=P.OUAD<KA8>W3
M3V<V->?;5&"3SW0@FXY>JVQQ0+&GH42-8!]EHPM]:*PC@UB)&E3E$E$1'Q3.
M)>D>Y<5,^".-[S).7:1RY*C2[0[6-%8]+_`/,#:.!;V@@>DF"R<3)I'L:(X`
MW4=;*'4W6W0=5)*L(>-&KP:'NA6F^FU_:O;K]*)G_%DZX<BQU<]/+KY*#]4U
M22Z7^A=M\I-^M<K+>:U6P$X15%]Z1$O;+K\8/#Q#KIV&$/$`$/$-/ZUB'B`@
M("'_`*>;NZ&"N?O`>SR0>.M/=9?V+9^=._5E4$ZKT3TM7!-LQJC9WFND-]3[
MFZ'K\.YTK3IAU/4;)=$ID17[';:Y8KQ7;VBYWQT0DHSBG4NA)-X!61"31%1=
MJW1#9U_M3)'&W-E#%%*)\@Z7PGO):Q["'.:Y[)#S>+@QSJZ2X.U'3I.M++<E
MF,E;W]Q++$8;!D1T1@!\C'DM:YK',_(^]+@TM+].@T#B5FO`NH^CYIWDU3L$
MZ<Q,-F%NI<[#,(L+6A<+E;IZXN,;>-R6F7&G5^=4A,O^KB0:Q*4H_EA;$E3^
MXG3177(%WQVW[VTW)<Y9U&VCX7#WVISG.$1XDL!HSEN:T%[RT/-"*D*W9/.6
MEWMZ'&`.=>,D!KITM:UO-'@C41636TNTM;72-0)`*V,O3L^XKU._(7GW^`FW
M(<Y+]I7/G$OCN4LK#Z!!\A'XC5,WE$JM.$5$>A_>S[G_`)7<R_BK=?\`DK>B
M/HA)Y]+XD2C5U?\`2B/S./QY%XN;C6JUB/<OWN_]9&"_G_R[F#=2/0N_\W?X
MCEE>Q?3#'>=-_A6Q[R%"E\G")PB<(G")PB<(G"+1L]:[I!V5[2>IALELQ*HU
M*QU^N9'U]K,TXL6A0M/<(S"D';Y4&Z#&3;+JO&XL'B9A5*(%\PB7P\0'DP/5
MQWDW;>V;^S-E<7+I<AK#HW,`%(8VT.H@U[#]WVUKS>.XL1AKZ&#(O>V1\.H:
M6%PIJ([013B#P5>SWI/ZD4#8\E@K2[T][;C.Y-KF$U7MTL%IA,P/'QB;5R>/
MN+*82:9FFI`MB)F,469%6J8($%0">SYI_KOU)]8VWZMX3&](L%8VNQ+LTE8Z
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M`^I8YY8M]"']4G-9:Y9Y6'>.;13(G5<XP;2:1=M(A(BCU)S';5%0]MDXV:FI
M26-%0LAEM!?OI6:$7"J1CP$HT;F471;@Z@BL@5GX"`@`@("`@`@(#X@(#]("
M`A]`@(<(O[PBUEZY=HW-,(TW2)EG*2,/GME[8WB6CX1!%U,OXRI[9L<\^91#
M9RX:-G$FZ:L#$0(HJDF94Q0,<H>(A,S8ETRQZ>VM[("YD5GK(':0UFH@=G$@
M<!45*B5O&W?=[ZO+2,@22W@8">P%VD`GMX<>/!89SCOWG.EU[K%8(G/=,0;=
MHM6NN0UMXFRA)JJT^P41C>'DB_M%[A)5Y5W$7-FHCHD.1DLN\D2B94$")(+G
M)<[7=]M=064S89=-Y-)&"`TM:8Q(35P<6T=RSIH27=H%`[3;[K;-U:2WD3Y8
M2;.%DCA4ASFO+``UA`=4:QJJ`&]E:D5G;1?O5=,/RUWW^*YV"YA_6WT/9Y[%
MXLBR[I#Z5O\`,Y/&8KX>104ETX10W]0[[B7;W]';6?\`N;+<J[#Z?;_+Q^.U
M4U[]"F^1D\0J@#U%NPVE]8\.+I>8N*<QDB7-S%RTA<&$3-`FQ2HM]LD/&0-=
MF[OGC"=EK1<:[&12I"R8/&T<]<N&C9TZ221&:>[LO?87#,N[`QB34`2^G8&/
M<`T%[*ESFM;0.K1Q(!(`40MJXNTR^1\DO!(6<NH#21QUL:27!CR`UKG.][0N
M`#B`25C'#^WNPZ1W`=8O:82K5ZMJ421EY+-$X)\CHV:J1&,=:=+C-`LMB<32
MAWU6OUPVJ>K3-NK%M4R.*X'LEU'";PA:+&;BR5WN(X^9K!#RZF.AUQTCMGA[
MCJII<Z9\8\!O&+MJ'!5F1P=A:8(7\+GNFYH`DJ-$E9;B,L:VG!S&Q,D)U'A)
MQ`!:5;IU.^_16OT2MS_/)UJYK?KS[S&?"N/<A6P^BWO\C[4'^M5T/([+>Z<(
MJ]?4M_>&H7Z4'6+\\-9YEVPO3''_`"_^0Y8IOGT/R/FY\9JJ$V;J;0]OG-(G
M+/.62-5TOKNXZZ2C>#")1)&0IK\31V%RC5';%T=6U15B;H"F5P"K,Z*!2'3,
M'CXR[RVV+7+7,MS.^0.DMC%0$4':0X5!X@FH[17M!46\?G+G'1110M81%=<\
M5KQ.C06FA'@EM>SCQX%8-;>FYF9+QBVE/M%O,C?,KLMCN%DM!X6BMI33;%:-
MY>]E)9\JZ0KX.<T2>:E)NRN$JTHR!Y7G:T2N)VZ@GY;6[)MA<VMX^:1US`]S
MW.HRKW.F-P?XG@@RDU#=-6.+#4'A<3NR[\GN+1L48MYF-:UM7TC:V$0`4U>'
M2,"FNM'@/%"%>5Z;8^+7MT/]'M$S'_\`S)UPY'+JYZ=W7R4'ZIJW]TO]"[;Y
M2;]:Y66\UJM@)PBJ*[U_>PZ__HY]A_SG]:^;NZ%^D%YYH/'6GNLO[%L_.G?J
MRL)\E$H[KS-_^/0_KR?]67GG)\6[X)]Q<'L5AWIV?<5ZG?D+S[_`3;D`,E^T
MKGSB7QW*;]A]`@^0C\1JF;RB56G"*B/0_O9]S_RNYE_%6Z_\E;T1]$)//I?$
MB4:NK_I1'YG'X\B\7-QK5:Q'N7[W?^LC!?S_`.7<P;J1Z%W_`)N_Q'+*]B^F
M&.\Z;_"MCWD*%+Y.$3A$X1.$3A$X1.$5%^Q_?5[6_P#1W7?\W,MR3?0O]BW?
MG1_5Q*.W67]MVGFG^L>L/6G<,;HR5Z5N.J4.L)9D6H&T<9FSQC'Y&^?SBG1"
M6HBK@#PRUQ4#PC$U@*H\\0]D4WF+X[BGS&+M^;SYXFF#3KJYHT:S1NJIX:CP
M%:5[E5JJ'&7URZ+DP2/=+JY=&DZM'O\`3PXZ?XU.SNK!?=&E4#>NG>GQLR[?
MSM(FJ=$7R(?52U3E=3F/@SN-ME2DDYBM2$:\?PQWJ#9W[N90S5T!">U(<OT<
ML&]X+;)[-OG.)=`;.21I:YP!TL,C#X)%15K30U:1P((*ONT9KBPW99!H#9_*
MV1N#F@D!SPQXHX&CJ$BHXCN$%7U;+T<Z]]@:7!4+886X7R#K-$-GT&ZL&DWR
M1L;*)5GZ99'DP>UO)]>R/[G)2-!C"NYMRZ6E'3=-5!58R3ER56$*F"I4PT1&
MU^(BH&':D8Q$)&L8B*9)F4.FSC8UJDR8M2'6.HJ<C=JB4@"8QC"`?2(C]/"+
MDN$6M%3:;6-&QB^Y]=H=O8*;>+MVAJ5J@G9UTVTQ7K!O&N1<O'+*M%F[M$CM
MBY.3VB2B:J8CYB&*8`$)G[`M8+W8-G:7+0^WEM0UP/=:YM"/N@D=]1(WG<36
MF^+VZMW%L\=WJ:1W'-TD'O<#W^"_-5ZQ8S3H+/Z_$5Z8<-LSU:7W&LR4]<;9
M9;&OK5@C;5$3EZL]EG)A]-6Z9E6%TD4UOB*SA(?;%\"![)+R9+;[>Q=M#%`Q
MA(BF,H)<\N,A#P7.<7%SB1(_WQ/;[`I89\SD+B665[F@S0B)P#6M;RVEI#&M
M``:`6-II`[/9*S]1?O5=,/RUWW^*YV"YKKK;Z'L\]B\619]TA]*W^9R>,Q7P
M\B@I+IPBAOZAWW$NWOZ.VL_]S9;E78?3[?Y>/QVJFO?H4WR,GB%5SOD$'"CA
M)R@@Y2%S[04G"*2Z7M$'`+(*>S6*<GM$5DRG(;P\2G*!@\!`!Y/]K&OA:'BH
MH%!]I+:%I(-%X_9)>V4<@BB#I5)-!5T"28.54$CJ*)(*N`+[91%)18YBD,82
ME,<P@`"(^/<1L#M8`U4HN:FE*\%D/J=]^BM?HE;G^>3K5R/?7GWF,^%<>Y"M
MX]%O?Y'VH/\`6JZ'D=EO=.$5>OJ6_O#4+]*#K%^>&L\R[87ICC_E_P#(<L4W
MSZ'Y'S<^,U0HY.)1!3A%+3TVO[5[=?I0L_XLG7#D.>KGIY=?)0?JFJ5/2_T+
MMOE)OUKE9;S6JV`G"*HKO7][#K_^CGV'_.?UKYN[H7Z07GF@\=:>ZR_L6S\Z
M=^K*PGR42CNO,W_X]#^O)_U9>><GQ;O@GW%P>Q6'>G9]Q7J=^0O/O\!-N0`R
M7[2N?.)?'<IOV'T"#Y"/Q&J9O*)5:<(J(]#^]GW/_*[F7\5;K_R5O1'T0D\^
ME\2)1JZO^E$?F<?CR+Q<W&M5K$>Y?O=_ZR,%_/\`Y=S!NI'H7?\`F[_$<LKV
M+Z88[SIO\*V/>0H4ODX1.$3A$X1.$3A$X148;"(%[K]JS"4#`5AUU$2F\?*8
M`SJ6'RF\!`?`?U>2:Z&"N$O!6G^U._5Q*.W67]MVGFG^L>JE'7IH/VKCM"^:
M[2AHZO8^\Y#I:\9M](%\RC[KF5NN=J-*3T]C\]DMUF%T"6ALR@'"4@BI"M8E
MHF<KI-%$J>8OV.]IOGQS\Q]V^)XYK`=+F/<^M8S$2>+0RI'+#&CP@!3%!NYK
MA9M=;\H6D<L=8GTJV1K6T#91*T>])>-)UESCX))K*K3:A)Y]TLL-"F[?-:#,
MTG"X^IRU\L8B,_<Y*O0,=%/;1,B9=T<9*<<-3.%?.JL?SJ#YU%#>)S73<-M)
M9['O+261TLL>-E:7N[7%L#@7'V7$5/$\3VE4."G9=;QM+F-C8HY,C&X,;V-#
MI00T>P*T'9[06TAR$"F$G")PBUR,7_S)D?RL]B/XQ&J\FMTV]"<?\@WW`HA[
M[],<CYR?<"RMS.EB247[U73#\M=]_BN=@N:>ZV^A[//8O%D6TND/I6_S.3QF
M*^'D4%)=.$4-_4.^XEV]_1VUG_N;+<J[#Z?;_+Q^.U4U[]"F^1D\0JNQS_;"
M_P#7E?ZLW/H#%\4WX(]Q0>'8%X>>BY60.IWWZ*U^B5N?YY.M7(\=>?>8SX5Q
M[D*WET6]_D?:@_UJNAY'9;W3A%7KZEO[PU"_2@ZQ?GAK/,NV%Z8X_P"7_P`A
MRQ3?/H?D?-SXS5"CDXE$%.$4M/3:_M7MU^E"S_BR=<.0YZN>GEU\E!^J:I4]
M+_0NV^4F_6N5EO-:K8"<(JBN]?WL.O\`^CGV'_.?UKYN[H7Z07GF@\=:>ZR_
ML6S\Z=^K*PGR42CNO,W_`./0_KR?]67GG)\6[X)]Q<'L5AWIV?<5ZG?D+S[_
M``$VY`#)?M*Y\XE\=RF_8?0(/D(_$:IF\HE5IPBHCT/[V?<_\KN9?Q5NO_)6
M]$?1"3SZ7Q(E&KJ_Z41^9Q^/(O%S<:U6L1[E^]W_`*R,%_/_`)=S!NI'H7?^
M;O\`$<LKV+Z88[SIO\*V/>0H4ODX1.$3A$X1.$7IO78LTB*%;.79E%TD"(M2
MI"H)EC>4#F%=5!(B9`^DQC&```/Z/"+UOB#S]PI/^SPO^-N$55>M=;M\E^RF
MVZ?6<_83U2T>.R0D&N:[5N)D6[BE5.0@II"2CWRH^Q$7;@AD3)J*%4((B/E$
M/#FXNFV_\-M#'3VN29<.EDG+QRVM<*%C&\2Z1E#5O90\#VK5/4#8^6W3D8+O
M'O@;'%!H.MS@:ZW.X:6.X4/?77?L[=DO]$3;^$BF?MCFR/MOVK^9O?T<?SRP
M+[']R_GK/\>3YI8YU[J)VBT3+[W18O+(IC(VRNO8-F]D-(J8,6BST4R`X=^[
M'7<>P1*`F,!"&./AX`'CRT9_K!MK*82[QT$5X)Y[:6-I<Q@&I['-%2)20*GB
M0#[2N>%Z6;AQV8M;^:6T,,%Q&]P#WUHQP<:5C`K0<.(5WHR#P!$`@Y,0`?H$
M%H;Z?^'Z98!^GD;%(!>#XNZ]X!M\!E_.*!EP/YX?V7E*H1,2"I\6\H*B)_$"
M_P!#Q'A%YPD'GB'C!R8?3^'VT-]'_#]$MX\(J6:1U.[-4Z'DX-QF$7)":_ZW
M8&S]EHM53;NHNZ:S=[K"J`D[.BY17^#6)N"R9B_K:P'*`F``,,A]I=5]NX';
MMKB;J.[=<PQ!KBUC"VHX<"902/9('M+1&Y>F6>S&?N\I;26K;>>4N:'.>'4(
M':!&17VB5V_[.W9+_1$V_A(IG[8YD?VW[5_,WOZ./YY6/[']R_GK/\>3YI<I
M0NM78)OO?7>^3N=L(.KY=H-KMMF=C>JS)O3L);%=4S]BWC(]DKYW3L\[=&AC
M`<Z1"-RJ'\PF*!38'U$ZD83=F!;B\='<MN!<,DK(UC6T:'@\6R.-?"%.'W5F
MFQ-@YC;&;=D;^2W=`;=[*,<XFKBTC@6-%.![OW%;%\0>?N%)_P!GA?\`&W-(
MK;Z\*<LZ5.X(6!E@%NL5$XG4ARE.8R"+@#)",MX*$`BX!XA]'F`0_4X11_[:
MT*Y;1U?[`Y+2X(WS=I&0WVF5D)>2B(^+-.6&N/XR-)(/DWSL[-H9TX*"BH)*
M>0OB/E'P\.>]M(V&ZBF=[UDK''VFN!/N+QN(W2V\D3??/C<T>V6D#W5!-7KS
MV1454.&1-P`ZAS@`Z/3/'P,81#Q\'`AX^`\E$WK;M5K0WE7IH*?%Q_/*.0Z/
M[EI\=9_CR?-+Q_9V[)?Z(FW\)%,_;'.?MOVK^9O?T<?SR?8_N7\]9_CR?-+(
MW7#K]N%*[-1^M7:B-(&J1>#:/G/E;7"N3<J\L5PT/'[-'"BS9N$DDX]",H;S
MVRIU0,"ATBE*;S&$NJ^IF^,5O%MF,8R=IMS*7<QK6^_$=*:7OK[PUK3N=JV1
MT]V=D]J.NSD7POYXCT\LN--&NM=36_RA2E>ZK,/B#S]PY/\`L\-_C;FJ5LM>
M%O+NG*0*D@9<I1.J3RJJ0Z9P%%4Z)A$II;Q\IC)^)1_5*(#PBB7W5RW1=MR.
MOU?/*R1]8(+9L7T%5C,3D+"H.X2A:#"V6=1;OS.WB19`T8P4]@0Y2D44\"B<
MH#XA?=L9*WP^X+3*70>;:&74[2`74TD<`2T$\>Z1[:LFY,;/E\#=XNV+1<3Q
M%K2XD-K4'B0":<.\5$/[.W9+_1$V_A(IG[8Y(W[;]J_F;W]''\\M#_8_N7\]
M9_CR?-)]G;LE_HB;?PD4S]L<?;?M7\S>_HX_GD^Q_<OYZS_'D^:4G^E61ZAC
M,7NZFC5-.*>:7MJ=^@(^*L,%.G0KZ&-Y%00&2=(NVC=!\K-49Z<$B"H`(&3,
M)O,82ET'OK/6FYMS39BQ;(VVD9&`'@!W@,#34!SAVCAQ6Z]FX6ZV]MZ'%7KF
M.N(WR$EA);X3RX4)#3V'CP4T7$NZ;(+.#P$N<J*9E#$24AU%3`4/$03(66\3
MF']0.8BLH7F^(//W#D_[/#?XVX15X]M,,V33-OR32<_I3:<@ZCD^MT6=;/K7
M7X&20EKI<L>L$*NU2=N5V[MB+*BO2K&!0ITU!2`"F`PB78W3;=N-VAE+B]R3
M9G1RP!C1&UKC4.KQU/904]D^TL"Z@;7R&ZL?;VF/=$V2*<O/,)`H6%O#2UW&
MOL!87^SMV2_T1-OX2*9^V.;D^V_:OYF]_1Q_/+5/V/[E_/6?X\GS2_:77GLB
M15,XY$W$"*$,(!H],\?`I@$?#Q<`'CX!SAW6W:KFEO*O>(I\7'\\AZ/[EI\=
M9_CR?-*=/46@73%NL&#9-=H(2V[/<NJ54LA(>3B9&+),1$4@U?$8/U'K,[QL
M1<@@504D_.'T^`<B]=RMGNYIV5T22O<*]M'.)%?9H5(RVC=#:Q0NIK9&QIIV
M5:T`T]BH4A%9=TB9N0T#+F%PM[`@D4AS`4WL5E_,J(2W@FGY41#Q'_VA`/U>
M4Z]UYOB#S]PI/^SPO^-N$54&A];.P+SL#V'O\!G;&<JVI7BDVBM._GFLQ;U-
ME!8CEN>2#>4CGJWG:NBSU+=F(!#JD.W,F?S`8QB%W;TZZCX3:6"?C,C'<NG=
M<ODK&UKFT<U@'%TC37P3W/NK4._-A9C<^:9D;"2W;`VW:RCW.!JUSR>`8X4\
M(=W[BXC[.W9+_1$V_A(IG[8YGOVW[5_,WOZ./YY85]C^Y?SUG^/)\TNF7WJ9
MV:NM>;UUMF$7&'5NF6S*[]]HE44;-8ZH:I2KE+JG2:*+.5E0B*^N"1"%$5%A
M(41*`B8,=W9U7V[GMO76*M8[MMS-$YK2YC`VI!'$B4D#C6H!]I7S;?3'/8?/
M6F4N9;4V\$P>X-<\NH.\#&`3[9"NJ&0>>(^$')C]/X?;0WT_\/TRWCR.ZWNO
M(U?'<+K-U6#UDHDDBMXN?=#)JD6.LF`)*M'3H@J)B@/F*(@(`8H_3X\(N0X1
M.$3A$X1.$3A$X15?Z]VRW*G=A)K,8*?ZTQ#6,ON;UVGY-9Y1-SM^MQ-T-G:7
MQ*$>&UBN0]6A7`6.Q*.';R(4?1!ZXW*A'S1)5,[<BM`X1.$3A$X1.$57/5[N
M'N^P]J;YAE_)U40KN?4B5F)-?&M-FM$EI6<2NTG`Q05Z:7)&LGB+&&:(GL$<
MYC6<A`OUR(J^<BK=58BM&X1.$3A$X188[":+9<DR&VZ35("*L\C3C5V9D8:9
MGZ_5V:]01M4&2_.DYZU6"JUMA)Q=&4D7;(7L@V;J/4$DSF$#>0Q%';HQV2T/
MLE7[A8KBXSR6B6+//9",DJ`@PCRUVSW"N.+%=<BG6333=-/+RN4&7CVBL][6
M,0F%W2H(L4@;&.H13PX1.$3A$X11"[L=@KUUEQSZTZ14*]<A8S+V+GF-BLU9
MK"3!M(4:Z&J<@S6M5PI+*544U!M`,W3)NZ5?K1KMT9LB94@'3(NR=4-4M^P9
M@_M=LF*3;4FUZM];JNAYZS;PU7TNJUU^2.9W5A6$+UI2M6(]DTW;4K1>9=+*
MIM".C%;@Y!LB129X1.$3A$X15L=T>WNC]=]"I](BC9G2ZE?:T,Q&:W>UZS8T
MX*7J\;I4Q;H)YF;O:,GM<Z,XO$U.(BG;91-@W>3RYW+@3(IH'(I[YY,V*Q4"
MC6"WPS*N6V=I]9F;17HV20F8^"L4G"LGLW#,)AJHLUEF47)+JH).4SF37(0#
ME$0,`\(NX<(G")PB<(JIYSNMM+7M:MU\")R>O.8+3:I7FM:DI>ISECUVCWJ[
M%:DF*])1VVLY7-9G.LH34L4@VE:Z^>RSHZ31JQ3(=)98BM8X1.$3A$X1.$3A
M$X1.$3A$X14C]UXME2^R\)2XV^3L'`]BI'*;_*9<6\4B/RJV:34=,I$#:[5N
M[.RR$;?:I1Y+-J=$1\:I5G(?%)1HY%=LJ=L)')%=QPB<(G")PB_@@!@$I@`Q
M3`(&*(`("`AX"`@/T"`APBI)Z]L&U;[U1F)-+[.V6`Z]S&J15$HUJO5+FL[S
M+/IW.X=KGL!D:L;(MM1G=:@HI"29S+&R(/VT;".'Q$5RBT;'7(KM^$3A$X1.
M$6(-^I=<O^-Z#7+4\"*B/@*E@+.#(R,3\M3--<M[C6;661B3DD&AZI98%I(E
M,GYOQFH`8ARB)#$4`O2\U-/7XO7K;9(N]J:X">:1-_NE_G[K+/K<PB&USCX5
M.ML+;AV"-X:EU^RM[`BS(TB%CG<*.0=+F<$,4I%:YPB<(G")PBB?W1A!<89-
M7>,@KY.7?(7Z&D9P&92,W'7>,MK>/DZDM)Q`5ZEZ3+2;=.J6Z32?,D:Y/+NV
M"JR:#%=P*)>$7H=)8T6F.OY1ZA(GL=JO]KL=OG)OZU?CMKL;@8^.6L4R77LP
MQRR)/%XV,:MRIM:\QB4V[9,C0#$*)A(I?\(G")PB<(JO/4/-]7KFCZ?6E]*K
M-EO39[D-PN%+F=!:UE:DPD3;;U!U6ZQ^=X_MUC([FIIP_80CUE&1RR#R44*+
MXRAFS-P130ZS66IVS`,@E:/3['GM62SZK0\10+;"6NOV*BMX&&9POR;)L+K%
M0MD4<5<[$6/O*[<H.P0]L0QR'*<Q%G/A$X1.$3A%29V!BV%$[IU++8J\V2.K
M6KZ9@.[L\C&[4@F/O[JTVI!/4K3JK2>?QVGU^5GG[2NNJ8P@EG<7*VMKY5FB
MB:CM,"*[/A$X1.$3A$X1.$3A$X1.$3A%1#VM;S6@]H7M[L=3N<C.X-L&6T+,
M<6B.NO924KV[YG)IT.1L=DNVTT)RRSJ99,'^CV,8AM(INX*#&/<ED&[DKIZ4
M"*][A$X1.$3A%^%3F324.4AE3$(<Y4BB`&4,4HB!"B/@`&.(>`>/"*BOJ,QE
M)GMOG6Y6&N6^6T#=ZM;IO6Z5(]<>R^/TOK%;4:H_FV2]>F;^[#*I><46FY.K
MRL@+3XO-OI19ZU700</6RY%>OPB<(G")PBC?V]OZ>6]:]=ORNMTC"B5RL`Y'
M5](S^4U6C5$7,G'QY5K)G<+.5N7MC"4,[!C[JV>HK&4=%,7SB7V9R*%?I46Z
M#O%8VR?B66.JN#VJG,75MQVHYU0X>YLX^KG;1$JXIE<G7.D55LW:E%)I'V^)
MAGZ)`.9!-P111<Q%;)PB<(G")PBP!V=JVN7C&K93<4C,AE+I:&QH;V.XR&@,
M<^0B7:#@'CJ22S$6MQE%DURHE*U:OHL5"&./O:0E`#D6!?3GI6K9_B-QK.R0
M;"`N#+<-.*+6LLM(B\V<QJ3N-:-Y+)8K89:<U"/SM\Y:K';!+.E@<//>7+`P
MQ2S`>$4^>$3A$X1.$5*WJJUO5->G,_RBHLYBE1M4;5[98'9QP^Q;S3H%_6I*
MYS.G.[33THMY4Y$:71Z0Q91T.*[:R6":NK%&,.=JWE6KLBM(Z\L)"*P'#8N6
MKLO4)6-Q[,V$G4I^06EIVKR#.EPC=[79J5<(MW$G+PCE,S9RX43(=99(QS%*
M(B`$68>$3A$X1.$5$FGMIO0NY,)K-IK-R7N&;]E*3C56Q)GUS[,-ZC<,=;Z9
M4HU#8+=LU==1F36F4JQWJ]XBG<JDZ@HUK&D8G1%P47A"*]OA$X1.$3A$X1.$
M3A%2G&]TNZUP<VR6J_V986M,=-UZGU^.F\JUR?FDH;.M5N>>1J\M,QNVP,?(
M24@TJQ'"YT&39(%51*4@`4/'<^V^DT.X,);Y<Y'DNG9J+.4':>)X5YS:_>'M
M+4.?ZJ?4>9N,1Y$).1)IU<W3JX`UIRS3M[Y7)_:I[Y_NIU1_@2VG_P"83E\^
MPV#^E1^A;\^K/]M/_3Q^G_\`:3[5/?/]U.J/\"6T_P#S"<?8;!_2H_0M^?3[
M:?\`IX_3_P#M+M^1]Q.R@;UF=!W-SU^^KJ]0.L24M/4RCZ%196L'S>H(6XLH
MYEK=JETA5(<S4JQ713MDC)D`%`5`"F`<(WQT]BV=8Q7C+SRETDP9IY892K7.
MK42/K[VE*#M[5F&S-_?O;?RV7DH@Y4.NO,UU\)K:4T-IVUK4K#6(>J3I\_$7
MI2TY<_L]QTC1<%MG5>D6FL7GKFE(8-VHU<,>SYG-V:^T1\-O6RN4;LY2S6&"
MCY-FHULS!%N0ZHD!36:V,LVVGU03T!MK\Y>,!E&E4H,?VF"DOZM?TK9/Z#8.
MJ.]9OUXN,8_K*=+BST^+LUTU6+7BWA74HO\`#T7:KEJ@=)%-P1=OZT=W=1[`
M]EC95,9!'Y?3X7&M'L-G;SDC;!N9=,HNQ5^B)?`&=GI-&E7&?2E8FTW)%):(
MA)A)Z91%9F0J93JD767_`*H$=`]LFW6"V8T[JY9^P;_#4BZ2UW6;?-L=UUS6
MRZ'=+7&-'%&0I,O`'&OE8JDAK/,R$"LY(6=:Q3D2-#D71\G]2^[6C1I%]8\P
MB'.+7R0ZUQ^<KQ=_KS>_TRP[QTL;=GV=6FJ\^C&$98*^1Y$OV[JQNY>)28@Z
M25]U.Q:OG30B[PW]2!W9>G^V[8EG#F@;+2):JYK5,<.2Z7FXCJVR05%/BL3)
MTIWG5$OLLZF)O2&"AVL9#OFTI'-U7D.\DV*J+HY%BS..U78'L,IUKS.+V]IA
M.AM*GW'@>REH?8BT8/'^J]5[3@M2AY=3-=E8Q,YG=/TJMZD6[)1KE-I(IPLP
MQ)[=,H"H)%#;6O5%[;5KKO8^V!;?2JW1:OG.5LP7HM`H>H9&TT6^U!JV1;['
M&.M(8]CLPL&LW.P1,OGKQA&3502K$U%'EEG`JNW"!%LV-7*+M$JJ"Z#@O@!3
MG;JIK)@IY2F,7S)F,7Q#S?@\?P#PB]GA$X1.$3A$X1.$3A%0+ZUGJP;WZ;-I
MZWUS$LWR*]EV6`UJ:L;G4B718T4.?2&;L8Q"%3J,_!``/OG5<RYEQ4_XD@$`
M/QO';72+I=]J>5O,9Y8;+R2V;+JY7.U:I`S33F1TIVUJ>]14%_>^0L:_3JU&
MG;3N5[Q5(G_FB^^7^S]U)_YELW_B#S?7_:%_UUW\R/\`S*MGU_\`Z+_U?X$_
M\T7WR_V?NI/_`#+9O_$'C_M"_P"NN_F1_P"93Z__`-%_ZO\``N/EOYTQWTC8
MF5DB]>^I"AHZ,?OP3%ELX`H+)HLY!,1#0?$`/[+P$?U/'GC<>J/R+>2?Z\<>
M7&YU/(Z5TM+J5\H[M%R,]4@<KM/\K_`MD:[=H]YO`:Q8ZIL><=<([KYU$QWL
MLO!VVDQ=KC-4E-*J5ON<K(VR2L,Q'RL#A\"O4?E\JD&=M+FDQ>*'D`]B@U4A
M@#4`]]9"L?1'J)=II^,H=H:XQG[5_-=IMXS=[E$E=92NO#9=FG3:P=@&#2SW
M20I4RZK6@Q-KC@:NB-H=PBX.F5(P-DSJJ)<HNSW'UA(&O$L\_!]<=*L]"JF4
MP=YD[,5X]C%"6RU]1U.X=;J!W/R?(9ZWBUZ,NRBW3]2REDT)5R<Z40Y8-EWA
M2*8>Q[MJN?UOJ1,R-?K=-G]<WFL4?3JHPF3WZ/C*W)97K5VD8:"M;J"J2CM^
M5]3F0`^".;@'@H0I#%'SB11+K/J5:EHR.`HP>&U:A3.JZ=TH=S,;8-*7N+5#
MK_W#S_3[Q#S#&5AZA!`QU6O+9FY:.HL[=U&!YB'2D%@5\42+\UWU892\VFO5
M:D=7[4Z/I>K-\WR"=N-MG*%6[$S;Z;=\SL-AM\O+96Y1@5HIS259%)I7@MZ2
MS144%G3601.S$BY>0]5,T!`WNQV+KU,H,&,=='64MJ[?0M<SH#NF=QXOI.LT
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M+7`[FMG7..N)!;2>60M;&XR-T.?(T!LL9_*M8ZCAPX&E>G<C7_1GZA,K+$.,
M1@=3UFK7!M3)7)JB>_QTO'R!%4E9QQ*6*;=H5QFUAXP3*!Y%ESN5Q32(`%,H
MJE@^\.O=AM)DD+LC?765BF$;H(Y9@X'^,7/<0P!K>/`FIH!VDB5_JX?W:'6G
MUA[FRR,.*Q^!V!?8YUY%E;MMM)%)&01`V*WA>ZX>Z:6C3J8P1QA\CC5K(Y)8
M]:,O](CMVS=.,%SRDW![%UZ`LM@A%&NEPTQ6V-D*M\.1F$)=\S;%>@NV514(
M@LN4JB1O`PE\IC95MOJC!NUA=@LM=S/;&Q[V\R=KF!_8'!Q`K4$&A/$=[BM`
M]:_5-ZI>KU<LAZK[;M\=;3WD]M;S`VDT-P^V(YCH70O>XLTN8]I>QA+7"H#J
MM&:<KQ3T[8W7=8I&)Y7F4[O.2TZ:KU[IJ[&PNW$;!:'"D:OJQ(NKBE(UD8N[
MQIDVCOV7O!#ME!(L42>8HU+=X0YO(3X,WTMS?V9!DB>^5W++AP/A^#4@]K23
M0K$<ST7WMLK9.'ZF9;"^0[+W#S6V%X/)PVZY+B)`UL;S*W0YIKS&,!(X56,.
MOW9F,U?7Z!E_9C(,4S34J1$.8V`966EDB[8SMLD[H%WHE)S2)GWEA=T@U9:5
MP'<B*KT`D7*%:?QQ4_?4$$*M8*LC8=KM5VS9=8SJ7Q;'DZ"TRS2+Y5I=I46;
MR1ME1TOL=M.77@U@1?MOA[^*V-3$&UBE")IE3F!>(G=BL<A3`18SPSMAU2A9
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M$=`JF4I%9_G%\@-3SZCZ95?B7RSH51KMUKX3$8\A9<L-:(AI-1I)6&D$T7\3
M)D9O2`NV6(55!4#$.`&*/"+N?")PB<(G")PB<(HO]BNE74_MNXJ3OLO@.:;8
MZH:,VWIKB_UYO-K5M"R'BU)Y&*45$IVJ4LI"-#+E`?`XMTQ'^E#E;8Y/)8Q[
MI<9<W%M(\4<8I'QEPK6A+'-)%>-#PKQ75S&/%'@$>R`?=4;/]S/Z5W^PAUS_
M`.PC/_E.7/\`>S=?]*9+^=3_`#BZ<B#^0S\4?@3_`',_I7?["'7/_L(S_P"4
MX_>S=?\`2F2_G4_SB<B#^0S\4?@7X5]&/TJEDU$5NAG7%1)9,Z2J9Z$R,11-
M0HD43.45!`Q#D$0$!^@0'G!W7NIP+793)%I%"/*I^(/<^,3D0?R&?BC\"FG9
MNN^!W8U$4NN*93<ELO;LFF<.;=G]5LSNB-HX&7N*-3=SD4^<P*;4T:V,0&QT
M_*HW2/\`TR9!"P+U784\DRI*7EK`GFE`).S\^[M<Y,EI]>"5E[2_J(4!_9))
M_P##_>GL\^HA0A5GBAS.%8G]B'.+?];X1=<>=<^ODC+M+!(87CSZ<84H^;,9
M=YFM-<R+/.U(AU7ST1L\6ACKH4\T`^78_#2F!G[DNHA[/V2AR"19*EJS6Y\L
M26=K\)-%@9).9@BRT4PD2PLNBQ>QB,K$@\;K!'224;).6Y5T?(J5!PHF!O*<
MP"1=,<8IC;MFQCW.39JNPC!S\8UFI1JP9K'_`%3.SO\`+/<4!B_9M`S9ZJ96
M`!,"A#J',9I[(3"(D7K1F#X?"6>;NT/CF6Q5RLMC9W"PVN/H%49V2;ML<:2.
MPL\K-MXI.2?V%DI-/#I/%5#.$SO%S`<#+*"8B]UYC./R$:_AW^4YN]B92%LM
M;DXQU1ZPO'R%=N<Z-HN$"]9JQ9F[J&M=F'XC)-3E,B^?_LA8IU?Q^$7\I^+X
M_GKN$?T+*\ZI3ZMU5[1J^]JE+KE>=PE+DIT+1(U.+<Q,<T68UQ_9@^(K,DS%
M;JOQ%P8@JB)Q(L=Y]U)Z[YL.D+P>44A]*:[=;O>M)G[!5*S,V&YRM\T.8U"2
M8V.9<0X/9N#B;7,G4C&CLRY&*:*)2#XI%-PBR>7)\M)HBFNDS>ADU9:)"`6T
MLM2@"WY6#*F1$L0I;P8!/GC013*3V(N/9^0H%\/``#A%^6F293'QC*%89EGK
M*&C(>WUZ.B6E+K;:,CX#07J$E?8-DP1C2-6L/=Y%LFXEVR9"HR2Z93N"J&*`
M@1=&^RKUA&HQE`'KIA@T6%L0V^)IHY11!J\;;#-$F"EF90(P7PQO8%F"!$%'
MA4@<*(%!,QQ('APB[%9\$PVZL8B,N.-Y9:HVOV>6NL%'V'/ZI,,H>XS\BZF)
M^U1C60B7"#&PSLL^7<O7B12N';A8ZBISF.81(LL\(G")PB_(?A-_2_J?@_#_
M`/>X7)[!VJJWU@?EO[)Z/S;]D?X%]9M+]Z^U_P#6Q\F>V]NY]R^4/J2_^(OS
MI[Y[/VGN?ZQ\&]^]Z_8OMN:MZN^3?NJ/*_JGD>4QU\OY_+[33E^3?EN96E=/
M#EZ]7@U4\O[NWZZ^WUW[O_:%]:_4EYI_=+ZJ\LII;K\K^NO_`([R/1JT\WP_
M+/)>1^7Y:L;S'P^K?/?#Y(\/D:I^'U:>/U=>'P)A_F!YOQODC]RO'Z?<?9<V
M)C/V=;_$?$1_$_$^]'Q7^C_D?^6BAKOCTSR]?K2OUI=?M+]H?'O^G_\`]O\`
MO7^GUKNX?TP_TO\`ZOZ;_P!?*U8P>SNJGIW\A?:=I'F^S5\9^TAJ/P'S_:3^
M?OB_U@5GYJ^L/V/^0?SQ[?S_`"G\R?W$^)?"?EW]9]ESE=5C1+ZF_K5ZN_'_
M`*G_`(C]D;"ODWZA_MX_%O</K$M7PSXS]6?^2OU`>\>3X1\^_P!TOBGQ7W_]
M9]IPB[+F'R5['%?=OL+^'LO2[]R^4OM`>S_S`NGRO\B_%OI]G[#S_51\0_\`
MTWWKYA_7O9<(HQ&^I'ZJB^\_9+^&_56E\9^7O]X3\.^;OJ7[">R^J#X1_E9]
M@/R^U]O\!_R(^3_F#VGXWN_"*>$]\L_/-6]\^QC[_P"Y^ESYO</K;\?:?6UL
MGRW\G_`?\FO@?O\`[?ZH/+^M?$O?_CO[#]SX1<H?Y$^QAF7QKZDODS[0H^^?
M5']H[X?Y_M&VWVGU"_(/_P`?/K[^*^/L/</Q/F#WWR?W.\.$5=O5;ZIOD?)?
MA'^[P^+?6I%>^?5;]M;[._NOVU>N_P`K?9W^>/\`(KZ^?>?=?K!]P_9GUL_"
M_F']C_$.$4Y+U\J_:/[M>]?8D]\^>_2[^+_%/KD^N+V_UPP7RS]H7X-_<+Y@
M]^\/JC^!_L;XO[#X_P#L3S<(H=V'ZF_KL7^-?8W\OUB]AOG/Y"^WC]>?Q3Y]
MWCX5]DKY!_7/9>;S_75\@_W'^-?,/Q'\7V7"*^?#O8?4KC_NOR1[M]5V?^[_
M`%9_$?JW]A\IQ/L?J_\`C']U_DCV?A\)]Z_9/N'LO:_C^;A%E'A$X1.$3A$X
E1.$3A$X1.$3A$X1.$3A$X1.$3A$X1.$3A$X1.$3A$X1.$7__V3\_
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>9
<FILENAME>g7960442.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 g7960442.jpg
M_]C_X``02D9)1@`!`@``9`!D``#_[``11'5C:WD``0`$````9```_^X`#D%D
M;V)E`&3``````?_;`(0``0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!
M`0$!`0$!`0$!`0$!`0("`@("`@("`@("`P,#`P,#`P,#`P$!`0$!`0$"`0$"
M`@(!`@(#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#
M`P,#`P,#`P,#_\``$0@`X0%&`P$1``(1`0,1`?_$`/(``0`"`@(#`0$`````
M```````("0<*!08#!`L"`0$!``("`P$!``````````````<(!`8#!0D!`A``
M`00"`@`$`P$&#PL'!PT`!0(#!`8!!P`($1(3"2$4%18Q(A>W>`I!43(CLS0U
MM7>7&#A8N#EQL7,D=3;6-]<9&I%R=+35=BA2)666)U>8\&&!T4(S0U56YDC8
M61$``0,#`@,"!0X("0<*!P```0`"`Q$$!1(&(3$'(A-!47$4"&&!D;$R<K(S
M<[,T=!4VH=%2(]-4-1?!0I)3@Y/#519B))3413<8\.'Q@J+20Z/CA&.TQ"5U
ME0G_V@`,`P$``A$#$0`_`-K'MG0=@SNU_5$)6>SW9+6M6["7?955NU0U]<:B
M+KHX;KSKS=[N'=JC!:@G)X6=.LM4C2)KF9#WK^=U.,)2O&$VYZ-;CVU;]'-X
MW^5VEM;*Y?;6/L;BUN;RVN9)GOO<S:VLHN#'>1,E8R"X>R)NANBC#4EM3T.0
MAF.0MVLGG9',]P<&D``-C<X4JTTX@$\5'[L1[B78.D]=-F[3H%&H8:IV*/W-
MT]UZNI>WDSFS@^UNJM"WN79V#LZG2:1]EW`-LE=>;$\S#CN2%#W\#<3,/-39
M*84D=,O1DZ:Y[J?B=H;DR&1GS-J[;&2S-K';1Q6$F/W!>8F,V=A<MNO.!-;M
MS-DUTCVL$S?.C`6/@B,^'>9F\BLI+B%C!&[OF1N))<'Q-D.IS=-*'NW<.-.S
M6M33G]H>XIMJFV%G6TJL427]3(.Z-,W+7LG:UFF4S<4WK/8MNYLTRZR-4#]'
MBGP]L"Y@9I\LWBSIAN-3W66_-\CSKMI>C'LS.8QVZ8KO(L[J,96*VO&X^!MU
MC6YV''=PVU&0?E9!+;R]\,E':^8&4/MF/=3SA?N?,W$3^X+6&IT%S=9TO[HO
MKJT:!0BF@NU4XT\"R82VEMO8FJ/;$UMG:5KU]*[:4ZOD-P;BJN`,&_$GJWUD
ME[:FU*J%B84F'K%FV788*GGYS$/YI@7`G)A9COK:?9U2UVCLS;&\>K.Z1B+/
M)1;,OIF8W&W'?/LV"?.MQS;BXCCECDG@L87AK(GR=V^XFMS/WD;7QR<[KBXF
MM[&#O',-PT:WBFHTBUT!((!<?#2M`:4/$<;;>R=VZJ&`'7"F;1(=NMBVW:.R
M8@<O>*Q>;U:=&4JC:TUSL"=KS;>.MNOM@W^^VY3NPAKHF>\`'R&PAMAXB](7
M#2X1RL+TLP/6&QN>J.=Q$6RML66(L72QVL]I:6^6NKN^O;-E[COMR\L[.TMJ
M6<[;B%MY,QUU:R1VK(VSEMK^9+V7'N%E%(;F9TCJ%P<XQM:UKM+^[:YSCVA0
MZ1V7`N)IVH6V7W+=[5[9$_;\L3;`U)@>E;IO6ZV/10+XE"^B038TRAE33]6R
M<C1X&SYKI-N2N*W(D8PC*F64N99;G;%>BKT]R>UX]DPS64^>DK;-S=N'3"0C
M=LMDV[CB%QW3B^P:V`L$CF,[0#Y"WO'=8_.7;)S<D.$0X]V>%/S`=I)I7W7&
MM/6')2S[)=\KEKGM$]3AF0=;INB#&W85NC6.YQJ_4MJN?R,J]O6EL7`X]5RT
MVBQ`UPL;41#D-LE(?^\4VP\ZM$5<-]+?1WP>Y^DC<W=^<76<W%!CGVSH+5TU
MQCQ_B>;$W1MHA/&V[=+;0.D(E=`QG:#I&,:Z5O87N6EAO^[;1L41?6KJ!_YD
M2-J:'30FG"OD/)>/7?N,;XV/MRM=>P6FM>XV00W.4HART6V1O#4]3B4,3H6H
M;^?M0^B;+U&$VM]H)`RP2`L>%,@Q84B0VS/;EJC.*9;_`%N?T8>G>U]EW?4O
M(9W)_P"%HL%'=Q6]NW%9"X==R9>YPXMWW=CD9<?W(DA9=/EBEDE8QS[9T(E8
M'N0YJ[FN&V;(F=^92TDZV#2(Q)72Y@?6ATT(`Y&M."RUW<I%_7N#J=+I_93L
M1JT7N_L0+TG=:KKJVU076D52-H/L%LAP@#B&*,>FB[--LFOAN7I?S"\*CMK;
MPVGSYSS3.@>?VXW9.\H<WM7;.7N\!MF3*6MQ>V]Q).;AV7P]B&2NBNX6R0-@
MO)],>@$/+7%QT@+(RD4WG-N8YYHVRS!C@T@"G=R.X5::&K1Q72'.[VYZ['V0
M)A5'6/V>H/9-WIYK,[=;EM*^;:V7:Z/54V2V7\CK+5&HCEHN1.8&85Z0*NQY
M$UQUF40DOPQ[+BF^_;T"V+DY,7>3WN6^T\EM4;EOH;6VL+3'6-O=W'<6]FR_
MR&2B@MHVRD:KN]>R(-=#;11SW+VAW%]J7+`]H;'H9/W+2YSG/<6BI<6L82XT
M_BMJ>9)`"KLV1W+[J]DR4*^ZML4;2-4G:OZGTU^DB]BVZL3`MMWG[BUXZ>[5
MM*6)^G9!ATX1_!L[%$NDVH<^JBY.92(F2V7646<VMT,Z#]++63;N[K5^?S$>
M7W#<BZDLK:=LMOB=EVFY,?;U9DA$(F>?-DN&P.EBR%Q&(73"ST/=TT^3RE\X
M36[NZC,<3=(<10R7#H7GW%:G305H6`UIJX*?/7;NINB^1S-4H%%K%C!Z&/(A
M;MLN]-X*'W4N/MO9G=^J!:*+9&]>!*P1=JE1U6Z6]4RF#B<MZ.&;4J0AXCFN
M74WH/L3;LD&8W)D+NUR&XK<NQ<&)Q6NUC?;8+%9"0W<!O99V"XN<@VWTVQE[
MH-EOG`1.9:KM[+)W4P,<+&N9">V9']HUE>P:3I`-`RO:I7@WG5RS+WO[P6SJ
M?B9]B:?3;Y,JVE]@[XME<G/;4.7&95:`IK*QT*NZEUIL%RBA#C;,Q'VQM#HZ
MNP9<=+&?7RI]471O1XZ`8;K(6?;U[?8Z"\SMGB+>=@Q\5LVXO*T>Z;(WUF+N
M6(F,_9M@V>]EC>9!W8$8FR<ME9,?7NFM>6Q.D([9-&^"C&NT@\>VZC0>''C3
M!MO]T6]4"/<MHV;2=7>T)6]L=B=-#5`[Z7F;<+GM&=>[QV$A660#<I[=4'!;
M1`H,P([$3/D/P9+K4SUGF?.RF0,+Z)&WMR26.T<5G[MO4:ZPV%R;^]M(VXZ.
M'+9FUPSH&RBY-P^6W?>1739#"QDK&O@T,?ID.+)GI80Z=\3?-&R2,%''63'&
MZ2M*4`.DMI7@>-2."D5U6VEV.N'9[L]2=^IHXF-4M.]2+;3*EK6SS;;3@[NR
M7NPCEJGQBAFM5P[@K-E52)!D>LER/):%LRV,,IDJ8;C'J_M'I?A.DVTL]TX.
M0FEO<YN*VNKB^@;;W,@L1AA;L='%//%W;6W$DK-):]CKB2&0O,0D=F8^XO9+
MZ>*[T`-BA+0TU:-7>5XD`UX`>K0$4K16&<K0NY3A$X1.$3A$X1.$3A$X1.$3
MA$X1.$3A$X1.$3A$X1.$3A$X1.$3A$X1.$3A%@O9UHZY5^_:E?V_<]35G9(P
MR8F:58OMRK-;M+ARQ!IE),KHHXT6@3BTXF&//#W$Q6GE*1)RCP\RL<D':>(Z
MGY+;F9CV38YF[VM+!&W*&TMIY[<10RMNHA=OBC>R-D<L+9FF1S0"S56@*Q)Y
M+)DT9N71MG!.C4X`U(TG2">-0:</&NHD>GG53[2WS89G3E'=*W@9L)J[RS")
M3]<DQ=G!LAML%L5LA/<J(`KL0"A4>QDX<.+-,1LK3-?>2I?CW5KUNZP?96.V
MS8YS("SQ\UF;5L6D3M=82][CX^_8P7,T=E-1]E!)))%;/#3!&PAM.-V-Q^M\
MSHF:GAVJO+M"CS3D"X>Z(`)',E=5KG17IAYJ]:J]IRGE8K.1%FJT])RQ6("@
MABF,4R'>04:782(+[4':'Y!\P^PW]2,#E>G*DR&U9QGN,IZ0G76ESA\GG+Z&
M5W>07#.ZAAF+/.C=.M)G-A9+W$5W6:.S>[N+:8:H8HW#AQLQ6,X2,B:1P(XD
MCW.G4.)%2W@7<R.9*S%=>N>C]BZL`:4N>M:V<UA4F*LS4*L\Q(BLT]=(C,PZ
M=/J).!(BFJL9K$6.EN#/@28\V,CQPVZG"E>.D8'J?O\`VQN^YWY@LK=6^[+U
MUP;FX!#C<BZ<77++F-[717$4[B3+#,Q\4AH7,-!3)ELK6:W%K*QI@;2@\6GE
M0\P1X"""%ANQ=4ND]/UW6=9V&BZ\HE0!V.W;#K3KMM(T:TMVV4#)/;#N[&Q8
M]D#[`(6$K5Y$O%@).%'9$T9EQ,YQR/C.,;QC.L/7K-[FN]UXS(9/(YNXM;:R
MG`MV7=N;=LK!96ILG02V;(8[@1^9P-MVLBGTFW:V4@K&?C\7'"V![&,C#BX<
M2TUH=3M50ZI%=1K4CGP7<7.E_5%\4X$5H/6F0;U<74E!VZ]&:$9K#NLD::4#
M0-9RB"V,SJUM(3#2482F"G"<>&<>;G2-ZZ]8H[P7XW'E?M!MT+CO3,XR=^+\
MY/O2\U>9//R;HN)J922>'!<OV9CRW3W+-&FE*<*:=%*>+1V?(N$C=#NH4<*:
M`N:*IY2#9'#<BQOV%PW9S-AG6.FP]?&"IVQV(L4L)@U*I8V,.3.DRG9;,>*Q
MAMQ"F6LHSY?2(ZU2W\&1;N&]AN+41"`0B*"*%D-RZ\CCA@ACCABB;=/DF,3(
MVQN?))K:X/>#^!B<<&EG=-(=6M:DFK=))))).D`5)KP'B7,UCK)U:T21?VH)
MH5/I1H'-(VHOLVQFB,HTDI.J[5++6JU7BX&IQ$H6EU%AH=((DI;TAR&RVVMS
M*6T83@Y;JOU=ZA6K=H7N1OK^PN(V6\=C!$QL7=LG-U';V]I;1,9'&VY+IF0P
M1M8)'/<UE7.K^H[&PM'><-8UK@22XDUK3227$U)IPJ3R6=;)1ZE<)U.)V<`/
M-3]?6I-WI4J<UEQZMVU-=L-32?&*PI/HD,5NV$H?FSXX]&8YCP^/CB/<7G\U
MA+>^M<3<RP6V2L_-;IK#03V_?0W'<R>-G?V\$M/RHFGP++?%'(6ND`)8[4WU
M#0BH]8D>NL'W#KQU?MDMN@V:HU!JPGKY8>P<`0,L1"IWN3>UPX]6MVSP,ZMG
M`URBRWQAYL64F0GFV'8L_P"5D>+4G+:]_P`)U,ZM8:$[CQ5[>G&VV.APSY)(
M67%HVTU.N+:PF9/%+;.:)(3/;QRM+FR0]]%1\0<W%DL["0]R]K=9>9*`T=JY
M%PH0[D:$CP&AYKW:SU$ZS4P1%`532M%KX2`U2F((H4*^4@0H^N=M&-[T6-$B
MM.X:C1JMN"P3;##;1A*&B,E:\8\,^7G!E>M75;.WK\CF,]D;F_D-T7R22:GN
M=>XZ+$W;G.(JYUQC88K.4FI=`QK:\*KZS'6,3=$<3`T:>`'Y+S(WV'DN'JE<
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M`90#7FO+%49=D-;6`28K$*Q5PO8-@T0O1#MRC/*?GC#F+?KVT3![[N<O,3!\
MU:<X4E?CGAR'4?JE892YAR.3R=KFF6L6/F:XNAGCAL[N.[AMG"C'Q>;7D$4S
M&C2^*:)IX%J^LM+)S`6,8Z,N+QX02YI:7>(U:2/5!7MZ7ZS:*Z\NV21IS78N
MES;?#K`ZSDH\XV7+&QE)CE(5+$SR]A*%R;HBH#S,F**B>KB./AN8CQT-LH0V
MGAWWU7ZA=3&6L6^,G-?P63YWP,+(HXXI+HQNNI&1PQQQB2Y?$R2XDTZYI!WD
MCG2.<X_;6QM+/4;9@:7``GB20VND5))H`2`.0'`<%G;D>++3A$X1.$3A$X1.
M$3A$X1.$3A$X1.$3A$X1.$3A$X1.$3A$X1.$3A$X1.$3A%0;[A@06)WAO(]$
M$69FX[$Z]4VD-ZSV?U%LW:K0?<@,#1L*4%U92;3J^''V-I._P+!8I(LDVD]`
M1A)*$80,DX97*YZ,^C1?W=YL#;^.FFM'8/&;FN;HWUAN.#;^7VS++YFV7(75
MO?N-EE+-\,+)X'&TF-8)[)UW$9&Q+4<RUK;J5X#N]?"UNET)ECF`U48TM[3'
M5)![0YAVDTJO-L+=G8Y:K=HF4!W&)NYWMI5VF=<PZ/;;<!KO4BS=*:_-*`9&
MR1M5D4\I0H.Y$$Q#I'ZA\R\=;4UE275X1C\;9V%TO:++J%%<8.;`6^S)R;UU
MU;VTTVXH-T3,CF%B^X%S'>/QA@N6P]SH;:$/`+!J7V:ZO>U:$2B4W`[.DD"$
MP"HU`4+==16M=2C+KNT]@JAH'5-4U5M?LR-U95.O_3Z!N67NJE;SJ+%1WK!@
MG!-RTLNY4G7J-N:%J,^KCHF+"2K`@L+J\^&&:6TTR8G.NRON;$=-LWU'S&8W
MAAMJ2[OO-R;D?C&XNZQ-R;G$O?%);906UU>G'9>Y9</D\S@O[FWN+^&6^>U[
MWV-NQF##)>1V<<=O).+=L,.O6V04DXAS-36ZXQ0#46@AI#?`XJ38S;^Z;!'T
MP5V[:>\FHH3_`%JU(5TB"H]6<NE]V3V!;W#?`.RH>RWQVIJA5+V2GT8#49(\
M?;1%<@.5D_,*2H42:U+>'1/=[)V)C9,[9[*M.G^:G;NK(QY6:[N!:VECASC;
M2:Q=8A^1N;BT8R[FR,<TV.N;V9M]:06D-Q-;OA9=9S;FZ>(G7+KJ,=PPL#1J
M<Z36X.U48`XZ0P@/#1I<7$`U+<(=IZGVFM.A=K3BDKL/L0OMRT^[54#%0D5*
M9;8U-UU1*YV6JG7`+K&J-55:Z_&/"AX50I]KS2+8\Y%0X_,:=:1G?^D.9Z0X
MCJ+A[>T9MG&66%L^G=S'<MN&VSKF]NY\'<9N6_N#<`3.AD?="X8ZC,>ULQ;'
M`]CW#%OX[^2TD+N^>Z1UV"*5TM:)1&&BG"HTT_+X<2N?O&UNR0RRI&ZUV)V'
M/]'\[%`13.XMH2MVT'8T:[XTJ<FG:9F]5#3-LW,"U9^$)H>^]*9"-#XMK]4"
MF8Q"SD?CK=O[.Z6W6*-UNK&;9MNO_P!F3.BQM@W%WEDZU^U(FPW7FESD[?&2
MY#S,S,;&ZZ=-)C]&1,$DX%ROW+<7K7Z8'S'%:Q5[M;7:M!JW4&%X9JIQTT#^
MQ4#LKD`)3NR;U#O;:.RMX=AJU;*D'ZE5:G8SKW9M9U\1JULJ^L+#MBR6&C4^
MG"MJ5PC:L*<@6>TC1SIBB+?GS8@V%EN3$3C9&TZ"6&]=O;2VKM_;-UAKV?<5
MQ<_YY83WC+BWGOX<=!#=W-S)CYV6_9FL+">9MME@RW@FNIPZ*8_6.RCK:6>>
M69LC1"&]EP:00TO):`'@GDYX%8^)#1Q"ESB^;OMGM3;5LD"N[35N"!4-O"*D
MS;%2=L6VV8`WZP"ZG8JK)/ZLU]9K_3+`!CL/UV2>JD(Y/#9CNSVI$E3DI^%_
M\.[`PWIAX?%W-UB!LF2]QLEP;?3CK>W[ZSADN(;AL.0O(+.ZAF<]E[':9"6U
MAN1*RV?'$&PQ]CWMU)M^1X;)YR&O`KVR:.(!%6-+FD>Y+F!Q;2M3Q/$=>I/:
M`?OO1EHN%QWU8`>V-L^XK5=IUBZQ)SFO*K0M;;@M#?6IP8"R`@CZ1A%:"QFQ
M)3"FY)^#,5ZKTQ&8^6LWJ7%TEN>G.X,1A+';MMD,-AMEW&/GM7,%[<7E]C;<
MYP22]\]]U6>5YN(*.99RQ#0R!W>A_P";,WXNXI)'3%DDEP'AWN0UKSW5!3L\
M`*'FX'F>%,%;U$=H9W879ON&5+3F#5=ZP[AK>MJ".60O$?=UDZPZR'6JB=GQ
MVO=00M8$X=U@;/MVR#5A%2,'8SQ7%*!O1X[WIQ<NR%T]O>DEOTTQ/HT9G.=Q
MD]V82>^O'AEJ<5!GKY]O=X%]YDG7\;K5]A;6-K9W##:/;;_:F0CEDCU3:,2[
M;?F\DS,<5602!K15VLQ-!;*&LTG5J+G.':%=#"`>"P]<+CV;U;U9J=UVSO;N
MJ,*%/;GN'8V#;ZN(LQZXL=TWJG"*$J[L.O`:&211:34@8Z,L'7CL$;5E./F'
M9N7)D;U6-WPF$Z4;NZO7F!V;M[8<MI#U/ML*^VN)((;8[7%PZ-DUE--=L-W=
M7$KWBZO;26?(!K;%D&F"71)C227T%@V6XEN@XV1DJ`2>^I4AP#3I:`!I:X!G
MNJ\1P]B;NOOE)L>RYD>V[&@;0C#]W2P%*%"]Q6@,5TD,ZNVH[J8]7*=!T_C3
M@X@5N,806AVU%JD&I5M><!O1W<.9%1^*#8?H[18O%0266+DVD^7%-FNI),;;
MRQY1^>MXLC#/<OR7VF]D=LZYMY,<<>RUCQS6Y!DC-(O)/INLL7O(<\3T?1H#
MR"P1$L(&C0*NH0_7J+^P1_%':;=3M\"-V]8F=@7CM;<=:T79?2+<A"SFV;=9
M'0^U-K:%[G4'9J)\JOU-:X=2EWL138Q03AI`:NNGEXRW`C3\XYU&%SG3N]V%
MNQ^V\?LZQW5D,5NG&,@B-M`)<?C\OMB\L2QLUP`ZX;:29-\%QJ-S>MM&]JYE
MMP5R217;;J`3/N'0,?`^IJ:/?',UW(<M08"/<MU>`%?C21SNM"UUKW:UA,=F
MFK/0KQ[;5/C:B$U182I$M?WWKEHI79J$[K+%8#A2TMVVVLY\S(EY;9K9B`E#
M+H[#,I*_N_<?T&GW/D]G8R#:;L3D<?O>Y=DI+@2W#+RTS>6^PG"_[^66-HM[
M>UT,C#G7UM,7/9<E\):M7Y00LN'F?O&/MAH`H"UT<?>]F@!XEU2?<D<--"L\
M>V[MOL)>=_GH5UG;C(ZIL?5ZFWF9^%$AL^WK#[S:V`1@6@*5LU[TII>K4W94
M2NEV&C]0J,1==%.L-XCX^]RXN//2DV7TUV_TWMKC`QX.+>%KNZYM&^8,L+82
MXDV;'V\L<%IE,G<7-BZ:-[K/)9&07MPU[N\/$-;EX2XO);PB4RFW=`UW:U&D
MFHU!+F,#74/:8P:1X%=SR@RVA.$3A$X1.$3A$X1.$3A$X1.$3A$X1.$3A$X1
M.$3A$X1.$3A$X1.$3A$X1.$3A$X1.$3A$X1.$3A$X1.$3A%@K;G6;0V^"(4M
MMW6-<O)`"/G!(<DJB8VJ77"DX<3*5(^B!+AM6FEE"(B+(DA2:98J0]';6Y'4
MI.,\D+9?5;J)T[M9[/9>6NL?;7$K)7-C+3IGC8^..XA+VN-O=1LDD9'=0&.X
M8U[FMD`)"Q+BQM+MP=<QM>X"G'Q&A(/C:2!5IJ#XEG-*4H2E"$I0A"<)0A.,
M)2E*<>"4I3CPPE*<8\,8Q]SD?$EQ+G&KBLM?KGQ$X1.$3A$X1.$3A$X1.$3A
M$X1.$3A$X1.$3A$X1.$3A$X1.$3A$X1.$3A$X1.$3A$X1.$3A$X1.$3A$X1.
M$3A$X1.$3A$X1.$3A$X1.$3A$X1.$3A$X1.$3A$X1.$3A$X1.$3A$X1.$3A%
M$9ONMIEW1VP>P.6KM`HVN]CF]4SXMEJSU'LY:Z"K[`UI`A#0EYE5I8R#9[:6
MB-#YAAP5%S%DHER%QXOF>218O1[E.@\&,!I8JY07H>C<[^LCKQ34+[E=I[D>
M_P`D8/CA(&UYEKV(:.M:ZEK@N4X?9!+[$N%(^=Q&DI>P12RT_MT-N.NF#(T%
M9JB6J]M/4.YTNYQP[%HJ%OKCC'SX8LJN&K+6YF78,V+,CR1Y&=#D0Y;+B'<^
M;.$D65^$3A$X1.$3A$X1.$6"^S.ZX_730VSMU2`DBRYH-;<*0J_%^=PX9+RY
M<00#'+6-'ER34:69(L(>7&B2Y"&<J4TP\O"6U$4+=H^XV.TGTUM'8"_#Z"K;
M(>R[3UM7]:RK07UH&L.SM;M7`K("FIFS0H8Y1FXU/J$@T39>CSELQ6\MP722
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M[I<;:X`CV*XV^Q*B,S"<Z/6@M:JPMJ*+'1(4:-`'Q(S,2&TGR97YW%D7'[NN
M3`#K_M*[D26PJ="$Z[LAQPQJZN)O6T1D-@*]*^;H-5BA[+]=NF6_O1T7$&7Y
MYF48RVK'"*MP-MB]S>K6KWCNT-V#Z]8MX2S.U;%6A6PSVW].]<C939:*C4)F
MP7:#BSVNR5R[!@`4Z8A0Y,MJ+*?\DB1!2V3D$4<PNWNZLA->5LBQ;^`6>:BF
ML=HQ8JI6"`*UAUYD/=8T1-F:\0(J#L03LPN,.VMTJX&5)*Q77SOFCLJ`Q4C2
M*Y/J49OA_KWKLMLB18IMEDLV1,8G<!K@BWFJ9%N%AAZV/VP8]!%R8=GL&N8X
MJ:00]&CO_./N9=:;<RI&"*1O")PB<(NOVNJ5J]5D]3+D#&6:J6D3.!6*O&HC
M,\49#DX[D6>.GPWTK:D1I4=Q25)SC[F?A\>$6*Q/6?0X6H&*##UE7'J?8JZ4
MJMB`ED3#T.P!SI"QE3R3N3DLB^8)'B-M)/3Y\E;L^:Y+7EYY>?+X$7%&.I?7
M$^6N1TKJ.JR#%^%C!-G(--SH<F3'#R:M-'2QJX,V-]G#<>=104CZD-^4(+D`
MQSJWE.0(BF2+*(^HUFA:[9I5,!C:U5*O5EA*^`$1D1!HD4/'K8B0XC",>"&V
MFT8^.?%2L^*E9RK.<Y(N\<(G")PB<(G")PB<(G")PB<(G")PB<(G")PB<(G"
M)PB<(G")PB<(N`M0XV8K1X36[&Y4#Y(3/@A[4R+'FWZX1E1G&8IN,(+)<%$I
M(QU>'FV92'(RUHQAU"T>9&2*H7=FV>YHKVY=:C-1U3>%U[*O==Z-9-QW8`$I
ML3;E/7C7!DM*,P@.P2-"!G]C7R[U)0>7"$,3"(-$]V;@:E6(33I%A[<^YM[E
MMK;?8U)>^Q=>I079-5INZHVQZ]M"&H&`FWB%*LUNU+#UW1&UU?5>I8[42HNE
MJF3DE;<@I/)JE-11T>P22*XWK6:M]BZ^Z6.7\9:`]V*:QIDRTC[J\U(MK)MT
M#"S/78W6P574HO)?\77\.C!TA*UYP]%CNX6T@BX'MWN*P=>^K^^MWU06&-V?
M5FK;?=:^)L7SWT&>9!B9$L;&,X&OQ2*ABY:$>NEAUMU3?CA"TJSC..6WB[^X
MC@K3O)&MKXM3@*^M5<4\G<P/FI70QSJ>/2":>O15MN=M/<!;<<;^J=,E>FM2
M/-^"S>>/'RJRGQ\/PU9\/'PY/3>A4[FAPR/`BOQ`_3J$AUICI^SG?UP_1K\?
MRM_<!_\`S/IE_%;O/_;3S[^XBX_O$?U`_3K[^^B/^[G?UP_1J8'1CL7N#?+&
M_0NZH.LV;3IK:P*CPR>JQ5J!UXT%L.H=;[,C29(JWV*T$XQ2'*NST5Q29667
M&V4*PA.<J\8CW9MX[6S<F&=+WQ8QCM6G174*TTZG\O?<?44H;6SXW+AF9<1&
M$/>]NG5JIH-*UHWGY."FJ+E1H-:'S9LEB'#AA(TJ7+E/-QXT6-'@H=?DR7W5
M(:888:1E2UJSA*4XSG.<8QS6UL*Q1+[,Z%B:D`;WQM"L$-1VU0]%1O`)^18Q
M5O<*RGX@QNHM5^,3(6EP@Y%=6RF`S(RXPTMY.,M(4O!%P$GN%UDBRK!#5N:G
M2'JS5PUR)Y'R991A\!86J@\%>!2AL.7%M1$DWL*O9:@"US""OM`,QZ/B0AX>
M(LW4VXU;856`W>DG1UFJ=G&QBX$Z*?Q(@DA\M'G:?97X)6A6,^*7&UX2ZTXE
M2%I2M*DX(NR\(G")PBPOV-OMGU=H7;^PJ3%K<VZU'7MI,TV)<38:N5.1;8PF
M3BLM64Y8CU6"#0:S:F,2G))*`WZ/FQF0UXX6DB@#;^YNYQ&@M9YK<>&;WU:N
MQ&P.O=TES:%214"GG=<UC=%S-RH]4G=B(5`GQI3>I/I,.4J^HC/O2E*SY9K2
MQJ2+%4/W#]V6HE07:L2U0S7M[W,?JVFR9E%L[9+4<ABQ=;`*]PW880O4.48`
M7B/O-V0,"2,"U0WYH".N=)Q)D.N$5DFAMLF=P=:ZKLNU1AC1VP@K'"*/U>*0
M<KI>:!-'JNJS5V.XZ2F1:S:OHV"<%+K\CT8<MM*GW?#U%$4E^$3A$X1.$3A$
MX1.$3A$X1.$3A$X1.$3A$X1.$3A$X1.$492>U=BB.VM=U,4A4&!ID_UXV-LJ
M$=R0,.WY^\438>H:S,9)MR8\"M`JDP'V5CTDH<G2IDKQ6M<5#6&WR*!U\[J[
MLJ1O<]3D;/T-%EC'*-8M*6(+0IM[7L]-RL^\*/%TSJNK5O<SS^P+W%OFN0X.
M=,,RJF_#E)L4I0Y`P<W.;(LR]8N[%MWIVJVEH*R5VNU1K6ND*/99(N*,NF#\
M[9<*Z6>D;D(PS9P8,KQ#5T.SPHT"L2(OS#AB-%>)I?7$E1TH(K)N$3A$X1.$
M4&?<T_L^NX7\`6P_WCD<R\?^T+?ZQ'\-JQ;[Z#/\A)\!R@7(QG,E_&,9SG+[
MOAC'QSG]<5ST!BX1-K^2/:5'UX<I4G]4E2?'[GCC./'_`)>?L$'D5]4A_;7;
M4[:N]3:7G8ZE=A-;XP\SZ?JM_P#A3T#GQ1ZS;S7C\/#XISCPY3OJY]^;CY&+
MX*M+TL^YD'RTWPRK,@@R-*J<(64Q@U!GA&8DZ,68ARH\R%+@(8DP94;$9N+)
MAO,+4A:%H5A:59PKQQGD:*1%7M<NC-T.=;];=>8%SH\T!K"UP[O#BD!U_JD6
MVDD638Y!^O$SNO+K7[C4`$`?<X$B$^$FQYN)XGTGU.P)3T;A%BH-[:6R:VS0
M(<'=53,L:0L=>VQJB:7HQ.!.,;?A+T<\;B[&9#6)F"O6LI>G93<.*-0U.BM&
MVO,ZZL4A4\BL>Z^:KFZ7U)6M?E#<:QFX4RVV*QFH`]T4+FVB_7.P[`M&0HM^
M60D#@3%@M$EJ`PX^\ZU#0VE:U*QE62+,_")PB<(O1)BQIL:0#&1T$N'+0I0T
MJ*)Q(\\:3'3F%QIL`A!EMNQ9D*9&=4VZTXE3;B%92K&<9SCA%CEW16D9%7Q1
MW].:K>I>!@H)BH.Z]J+E7P&!%9QT((Q7UB%"?I@<X3DS(L?T?2CRY#KS:4N.
M*5DB]TCIS41B3:9A;5>N"DR\@H%7NTLC1ZQ-DW"M"FVVA==M+\D6Z[8`0UII
M*8\27EZ.RE.,(1C&,<(NR3!@X+4I(<./A"1`FO.C!0H9$8@#AHZ`.S%@CQ\&
M*VU&APH<9I+;33:4MMMIPE.,8QC'"+L?")PB<(G")PB<(G")PB<(G")PB<(G
M")PB<(F<XQC.<Y\,8^.<Y^&,8Q]W.<\(O'ZS7II>]5OTEX1E#OG3Z:L.Y3AO
M*5^/E5AS*L>7PS\?''APBXO[0@/+*7]<#^2`XAF<KZG"\L-YQ],5MJ4KU_".
MXN4O#>$K\,Y<SA./CGPX1<QPBX$S5:Q8\.8L-<`G</"YP1[!D./*8="DY$"6
M2$.8FQW_`#BR$H7%<?CY\6G7(S2E)SEM&<$6.C?7;K]94'&['HO3E@19['BX
MV5!O6-)*HL-N3#GCDVHXF>$?P6L>!Y22QB=(]25Z,EU'G\KB\9(LECZ[7Q+L
M=\4"#C'H@>#78CP\9"ANQ:^,4XL:"CN1F&ULAQZWEY8BISAAG*LY0G'CGA%S
M'"*FB7[@?:L[;-H1=?Z0Z[+I](W+N#5(29=-R[.&V<LQJ78MCUT^<+#0.E38
MD:Z;F5MR4B.S,DX9:=2C+BE8SGDI[=Z49?<F'AS-K<P1PS!Q#7-<2-+G,XD'
MQM)4:9_J;C=OY:;$3VL\DL);5S7,`.IH=P!X\C1?W^7)W<_]R'4[^/'<O^P'
MG=_N,S_ZY;?R7?C73_OFP_ZE=?RHUF?J]W)WGM7L(K1NXM6:CJ;)#3%OVR!L
MFL-D72X.>I3+SKNFSP9@7;=:TE,=$U.PVI#,AA][*<QEH4W]^E6-(WCL:_V9
MW'GLT4OG&NF@$4T:*UJ3SUCV%N.T]YV>[N_\T@EA[C1766FNO52FGQ:2LC>Y
MPXVS[>_<9YYQMEEKK_L5QUYU:6FFFFP4E;CKKJ\I0VVVC&<J4K.,)QCQSGPY
MK&(@GNLO:6ULQ\EQ)=1-:QC2YSG&1H#6M:"7.)X``$D\`%M%^:6$Y/\`,2?`
M<J(.R>X;5M[26\:-T^!7G:.PSU#N=>JNT*`4@TG7U5M,J!)C0)X/<-D)U\-8
M[`/EYQEANMNDLI>QC#LB+CQ<3[!=+-D8?96_MO[@ZVW&/Q&V;?(VLUQ87D;[
MJ\N+=KVN>R7&P1S2P0O;P>Z^;!5M2R.8T::5V\38Y6/NB&QAP)!XDCWHJ0/+
M11C]H_4W>[5=?WLQWC([%(E#9K7SVMU;!VE"V<ZW`@0+8BT?27H5JM&`K*Y$
MJ#ZR%98]=24YQA?DSG$L>FAO+T>=X9+;TGH_Q8R*TMX+P7WF=@ZP!>]]N;?O
M`ZWM^](#9=)`?H!(J-5#DY.2SD<SS/30`UH*>*G@"V#/;7=0Q:^]+J\.92CL
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MB*U#J_M`_N/1U-O]H2&6?(2;>$)D*XP_%KEA?I5XLM(3;Z[%DS2;T2OW-JN)
M+06LRI7I19K:<//8QAQ1%GWA$X1.$6,=S[-C::U9=]G2JW:+@BGA'23%5I8$
MU9;-8)[CS,(8(%AZ^,,%GESB,IIMQYN,ZB(SE;[N,--+S@BJI<[Z;PL71K1.
MUZG)HL[L'M39-TI)P:%K#5>%MM4F3OR3.E5"O;YO.IAL`:]^!=<=N78S(U,R
M&U-S$2\3^6A+(NH1/</WE9R-)>$6?5(@3NJRAM>Q&?L<67)Z_P`;-@ZSA<;I
MLZ#]C%$S5=O<?>$AT5!+11;;#I``E:W$YFXDD5F_7[:QW;W66H[*MK8YP]8J
M]8HT^?5X$[`"P.!3)VMQ[?7X7K%9,.N7**(06AI4_(0S$F-I]9Q.,.*(I.<(
MG")PB<(G")PB<(G")PB<(G"+^*4E"5*4K"4IQE2E*SC"4IQCQRI6<^&,8QC'
MQSPBC.'[<Z4LNFS6]JN7L%CH0F^EM7Q,BZA8L6*SWX;L?&I(E:JE9GCX)DQ+
MLFP7&H`IW#2(LY,AJ2V[\HM+_"+&Q+W"^NP4://&%[+%U<D&(RH]JG:KNL<"
MJX"`=AL)+4:)2Q>'Y>VX4"J$6W`T=IY2)T14)3F)BD,+(I*ZFVS5-RU5VUU-
M)B&@>?/U*Q`+(+>"6>IVZK$715BK%D#OJ<5`+"YK/@K"5NL/-+;>9<=9<;<4
M1>'>.O(NVM-[1UE-9G28U[H=HK"X@^Q&ZI)F*+AY<1F%FP5TD(,#XLQYQ+3^
M6I#:7&%K;<\S:UI411#NO7N]W[JWI+392H2XMRT:8Z5647,9OWTRO%CVHKEK
M`W?7U1P!R,T;B5,57B7H1#$=V'+FH8?CM*>;8=;(HG]B/;ZM-X=W?>:OJ"K"
MK%M+L+%?GCM5"]%1+9/T33--;&K5'FM0-K!,ZCL5CL6\MEE+0?S8VY$YN,0^
M8B+P5&"UM$5O>H05CJVIM7UFX_3?M=7-=TH%:OHT\J4$?:,16A@\Y]*)G77S
MA$;]3CN^@_,6N6\UY5O*RYE6>$43]T^X!1]-[>LFEF=*=@MK6FGUJF6>T$-6
M@=9RJZ&C7[-CS6Q[\Z];6H4V03D,5:4ZXF/&>9:1Y/%SS*RG&QX/:>?W)')+
MAH!,R)P:[\Y&RA(KR>]I/#P@$#PK7\UNG`[>ECAR\_<R2M+FC0]U0#0GL-<!
MQ\=%CC_>>@/Z'_<O_P!7.O?_`/8[G>_NNWS^H_\`G0?I5TO[RME?KH_JYOT:
M,^Z-062M7A67K/VPI0JSW>A4%-KLE9THNO!"^Q[H!H-;EF_L[O>P'&Q2K'9(
MC;[D:%*<:;7E?IYPG/,')=/]VXBQDR60M>[LXFU<[O874%0.39"X\3X`5F8_
M?6U<I>QX^PNA)=RFC6]W**FA/-S`!P!YD*SOFFK;EKI:V^)#>^/T^X'<K^L[
MM+ES.E7W$L/>2?/2*IW4C[Z7OEC^:8L92NZ/42!>"VM"'9;3(W8`$B8$&ZB3
MO`H88$E:^B4X;'$6Y[D9B)+%IA/>JA;F,XRWE./%7AC-FH>A/6FXP$.ZK;:N
M=EVW<11R17,=K))%)',6B)["P.+FR:FZ2!R()H.*T[S6Y+!((WZ#X:>-=NZS
M[>V3L3O!67>LM#AEW)/4S=8]C96[HULUWK-(F3N'KU(DVRIA$!%W_:,8;)B,
M,HCM1P0^>J4E3)9+:5N)@+K1L'9NVGX^XZL9GS>ZC,W_`-JQ8BO<B\_F:LGN
M-?V?CJ<`XR375U&3QL74(4T=(A>1>?LMVQF1W<U+G<&?&<PVI)/@:".7$C@I
M9^X9U;40Z/=J=@=@]I6_L#>@.E+P<`#":<4?25+-0!DN5`G4O2%;FN5]Z8,>
M5A40A:)5I.15)\6B"?'PY"$/6N\PD\6*Z28ZWVGC7RL8^XMWNGS$['.:UPGS
M$@;<,#Q4/BQ[,?:O!HZW/-2_>8X26<TE\]T\@A>0#PC!#74I&.'#P%Q>X>-8
M\>0AI>6&D-LQXV<QXT=E"&F(T=G.4,QX[+>$M,,,HQA*$(QA*<8\,8QCEDV.
M<]O>/)=([M.)))<X\27$\22>))J2>:IBO%S]HI&^VC_G?WG_`"A=<?U4M!<I
MUU<^_-Q\C%\%6EZ6?<R#Y:;X95GP']PP_P#DN!_U5KD:*1%U`OK#4MA`D1![
M7FNCE8)"VA1<67J5:)`9X4:7DV!@<1A31[P^4+@'GWIR&74J::F+6]C&',J5
MPBXXAKK1TN3;I!6B:IDS#M-'@;X^0K%0>DF=?0V76Q8:W.R8*G2%-BL1'$QX
M\S*X2$-*PA.,)SX$61`T`.*$"QE?A#1H$<.A00H\-&BPQ$$3%C-L#H@N)"0W
M#C#HT1"$,MM)2TAO&,)QA.,<(N2X1.$3A$X1=),ZTUQ8ATL/8-?TDZ)(-PV9
MXLS5`1,=-9'%)AP>U+A38#\:2W!-D)$QE*TJPU*?<=3X.+4K)$GZTUR5?LDD
MG0*21DW(-$KMOD3ZJ"F/VJOCT+:@`K([(@..'`T)IQ268LK+K#:59PE.,9SP
MBY8C!A#*M-&C8D4>.'@7X,"!!CM1(4*%$@*8BQ(D5A#;$:+&8;2AMM"4H0A.
M,8QC&.$78.$3A$X1.$3A$X1.$3A$X1.$3A$X11".=38TZF6.F@]DV*O,&]QV
M?L#!()"5XI)"[9G;HK.\:89:;FQ<-S`=+L]?<B+'.>""@Z<ZV^XEQ+3J"+`T
M7VY7L%RSAK?]AN%6*ZIOVN6*I<]8:ULL.M%=M/6:Q[;O%203&/@Q1C:.Q+0Z
M6-H?&S%284>,*0ZW`80W@BEMUKZ^5KK5KA^A5V9]5?,W&X["M1K`V.&:,W"]
MG))P[.BAXKLEH9`;<>1'CM*>DR/080J1(DR5/2'2*0'")PB<(G"*B7=?\_3M
M5_!KU0_>O='+(]"?H-]\N/@,5?>L_P"T['ZN_P"&JW.U'ND]8^G6X1^C]Q0]
MHXN9&NUNT,OU>IB2H%H3:9<V(.<D$)]H#R6W6EP'%/8Q'5A"/#*<JSGPQZ/]
M(/1%ZL=;]D2;_P!D/Q'V%%<SVY%Q<21S&2W:USPUC+>1I!#P&G6"36H'-1-;
M8ZXNHN^BTZ*D<3QX>LLA;D[$TNPUFHLZ\K6U=GY:[`=5Y;!"GZPM<&JS'AO9
M_4$]F#'OE\ATJBKD&'(R8T1>".8ZY+S>%N-MY4XFN74;I-FXMF7T6Z<C@<`P
MPBOGV0A,K1J:>U:6/GMX#_D^;ZJ\*+9=B,D@W=8RENIPE/9!;J/8=P`)'X2%
M?XO8'<^X>NBH=>-7ZEAY>PB.7WIN;[0V%IC*LXR^O7VE:U;@$MS"?!7I_;./
MC/W//^CRI#=M]"L)I=FMS9;,SZ:F/$XSN82?$+S*3VTS1X-7V8_QZ?`K2=]D
MY/BX8XQXY'U/\E@(_P"VJ%]=:YW/8INZE6OL,6K;7\JSMHV5#Z9UY3:>R\8:
M[&;);.285FOS>UK/%'3RB'G8S3;K+\5E:6\O.J1EU5L.FFZ^F]ALJR_POM5L
ML8;)I?E\A<7K_CI.+HK)F+MS4\=+F/`'`UYFL/4%SF;OO!.UC[BL=2-0;\4S
MDW4:4'#B37GZBA=JWV<Z7K3NPUW,?WK:;S/8V'<MA8H=RI8TPN9.ML$[%0@M
M<Y=BD221(5)-_-)G9'H<<D,)5A#:O#*;L[N].#.[KZ"NZ&1[>L\?;.QEM9^=
MVUT^,-9;OB<3':MA:UC)&Q=V8N^(:QQ!<X<#K<F4=):>:Z`!I`J#XO4I_"KR
M.J*U+]P*L+6I2UJZ<;VRI2LY4I6?PW]:?CE6?'.<\\C^NX#?LQK0``9_:A4O
M]%O]H_T/]JIE>YI_9]=POX`MA_O'(Y`N/_:%O]8C^&U37??09_D)/@.5:-IV
MAK2IK.OVG8='KC(&P#:X==.6H&*;"V&P06C(,$65-G,X'%RX:4W,CQGO(\[#
M7A]*<M9\_+Z')6%O%^?FB9ITM-7-%'%H(!J>!(((!Y@U5*(K.[GTB&*1Y<TN
M%&DU:#0D4'$`\"1R/#FN)G[EU`*1<7"6U-=0$:\E0H-]5+NE>8Q3)Q)_Y0="
ML_J$$Y"RYTO&66FG_(MQ[&6\8RO&4X^NRN-8)"^>("(@/JYO8)-`'<>S4\!6
ME5^VX^^>8PR&4F4$LHUW;`XDMX<0!Q-/!Q4RO;,DM$;!W?G"9L*5&G[[UA-'
M$6%((CI<27U.Z_2(LR,[$DMM38DJ,XE;;C;OD6A6%)SG&?C4CJR]DF]IY(R"
MPPPD$<B-*LWTN:YFSH6.!#A-,"#P((>:@A6:C1F2U-8$%I#JV"E?2.DO!I)2
MNS$0YPU,9W,$F,*(,"YR&W59;E19+,AE?@MI2%IPK$;*0U5%=>H79.?[=L/I
M3K*/3Z6_$U_=*Y8U6:P%20&ZTTM)VBP+TY"L5;LH^X`))/$RO.$B[RGV)(I<
MN"XI3C[KC9%BL_TI[(D[E&L1O5]-LL\);*]?MGF!UAJ#<'LIKYJ9U<FYZRH@
M6*=@A@/4V]2&&8L>RY9KRDP!J$2,H)SU0"*U3JAKNTZIT#0:+<84,0<$XL\S
M[-#I[10?20UAN=BLM7UY`(1T(ARH6NJP8A@FE1L?*^0?CT/%GR9X12(X11W&
M=HM6%TV-<,=NI.*JF"LM\_UE[)"E.X(V,?58_P!#04U/#7:%)+$VE.X&8EYC
MP<.37<(A,O2&R+B>Q?9^O]=F@*"]:>-2[&F0J!))[`U#JFJM*C.M-*B2+EN;
M8%!"S2KOJ^9$`;DC.PWCU'&6VLI<R1>\<WC<<=?K7MVJZ+V.7NXH/(>KFH5+
MIQ6QV4N]\FT&>$EZC<+!4#M4EY(M3,SQQ.3E8YMU3:%2$?+Y(J[JKVFVL9Z=
M]>C.UMSVW4=[.[*N83L/MV?K>I4>Z4REB9O9`=1;9F@62OVNLT>O[!V+JP*!
MA/3(<K#C$OY9+BIDAN1PBPK"[?=JR$NL9O.RCNMC%HFU@1V1J;5-I8IGJ;JR
M29ZR0Q6[!KMCJ)*=6Y5Y%;!/NO3K(\4#Q\2Y,AJ.TW6YF$$5L_7.\7F^]6J-
M<[_\\9M)RJF5OF71,2NSK0#8)FH%4O4T*I`J&-?NE2BP3#S+#+#25S<X990W
MY6TD4I.$3A$X1.$3A$X1.$3A$X1.$3A$X1.$3A$X158^Z3'?,`^IE0=-6T57
M[?V?E#;3#J-WN5"DGA@SK?V$LL$82,44]7#<@8P?"0YGR^9.&5OQ6E+2K*$^
M&\]-\789G=UOC\E&V6S?'*2T\B6QN</8(JM,Z@9&^Q6UI[['2NANVOC`<VE1
M61H/.O,&BJ:W&[U`Z]0P)#>>XK7JJ#:91"%7)5Q[2=F1[)J6*:BODH\!3>U9
M'J.0F9S*G/'P\,.I_3Y=78_HS7G4N>YMNGVU[C,7%FQCIVVT8>8FR%P87U(H
M'EC@.?N2J^1;WWO.2(;ZY<1SII_[JZ9:+/TU305V$!NZXGW+72"E@H\6D]G>
MT5TM1V)($S'11</3ZEL\S;UQ5O(PM#RX*&TX3YE*QC&<\R)O16S,=S=V-SM:
M:SFL9717$EVV.TMX)&^Z9+=W3XK5KF^$=\3XER1[TWN90U]]<@!P!KI`Y\JD
M45TG5/>G:;8_5OK9^#OKT47.F=?=0.%]Q=G]E#Z:*L!I>O*XHC9A]:IR-J[5
MN&2LS+DCU"\:N*G9<]3YC&%>IFK`Z?\`2_;1U[[W=#=7;2*VF!MWY&3U6OOK
MEUECF#_XEM-?@#CH=R5H/.KV;Z+`6M_*E.@?R1J?ZQ#57!M_5.U;9W9[+L;B
MWH>R01KKJ\\9#]?Q;VDJJ29EB-M_*C'RTHW?=J99%99>3Z\.QC?G,/Y4MEOR
MI0F?.BV^-AXJSO8]A;6MHWLGX768G.6N'=EM'"`16F-C-*4:ZRG+?YQ_-07U
M=-Q%D;(W)CDD-NZE&4#>WR`+G5\KJ^0*-FRO:EZ+[9O,#8USU.<DVX=%$QFR
MD'9VQ(JY:@TIV9#G%UNV&7*-%G)#V<ORY;KS[^,)PI6<)QC%P-J^F'Z0>S-O
MR;7P69MV865\CC&^PLG!O>M#7,C`A:V*,`=F.-K6-XD"I*BJ/)7D;.[8X:?(
M/Q*6^]7G7ZS2W7G%N+5V/ZAYRI:LJSXY[8Z5SGXYSGE).I<;(]B9!C``T0CE
M[YJV3IZ*;SQ_RQ^`];'O*7JVZUTM;?NAOC\K_N5_6=VERYG2K[B6'O)/GI%4
M[J1]]+WRQ_-,63.2(M'7;^I_]H!5_P`C?>OX[^M/*Z]>.>-\L_M0J=.B_P#M
M'^A_M5,SW-,YQ[?7</*?#"OP`[$\N5)PM.%?0I'ERI&?#"TXS\<X_1^YR!,?
M^T+?ZQ'\-JFN^^@S_(R?`*UT8_2C<5/+[,-#]ET/:Y:Z7*S'<JO]<DTA9F7L
M30-BTK>+E<YM;B6Y)*UQ)QMJ5&8:CHBR1<9R$A<%#S>(]OF[5R;(Y'-DAD,D
MNNAJVM83&2ZC2">7``#2-`T@U;5`[@L)F11NBDA9'&UO8.NFB9LK&M#BVC:`
M@FM0XAQU4-?[:>G.V#!J%.A%J9%&4\70JX+AU[8%^HAC8(BB6R;91!R,?&U4
MS-Z\WUQX@]*.D0&3.;64>>=E?+MK3A'/-MG(N<=!9I:&@?G'@O#7EX.H`F%P
M))<8]7><CI'+Y#GK)C"US9"]Y>XDL8\,+VAI%"X"9G`!C7Z>[:`!7PVZ^SK4
M)>L*CV:H)PF+G3J!L;15/(%1T5(L/)>K?3?KH'R]!C+2SB/#\(N$M^9+:EXQ
MA64(4K*<5NZEV[[3=)M'D%\5I;L-.56QTX>(<.`\'(*P/3JX;=[:%TP$,DN[
MAP!-2-4A/$^/BK<QQ5,>FLE1T238EP*\F4R+!O#G2!61#&X?0+'+GSQXO!&:
MM&&FOF),=C#BT^HXVCQ5C0%O*B>,[9V6P=1JMV?':OKU4D&(4XK;ZQM3;8:G
M534X<&1/P+.5O>QA-?MC<F."=`*CY2%%E7),V0TAG"V//*018(8]R8Y+E5&-
M_)[G@'MI6H3J/6(RY7QT!8OPZ..Z<B66F;/!LT4F]KZLUN=MIYM11A9>>[]G
M9N%#&G'H33Y%/71.U4[JU=7=AJ`NU><1EV@">KCA!LND':Z+;CU#N`J*8:C0
MD&1T*TUJ8W%F>A'S+C)0[EIK*\MI(LN\(M=K7'=FLGJMV%V`)W+V#+!J52*2
M:M6O"G8S2YJ5424G>5&^FHKNS1XU$:AW^P56X1Q.:F29=P>(HF`8DAJ;`?DN
MD4J/<0*':?M[6=PJMO@:-+R=;6&KS-Y7:H.["H)D;)M0J:SJ&%77-([C'B+M
M/E-Y(-35.AGI#&,-H8,8:6U`(IV=/Q#`'K%I(3'I-AUTW#H8E&:;:I,J2?#O
M.>J](^?5-`U.9'^H2'%2FH[H<,Y%9?0RH=`RWF&R121SC&?AG'CC]+/QX1?S
MPQ\?ACXX\,_#'QQ\?AG]/'QX1<4>_<,Q_DN?_P!5=X1<MPB<(G")PB<(G")P
MB<(G")PB<(H,^Y@6,`^A?:(F!,FJ\59U<29C&:Z8)U\W!3-G#X,EP:;"RX!8
M7)<B27$8>C/-/(PK.4J3GPSS,QL;)LC;PR"L;[B-I'C#GM!'K@K$OWOBL)Y8
MS21L$A!\1#'$'UB*JIN9USU0S)E8PWLIIII]Y./'L-V(0VVA+BL8QE2ML8PE
M*<8_1SRXT/3;9DD3"<?"7N:.31Q)'B`]I5-&_-X_WC<^R/Q+UV>NVJ9'F^7Q
MLJ1Y,94O,?L1V&?PA.,9SG*\M;97A&,8QX_'P^'.1_339<5.]Q\+:\JL`KY*
MCBOIWWO$<\A<>R/Q+.WM[]FM.:>_E7ZHCV_8>S2P/L5#=HNL**[M?LM=AX2;
MU[T7-),0OE)&P2=8K[]S=)J6X3G0!;$_,G"G&E>IX1UNKH!O:3.R7UICHL)L
MPLBT7F3FAQ=F[5&TN,4MZ^#SDU/%EJV>0G@UA/!3YL7/RWFV8)\G+)<9-SY*
M\"^0@/(;4-'`4I0F@IX5X?<.V%V1V1*Z@*%:0%:(!*[,DUUJQ;RM(JV6^42=
MZQ]A_,J=J/4ADH,B#<!ERG$*DW2+,3+0RV[$2A3BF^]Z8;9Z.[7WI;#,;AO-
MP9D1S_F,-;&"T!$;JA^2R;(I>5>,&*F8[FV6G%8G4>>YEVC<&6$QVNN*NIPU
MG\XVE&M#FCCSJZM/!556=R/;!5WB#T&%N3M+LG)"B$[`3A8"Z^U^/J32K#$%
M19,<#4Q_TZ8)\GTE&52)Q4Q)>3X)RM&$^*O2'H=Z6@Z`7V1GV/M#%>;9&*&-
MW>WEX^Y/<ND<UTUP_6V2O>&C(K>V8TU.DUX5RM<AYH7&*-M'4\)KP\9_$`I=
MZ=T%4>K_`%CA::I28,F-2-4F*[/M<>N"*T:NDB$!)^H?LK0?"L2BDS+GBXIU
MY]7PQ]_GE>>K_4?-=6MYY3?.>[QLM_=/F9;F:2>*U:^E(8#)[F-M.`:U@_R0
MN!T[KBZ$KO"\&E:TX^!7M](_YE_43\F#07XJ:GSRW/-7?58F[/Y^G:K^#7JA
M^]>Z.60Z$_0;[Y<?`8J^]9_VG8_5W_#7@Y/ZAA8?W?\`YK4K\HWJ%_6QTKS0
M>IWW&R'R(^&U;ET]^^>/^6/P'K9!Y2U6W6HS=-\["TY?-M_2:S4K122W;'N^
M(6PF03;LL&\JVYV6MM3BV,ZLC!K%,@7"PU,<&"QI;#ZS3LV8]F7!3!PF1:;8
M>8N<;M#&11=VZ.2*:C?XVH/G<*DD!H<X,8WF"75);IHZM>]<;:W^[<@7N>R=
MKHC7AI+-,#7:10N<6M<Y[B"-(#1I=JX='7W>VG7C-<`VN@"9)*K$!$+L3&'4
MJU!\ZUFVBX5ZM5X-+F(OES#U7!`8>1.$%7I1N+8Y2D0$LCG4NNHVH[JO(9(H
M)PPS!P$PT$:7.<T!O![@.R=37!SA)[FC""1K?^';.6-\L,C@QX)@)>TZPUKG
M.--#2ZA;I<VC#&.U5XH#-[VR-N6_:'?-AB\#JE#,B^C)NZ0Y%)47R$77=S6[
MJ]?@H:3]:ESI3IZL)<=BR9*'$,$&<QY;;$;#WH(A;JSE9LI#8/G#=;3(>SRH
M]L1IS/%I:037M"CM+:Z1+/2RQ@LGWQMR\QN<UIUTKJB?*PG@!P=P('-IJTDT
MJ;6O<T_L^NX7\`6P_P!XY'(CQ_[0M_K$?PVJ5;[Z#/\`(2?`<H%2?VQ(_P`,
M[^R*YZ`Q?%-]Z/:5'UX><B^J1GMI)PJW=YTJQA6,]A=;^.,XQG&?_"GH+[N,
M_#E.NKGWYN/D8O@JTO2S[F0?+3?#*L]KZ$H!!\(2E&/ID#/@G&$X\<Q6O'/A
MC&,>/(T4B*.UOZ;=?+Q2:_KDW5K,Q2ZH=K]HK8&N;4VQ48H:R5:T';K7S\)R
MJW</)08&VJQR9R)&5J<R_AC*LJQ$BX9(O3G=)^N),J9.D*<?F'#D$8Q(-2=F
M[1=+0#`IVAR&;W7B"[EF56-I3)NKJ[)FVL<J-8B$H-&>DS77496HBS]0:'4]
M84X!0:,(0#JM8@X'B!J9,V<XVUEUV3(D3")*3,*%29"8^Y(ES)3STJ7)=<>>
M<<=6M>2+M_"+6=UI>QI6T=CKO&NEE8HM0H]'J98,4)=A!X^>5M?;"@1PMUK2
M#_N!6,98*5":"3(4BQ@C%="QFUN-OKEPL2ACI%8QW<JU*)[SU:9V%?M!:WK>
M=8W`$FR]IJG7MC:L:(/6(-.;@U*H7MJHU(??IS+&<22#-NC3'("&VG1DMM#3
MS!%G:BD]>4[I?*AZLWA9R-)UIKPS6X>^:_5<WTO!9KD)S!.WTT!#K14%9Q]?
M;6M0YH:/(AHK$=##3;S,937"*$9GMV:!]*QYB_;YMM>V?'W)<Z+6;-KV1K\M
M.VT%DWW;8#2TH;M^X:T%:^AZKGC:O'E%]ARJL(C3(5=GY:B>I):3)(L;E>S?
M9J':F0QS?)13<JPB:QV#,T^H5.%3M):4CV7K6)KG977<\G3B+H@=MD%=;`1;
M)EWR8Q,(A+EM,,MUQ_$<BM3ZY7.^W;JQ1;=L'ZF9M9JJF5OEYPF+7"MD`LDS
M4*I78H%4R(BC)UOI\:`6D,,QXZ$NS%8:8;1Y6TD4I>$3A$X1.$3A$X1.$3A%
M%#N1M';FH-1M6O2;NN).PR%PJ-&J57V37K&>&7BX[$.0J51ZK#>K=SIDJO\`
MS=M-Q'IY-Q4YN`(8E/YC.>G\"*'5A[L=EJ_>;712])IU?ED=C%*YK(LUJJ\;
M+&.ZOH=PE4#8>YGX.J-NVFWWS"+HV.@)K#(JMDPS=A8F27Y44<24@BL/ZZ[6
M>WMH/3&Z9-??JLG:VL*1L&16Y"W''`C]LKH\V\-P\\TP\^S%<F92VXMMM;C>
M$J4A.<Y3@BC7[I#K3'M]=JWWW6F&&-737Y#[[B&6([#)44Z^^^\ZI#3+#+2,
MJ6M6<)0G&<YSC&,YYVF#AFN,Y96]NQ\EP^\@:UK07.<XRL`:UH!+G$\``"2>
M`%5A9/\`9ES]6E^;<J).SYJU=NM([PT?UGK\6SP=DT^STI[>UN+S:7I@<Z05
MEEW%+-L!S5BVF12IO*,2`L!P"RK.<K)94GT5>PG26PP_1;?VW]_]5KE]I<8N
M^@NAB;:-EUDWAG$>=1&6*''LXUT74PNW#@VU`.L4OMPVUF9-<&A:0=(XN]?D
M!ZYKZBAO[:GM9VSK/5=M`NU).L;.1<;)4RU;KE3V)L4G0GHX487BD'[G4)4>
MI@+"0]>8RF-B?%(-(92OPPGS9QF<?2I]+S#=5LQALCT@BN\2ZQM;B.>>XLK*
M.\#I9(W,%K<M-Q-"RC7%YBDA<7%O.E1EW^1;.YKK:K:`U)`KZQXD?@6Q_P"U
MB``5=KN:!K`(+6@0[M!7F1X2O"H`0/`9_DJ];5Y:A"Q<>+!BH4M659PAM.,J
MSG.?CG.>>)W6[*93,]1KS(9BYN;N_?%!JEGE?-([\TWF^1SG'URK)=,"7;,M
MW.-7&2;C_2.7,>YG^V.E'Y5AC^JIV7Y@=)/OW:_)3_-.3JA]R[GW\7SC5&/E
MQU59=:NG^9=R_P"Z%H_>*?S'NOH[O(N2'XUOOA[:MGZ1_P`R_J)^3!H+\5-3
MYY\'FKRJA3W)MLVW3W;KLU::5<JB`-P-;]:#F:G9(E<<G[$%UP/M66;$A9EH
ML`.*TP##R7YTZ(-3)L1%"6F!B,/95A<X=+;^;'8.\N8'ALHNFFG#M@1L);Q<
MTTIVB&AQ(%!0TK#'4NRAOLY90SQO=&;9PU-+J,)D(!(:T\S0`NHQO$NX<HP7
M7MA;JV6VT&=WYKMB%%EU*9J<^&IM&*%K0=LIG;]=_`R`"D;JD=6S(NQ4T;%(
MR+LN&0CQ1IT@K$>%AE^#*]SN&ZC=<Q-N1V9&:#I`+G.,H[ME7T!:6-!)/,2D
MZ6C5'&%OA()602>;2EQ#N\!<\!H:(G=ZXAE7`M<XM$0()=&WBZH=S$_<VP3^
MT:MKBV7;7-S%SKSU5M#\77;0)X=1MA5'N9U?"VJELRH-A+7!V!#9M6)"B)^-
M%C%U2(ZA.?2:D)SKF^<I>7.W<E:2O8]ALM;@WDQS9(VEH[1/\8$ZP"06T`HX
M+O\`9EA:Q;AQUU#'+&\7FD%]:O8Z.4M=0M#:]FE&$EM#KXD+<1Y5I676LE5M
M3ZNMESWA<+3KJDV2TQNTO=:N,GSM:$EB>`$_LGN2#+#NR)T5[,@>[",S6<-N
MX6E#,V0A/E1(>PNW_3''6-SLK'W%Q$Q\PBD;4M!.DRR@BI%:4)%.5"1X2JL=
M0[V\@W??00RR,A+XG4#B!J$49!H#SJ`?*`?`%W(9H/1X5VI/B=1Z]'OT*5*G
M4Q^+5A;;]<FS9J"4F6.?]#+J9+A)M$G"UY6I$E"7492XE*L;ZS"XN,QED$8,
M1);V1P)-:CAPX\>%./'FM+?D\C('A\\I$HHZKCV@!2A];AY.')9:Z.4"BZY[
MW`P]`I];I8HAU*WZ9G#JP(A!X<LK*W7UB8>G2&(332''_EXS32/'X-,-(:1A
M+:$IQ`'6ZSM;)F.BM&-CC+K@D-``K2'Q4\GDH%-O1ZYN;I^0DN9'R/`@`+B2
M0/SO#C[/EX\U/OW-/[/KN%_`%L/]XY'(-Q_[0M_K$?PVJ9+[Z#/\A)\!R@5)
M_;$C_#._LBN>@,7Q3?>CVE1]>'G(OJD1[:ZGDVKO4J.VAY['836_D;<=RPA6
M?Y*>@?'"G4M/91C&/CX^57*==7/OS<?(Q?!5I>EGW,@^6F^&598-CDR5+9AH
MF.UPC,KZ8D,L+5!)2Q+\@:EF*6AMEQ<@8_,@NKPZAN3%?CJ6C&'$.(SE.8T4
MB*L!F3N@5U,ZY4O9\_M(8)@KV/=[,6H`(VCC>!O4R2VW@X@DBQ:R"#[;*L$^
MYBJO(,1*SADDR"D+>Q'9'.9X11/K[_>/R5#\)F>TR;3\W3L=JOHB=K8`,]<<
MO]7_`))[5/V*;^C)W#D7FUY-_8?'VPP]FQ>I^N($^4BN0ZF*V`KK[K[.S<VS
M-G\EG^5S?L2TWQ5)Q<[%C6*KQ@EA)?%R5K7`C)7Y[&"'S_J_-?XQZO"+.%FL
M$*J@"]C(QC$V$'@O3I$.O@R]F.2T-)\<1A5?`PB)DO/?5G"&F([#CKBLXQC'
M"*NH71-33J):`$KIGVN%UL-J,7K457C-@#22-CTV[LB,>GZUI;0_L&5E"`K;
MI1*B86<X)F$*N-;%X:E1XD4>DBS)WE[#6_K1J$5?*G6J4?R6NPZEE)NPCD$%
M4*O]I`=A8K-@/R9YH`WD$Q>V1+)%:9*5QQKTA]*<J;QX$66>LIP]9]`ZGL=F
M&)%&CM.&%Y4=LZ9LC$EHAA<J`7B%+%8[>>Q"/CG6IS$685(R8#,E,5R2\IG*
MU$6=.$3A%Q)[]PS'^2Y__57>$7+<(L?2MLZKA)LZIFS-?1$TF9"'7-4JYUQA
M-1($I680Z!9\NDD8`3)\U.66&I?I+==QY$XRKX<(NRP;/6R9DS7!MA!D+#76
MQSM@`P2T"69!-%V%2A+AD6Q(<G#&RD9"G(^7T(P^WC*D>;&/'A%SG"+IFQ=A
M4_4]&M&R+^82`IE,#RCMB+YA$2:X0Z&G"G5,#`\,@7)RW59PVS&B1WY,AU26
MVFUN*2G)%@@_W1Z_5&?3Q]S-;!H[E[#'S]<F7C1.]Z:&<&U6K6V[V51<]9=:
MBPE8F`*=1BA.7%)R(<F/"CI=6WA#[&72+,6K=M43<U:>M>ORD\@,AFB=<*13
M-<LM.L0*PAG&T$@=CJ5R$`+372T5+S;F8\Z&PZIAYIU.%-.MK419(X1<*9K=
M>L>1&;`#$F\@#4*R`\E1\4A]'L(U+Z!QP9\TT[\D6@IDN89D-^5UO"U>56/'
M/"+#QCJQUL/NWE\UHC4Y-_9I.`:V`_+HE<=>MY@9-=)PBIUW(_U)Y%DD^Y)R
M\O/J+D.K=5G*UK5DBZ/<.R==K1I_3/7W7T_>FTZPU$!RJ)KUR!7]<:J3'C8;
M@0]N;2?C.4?5<2#"93E`=M)"SN1<)7!"RD8^$O[;Z1W=SB(=W;^OX-L[&F;J
MBN+IKI+N]:#0_9>-86W-]4]D3_F,>Q_9GOH2L":_:)#;VK3-<CF&\&M]^_DW
MR<7^)I4`_<3Z_7^V=(^QFR.T&R<W^R!:!DQ5]0:^47J/7C7Y)@R"=B2<5]<O
M%CW%8Q[C>?`K;7Y$+U/U^"'%KSE/-EM.K.+VC?08;HC8RX6)\\<<N6G<R7.W
M+'/TO#;E@$6+AD:X@P8UL<NDF.XOKQO%=?D+&2;'W$N1?WCA;R$,;41M(8X@
MTYO(/A?PKQ#6KJTMO#<E]EMM+33+CC+#+;>&VF8[*LMLLLM(PE#3#+:<)0E.
M,)2G&,8QC&.6&A<71->XU>X`DDU)<>)))XDD\23Q)XE4T')>OX9^'PS\?N?#
M[O\`<_3YRU"^J3/MF_NAW:_*DKW]5/K9RG75S[]W7R4'S35:CI=]R[;Y2;YQ
MRZU[M)(J'K/4LH"EU2`;A=EK`X(FWJ?)%TV*25U4[*LPG[+/A8S,9$MR'$Y<
MPUE+CN?!M*T97A:<;I>^2+>4$D18V003T+S1H/=.IJ(\'M\N'-<_4=C)-IS,
MD#S&98:A@JXCO6UT@\*^US5-E9[@;3,27F25:U\`=HURJ^L]EB;?$LE,-KMF
MP-H[=UM6S'I*L-CB:Y$5:+KJ`:L$-]=B4W"(2D-3,?)I<>LA!NF]E[>F,L80
MUW`@N+Y)(VD$.>&T#&O(_.=DD!W9U.KY-@K*,=E\KN\8Z2,M+7#2R..1P]RT
MO+M98PC1Q#26]J@QW=NZNWQ#-CI9VD5220J,VR!MOE1M7M4,<)I!DMJ2M5*\
M2X[MS)YUQ4[,*VM,(B2[S]EP5:&1<*@P?GG?D\>?=5XQS;6;NBX2EDA`(X:H
MM+@"XZ00]S@:R$M826LJ=&1%M^R>T7$4CPU[08@7-)+PV5SF>X&MS3&&N;2/
M27'M.TC5M3])D9;Z9]1V\XSC*.L>A$9QG'AG&4ZJJF,XSCQSX9\<<IN>!(5M
M`:BJJTWT,&%.^7:%!08.*(AT'J02AH)0(A!$,E#&;I5#(Q$2V7DQ2$12LY:?
M;PEUO.<Y2K'+&=#88IK&]$K0X-N&D5\!#&4*@#K*][,G8Z"16V>#0TJ"_B#3
MP'Q+A)E0J!),Y!&HU0B@I/P5*((5H)-03*I8^524(HE074SB28OZUB0[YWL-
M_>>;R_#D\.L;-X(=&TAQJ>',TI7V."AMMQ.RA8]X(%!1Q%!SH./`5XT6+]R!
MPX^OU*:/#B1\V9V&Z:1)DR",@PY<R(,[5Z68&19<J,PT_)BC6,^G';6I2&$?
M>HPG'PYHW4NWABV1D9(V@/,+02/$'-I["W#I_)(_>6/:]SBT3.H"20*L?7V?
M#XULI<IFK:+72UM^Z&^/RO\`N5_6=VERYG2K[B6'O)/GI%4[J1]]+WRQ_-,6
M3.2(M'7;^I_]H!5_R-]Z_COZT\KKUXYXWRS^U"ITZ+_[1_H?[53,]S3^SZ[A
M?P!;#_>.1R!,?^T+?ZQ'\-JFN^^@S_(2?`<H%2?VQ(_PSO[(KGH#%\4WWH]I
M4?7AYR+ZI&^VC_G?WG_*%UQ_52T%RG75S[\W'R,7P5:7I9]S(/EIOAE6$6S8
M-;U-J"P[0N+LV/4]=Z_(W2ROCH$DI/9!UD"Z8*.0QT-#DF9)1#B+RAM&/%2O
MT<8^.(T4B*+PKW$=`D6`\Z3%OX8.Y(DP;S8I]<'2ZQJ(C]NKGK,'#V+8Z^>-
MAL(MU\U\6'"I81XV/D.1<.*D-L.LNN$6?M%[\J._01LS60]PK$RME1@L[5[Z
M$:K]H&?7ZG7;Y6"$@='GDV,#K)3;8/GQE)>RXWA]4>0AB8Q)CLD6;^$3A%JX
MZE&4M@OVH'X9I.+C/A4`W]OFX?6Y,[[%Q>VNK7GZH]U''VY>F7AJI.6&_MC/
MG(+-R$H4A'SRF6E$5NGN&UJ='K^J]OBMN7+6YO4E[<.U]L3#/%:M%F3*?<09
MBVG!E(T1O"W+=&U8U.AJ?D1HX-B),=5)6E_Y97"+W-7*?IGMK5U^31][BI@K
M04J=*I&H<&S/8(I-?AS)DF-K]URKU>R9NMRDR%/07W1`:?&S-2XY''O-J2P1
M19V`1[DK]O>Q4K05<W>=W%:1>U;&6<>E[0HVTM-T0^O9YJLZVU+>NQ]8K]WV
M)>JL:#C*Q')$$MEUC)>2\%I"%BVN$77;RUVM(;.)SR0CM$(#SM@8D]CQ%9G[
M7F5J+UGDW/K@_1@VDY%(?<'3;T*J*K.R:S0\YMKC+5@^:\93XKU"*S+KHG9L
M?JU1D;,9L3EVQ53.)35]EOHNK5:43-9I:;J^ZU,G/79BC9')*8E?XVHAA[YE
M7K^IGA%*3A%0?>/;^[+%#%CE5P2/'T2+MO8&Q"6M<[>K)V?MVY;';[,1'MEC
M;O;-.S54T2'_``U");]>*0YJ5+AS68RL>DE\R13+ZZ]:MMZ][*L[+ME4UG6`
MP?0Q#6%C.:_G!HX/:EN,&-9V+%^"T850ZH7IAZ7.JY-D]@H1*QE,,BF1B&VT
M25)(K)>$6)-[:O1N?4URUFMZKL?:B%"90J[T<5LJGN/#2X\S'C6>B&I,*!9P
M4M\<EJ5&S(C.J96K++S+V&W4$41!?0%ANF$JL5VFZPI_0W8C3E8;J-+C5^MZ
MP(=F=AD[Y>C^M:\0L%@Q7P`&#D57P0?+[N1P(2EC$M7KN9P19YZG=<V.L>MS
M-#BDJW)CF[W8;RV%HU6GTG7M058(XIB17*'52]JO!@."7*&+(/)E%YSCI2?+
M=2IIIQN.R12*,F@U<%3SMA+#`(07&<F$S!F?%%BAT1K'B[*GD)SK$2'&:Q\5
M+<6E*?T<\R[&POLI>1X_&0RW%_,X-CBB8Z21[CR:QC`7.<?``"2ORYS6-+WD
M!HYD\`%IK]?YVE]BZ=UD6":TW1V-V69K(XA=CU=O&VAE5<M,YQV28?M&VKGL
M.K:Z9DN2G%*D('2B,EOQSA,;.<83R_\`M[T;K&SVY9W?4>/%;<F?:1.>R_`=
MD'.,;2XMQEO'-?ZBXGZ1%`RO.0#BJNY_=>YH<Y>1VV1FCLVW,@8!)4:`XZ=(
M;4TI2G(4\*K%Z`=(>]Q?M28<[FX[:5S042OV\P+C3NQM\C@B-FA'PS]2KS\X
M%L"0=^EOQ,OY5\MF&Y(9:RVIU+3CC:_0SK_C_01V[TOLLCZ/N%V5/U4AOK3M
MMQQDEBC$<AFG$5RPV[GMD#*"9LS&O<'=VYS6N;^;_?.;=::+>_F,AX&CC6A!
M!\7%;0'MXZJU]HONP_0]05W.OZ,?ZH[)MABEA#EE<J<VTL;QU>A%ES729H@(
MCGE(.S<.3&F6Y#WS3GJ+7E6>>-'I`.GO]P0;@R4LUUG+TS&>XF>9)9-/=:`Y
M[JN+6!Q#&UTL;V6!K0`I%Z1Y7(Y&VO8[Z9\L<3H@P./!NH2:J>6@KXU8%[H'
M\P+M'GQ3CPUJ_GQ7CS(QX&1'Q4GP5YDX_1QX9\?TN0AB/VO:?6H?G&J5,G^S
M+GZM+\VY:N%^7V!LE?MQ/6*.U=.'3;[95#J[L0%V3*79DK7M?["B4^UFW1J:
MR4C'MP;`(PI<6&!??U[5/HXWZU&?5+=CIM1-]KRV1?:&\C#I.`TSDC2R32>.
MDTD<0:,)AC:UI>VKM(K';#%PS,9>>9R.$;:N88`VCGL+FBNH4B8""7@32:G=
MV1I!68;*&WP?:[8PZ02[*U!9;2LXN$5-<.8M(K=P.S6>:NKT@Z>S8J,<'WP-
M-C1A<K7T<9%'UZ"PR_Y"KZ'VNTEBRLHOFVSKMI?`7#W0<R5KGG2PNU,<)!0#
MN:!HI4A]*8$+\;&;)UPVT?IN`#2FDQ.:T:G@:7M+""7"8N+GDD=@$&]CVRO'
MYWNMYL>"OY4%:\V/TE?R4.M7FQ\?'/PSROW5W[^77R4'S35/'2_[EVWRDWSC
MEZ7NEB!-@A=.@1X6..`S/9ZPC"X8O"C$A14;-ZG]FF)D`B/F-O1)L*4PO*'&
MG$*0M.?#..<72B..;>]O#*T.B=#.""*@@POJ"#P(*_74R1\6S[B6(ELC9(2"
M#0@B5M"".(*A-`TGIL4[6'QNJ==PGZ6/+":D\Q3P27:\-/*G+.0A;F865QV"
MZRDI4G'CG+RY;ZEYRIYW*[<MQ.-86%D$8,8(;1H[(=74!PX5J:TI6IKS58'9
M"_>'A\TI$A!=VCVBVE">/&E!3Q4'B"Z=8]!Z-$4>8R+T[K,>U2PUQ/5)$.E5
M]C%<-30ZGY1,3Z<#&8DQU\9%7Y\?%*XD=2?#+#.48TN'Q<-N.Z@B;W9);1C>
MR32I'#@>`XBAX#Q!<S,GD7S$OGF)DTAU7N[0!X`\>7$^R?&5>#TC^/3#J+G/
MQS_)@T%\<_P4U/E"CS5UU6)NS^?IVJ_@UZH?O7NCED.A/T&^^7'P&*OO6?\`
M:=C]7?\`#7@Y/ZAA8?W?_FM2ORC>H7];'2O-!ZG?<;(?(CX;5N73W[YX_P"6
M/P'K9!Y2U6W6NEK;]T-\?E?]ROZSNTN7,Z5?<2P]Y)\](JG=2/OI>^6/YIBR
M9R1%HZ[?U/\`[0"K_D;[U_'?UIY77KQSQOEG]J%3IT7_`-H_T/\`:J9GN:?V
M?7<+^`+8?[QR.0)C_P!H6_UB/X;5-=]]!G^0D^`Y0*D_MB1_AG?V17/0&+XI
MOO1[2H^O#SD7U2(]MAAJ3:N]3#R,.-.=A-;X6C.<XPK'\E/0.?#Q3G&<?''*
M==7/OS<?(Q?!5I>EGW,@^6F^&5/"]ZCK>W]%V?3YR26#US8=&D5DM-`2FXY6
M)&+C&X[TB(N<Q/@OY3\//'E,2(4IOS,R&76''&U1HI$4/P_MD:H'P'P<Z^7B
M=4[=-BD]R4<>+H57INTYH&Z6S8-*82#KE3'HUP#I]KNLZ0S`K2QK$WS)S,]=
MW+SKQ%*?K[U_@:%#V>.J[VS9-EN)8$0L-TNC5>C&9L2HTFLZZJ(I,.JA0`5B
M*%J52B(6M$;#LN:Y(DN*RI_RH(I!<(G"*BC6^EZ5`8[$I']UNIYZLFB-`-V*
M0`V;>U;&HMH1V`J5E"/WWLQ"[(.=CVJ\=G!'@0\).M:8:B3[<2/Y8>'1SQ%.
MCLYTTF]A=HTR^9N5:CUH/70M>N-`N-%S<(5K%T[8@G;X*NC"BK`.8K-4O5]K
M`9B]1'(!+%E`"H\'&8V4>KDBD3UWU,[HK2.L]12+!BTR:%5H(*4=:&_18$V6
MWEQ^4D(!^=)?9ZM1)#ZF!8[YF3]/'-LQ_5=]+SJ(LS<(G"+B3W[AF/\`)<__
M`*J[PBJA]QHG<I^].J^O@VT=NZ[JQ_7'9VVV")J79]PU=,/FZ<9ZXC*R\:*T
MLH))$HH>)=">&H[KJF,+E97E.5)3G$E]+=O8K<N>GLLQ%WMLRT+P-3VT=WD;
M:U8YIY./`FGJ*/>I.=RFW\+#>8F3NKA]T&$Z6NJTL>:4<".8'&E54?VM[/Z;
MZ61*1.W_`-L>]P"/L.0>BU=5?[(=CK2J2]6FQ3I;$M`V[8S"2T@U'\F5_P#W
MGFSX?J<\O'T>]"?)]=YLA;]-\5:W,N,;"ZX[Z]?;Z1.9!'IUR]JIB?6G*@KS
M"AZVZ@[[NZB"Z:2VE:Q0CG_1KF'-T:SMNB7]LTSO?V.'0[1JDO>:3BQ=ZMHU
M^PHS+JTXK7LSZT7V8V0@E,2$M9S#>;]3"_O%)SX^'-3W3Z*&4VQFLCMJYVQD
MY<SCKB2WD\WBO[B+O8W:7=W+'J9*VON7MJUW/B%]CZA[X%TV&2YX=X`:0Q4I
M6AX]W^%7F:![S]8)'7W19:_]L=$.W,EIO6)&WNF-RT!1YZS3:2"DGG3,;Z_\
MVT5=*/.JD)<0E>'<JQG&,_#E5(.@W7"X`[K9^YS7QXN]:/9="`K*.RF-!XW$
M/\MOXU2_V4W/T\W!W4[&G;IM<'>0(ZL=?1=`?#WK9$\+%AJI]GFV.+7H5`*X
M&8RZ8D(7*RAK+BW\X\V<YQC&)ZZ5^C/U%O<?<NW)M6\;*)R&FYBBB(:&L_6'
M,(%2[Q#P^JH;ZE;CRUMDK9N`NY60&W)?W3Z`NUGB?5I3UE41=/<*ZF5WM^SU
M2JO4B]['Q-V!3*$(O0#=>R`TP\_<8@)YF4*I%NG@9")$>2;]!MB80AMOJ:\^
M7VVUX5CT$P/_`/,O'9/HF[K%E\GA\68\;=7<EI-9-E;"+9TH+9+JVEF!:YL6
MLOBAD<T.TB-S@0=&9G]X.M?.792Y;V2:%YX4KX02K/*9J;:0SL-U*+Z]KX7J
M>[8.Q0ZIQS478]TW7M3Z<6U-MZ9.CF@!`^[I2'`DQ1>?-#>79VTR\,/95GT,
MMN42ZD;8]'[I]MWS^*RO-RY5LS!2)K</CZDTXR&.7)7,=3Q:UN-<X?QAP(V?
MI]N#/Y;<0LKC(7$K#!(3K[3>`'$-<?=>(D4'Y)6Q,&Z7:<<+0;3ME=O[)W4=
M*5.@V;L-8/PA0A,_*T.(FU;6V(8G3=%F,.(QEMX%7!KR?_+SGX\K[?==M\-L
MY,1LT66U<#*S0^##0^9ND92FBXOM4F3NVD'M-N[V=I_)"G-N,MM0DN-4\H\,
MAU4\C>#&_P#5:%25U%4K/5S0*/'/D:U?6FFD>/WK;:(ZDH;;3]Q"$IQX8QCP
MQC'+";.)=M>PD=QD=9PEQ/,DQ,))/,D^$GBJB[J`&YL@!R\\F^&Y2)YLRZ%=
MNZD?V@8[\C'9_P"/33/*W==_I..\D_\`8*>>BWQ.1]_#[4JE[[H?]G_VE_@S
MD?OP(Y"&)_:UI]:A^<:ICR7[,N?JTOS;E!Z;^W9?_2I'[*OE^K?XAGO![05(
MAR7J\Y5]4FO;-_=#NU^5)7OZJ?6SE.NKGW[NODH/FFJU'2[[EVWRDWSCE^O<
MS_;'2C\JPQ_54[+\^=)/OW:_)3_-.7WJA]R[GW\7SC5&/EQU59=:NG^9=R_[
MH6C]XI_,>Z^CN\BY(?C6^^'MJV?I'_,OZB?DP:"_%34^>?!YJ\JK$W9_/T[5
M?P:]4/WKW1RR'0GZ#??+CX#%7WK/^T['ZN_X:\')_4,+#^[_`/-:E?E&]0OZ
MV.E>:#U.^XV0^1'PVK<NGOWSQ_RQ^`];(/*6JVZUTM;8S]0WQ\,_SO\`N5_6
M=VERY?2K[B6'O)/GI%4[J1]]+WRQ_-,63?#/Z6?^3DB5"T==NZGXSCW`*OXX
M_P#X;[U_'?UIY7;KQSQOEG]J%3IT7_VC_0_VJE3[LTV6,]LCOJ3'OJBD!G5+
M=A(?*2AIU46?`HIB7"DI:?;=8=5'DLH7A+B%H5E/@I.<>.,P/BV"7*VL1)`=
M=0BHYBLC145J*CP5!'J%3C,UKX7L>*L+'`CQ@@@KY]3GN:^X2I:U*[46/*E+
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MZ&U*4,V"%O=CUR6$`*OKY8#7YB9V[EV+<.UZ3<)=(MU%0-B6P9IRGU(9-^J5
M0<'9S*S)25@M>&&T$5@_1C=5PW)4]AN6;8@3<D"J66CQ*_M>N"`0838OM?I?
M6FQ[+7FXU9Q@&X[1[7<)D!"FOU]F'B/&F*=G1Y+[Q%.7A$X1:WVK]YQK!9^S
MNW<7BRR,Z_IVK-=+AS-W#RUG'(LW:(&TW+#6>)U?K@.I`YCJEQY,*<(LDJ=X
M)8BR1N/F);Y%L@\(N.+P9!,24&Q"Q$#*(#IL&,<$(&N%@S\N,XPR6%H-#C`=
M9$<XYAYC$N)*C9=0GU674>9"B*FJ]A^SK73+K#K-V3OUZU5PT*D=C;9,KNY;
MYLPM17*GO,56G2+^H[CKK9-UL;^TQ%4D&HH0S$F18<IJ7);P.4ZVHBQ*Z#[A
M3C8B;<:SVE#/22U??[4!`5IVM90CG7YP_P!9WJO4].F:S/PW8]@`:XU:6#CU
M.2FVRVV+!F7ER7/&_,D5KG7.-LR!U9HT;9;-@5=6ZJ:Q)8OI!]VZ1:TX3-.4
MN-<YJTD9LJZ0:,L<T4S)6N4L@AWYAS+WJ*R15W>ZO;3-!V_U^O%=JCEY-U#K
M1W?L8VI-FAU<P=D!S74^=F(^>*^:$)AI:94X^_E#SB&4+])EYWR-+ECI#=26
M6:O[N)G>2QXUS@VM-1$L5!7P>J>-!QH>1C#JK!'=8>SMI7]W')D&-+J%VFL<
M@K0<2?$.''F0.*H\[,U3K-[B&UM3Z+V56#EN/4'2%WVW$&Z_W'6*8?C[*.`=
M*V![4,82;A2'2+SE5N,*;(*R\PHL#'D1X.*^;Q&OYT.]*_J+T(RV0M^G`QXN
M\I9QNN!<Q=^2ZV.J*.-NN+22VY<YQ)H06T\-(0CQMUC;%^0U:(C<MC!<QQ&B
MLC>])'+M,+0T5)X\N%>T4XI5-<];NO53!]>-=U_6>R.OK]/@V&6IJV7:JVQ_
M3]_/18ECN#&N1==F(C2Z[$&QIA.;`*6<@3RJ!&\8CJ'-"WIUHZA]0,[-NG<%
M]=,N\X]]S*V*XN6PQS2M=*YD46KNXXFEH9&T.%2\!K26T)V/9YY<TG>^XMYZ
MTH&AS!(QM0-9=4AQ<0`6L#>T>T"-KSI^+&1.JO61V*.@1G5=>]+Y4['AQV7,
MY_!M6L>.5MMI5G/ACP^[SSRFOKVZ'^<S2R$\3J>YU2>))J3S/$^JK>Z6M/9`
M"I][';1IFLN]?95%RMD2LN7TUT]UW3HS[LK,JQW2UTRR#`8,;$AMO2'GGY,A
M.77<IPQ%9QEU];;:<JY/W1BZL;/$W+[W2.\OA&VHK5[F1!K10$U/M5/($B`N
MKUI<W>8MO-V%XCL7O=_DL:]Q)-?^DG@*E0FL9#H*0W!:]IVS1D:7ONC6"N6"
MPW8SUBV7(V9$,PPYHP`ML4FY1'"I-@)5]>RB'U&/EUJ(-@MOJ6EMV/EVUMMZ
M074##[4DV!9[CSEOLN.)]N['MDN66HAG,CI(NYTAACDK(7@`@ZB3[H5C%F,R
MYA8V-S#;R`Z:31Z3Q:"/=T!+GAM#Q)-.8-)$U'=^L]B]I.G]2IUB=-%PO:L.
M2<?2$/1`9@>/U'NL08FU6RSQD4!;8P$R1CPR"QTB3B%*?0V[Y5*QCE;.KV3L
M[[:LD%L[4^.XBKP-#VP.R2*.H>!TDT/`T)"WSI;C[NTW3'/.W2QUM*.8)!+0
M0'-!U-J`2W4!4"H6S-RKJL@M*?JI=;79TTW75"V_?JU+KO7=QLQ$M%400I,2
MP$Z36Y-/@ZAJTRL0Q-AE41W,@P7L$TJIF7/(X$I;FH8>:@VWVG/>2VEK;6LS
MV`8R$<6\`XP1Z='9`=H)U%U7#40TEPJ(JL[G@@BOKNZN8(WAV1DH6NHXM$S]
M1D<'$MU\&M8&U#6Z^R2"[R'-R;IS"U^&JNQ-NJW=`ZJ5V]7:O6"IN-U0M8"&
MD#<K-=JE;9H:H]SW87N2L66?)=D,1@21;(Y#3CD_`]>9+?935"R"2<W[;`.>
M',H"XPN.EHT-#GZQJ=2M*-;3M%IQ8K''UEDFB@^SS>N8QS7=H`2CM.=K[$0;
MV&BE7ZBZO9U"R/VNCA,_W/+27[':[G58>@.P0O5UTO#$IFU6S6D/>.@E!RY5
MV<)!3B26CSY.'%F/1&G)<*(RYG+F,X<7#_5:266UQKI2YP#[H-+N9;^8I7R'
M4`?"T`\:U,I]+8V1OOP&L9*66QD:SW+7D35`H2!V=)(!X$D<.2L[]T/^S_[2
M_P`&<C]^!'(LQ/[6M/K4/SC5*&2_9ES]6E^;<H/3OV[+_P"E2/V5?+]6_P`0
MSW@]H*D0Y+U><R^J37MF_NAW:_*DKW]5/K9RG/5S[]W7R4'S35:CI=]R[;Y2
M;YQR_7N9_MCI1^588_JJ=E^?.DGW[M?DI_FG+[U0^Y=S[^+YQJC'RXZJLNM7
M3_,NY?\`="T?O%/YCW7T=WD7)#\:WWP]M6S](_YE_43\F#07XJ:GSSX/-7E5
M%G>3N/UGZP^X7V(`[YVL.UV7MNH.KANNPIM<NYQ9,5`8W..F3&W:I6#\>.EB
M;GT\I>6VYG/QPG*?CRQ/0^62&POG-@NI6=^VIBAEE`)8V@)C:ZA-"0#X%"O5
M3`9?,7]G)C83*QD#@XAS10E]:=IP\'B6`/\`>Q^W?_29`_\`J!N+_9SR=O/I
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M1MX7$K11C)&M'`#D!4\3Q*C[-XK%7.4EFN;6VDF<15SHVN<>R!Q)%3PX*-/\
MJ[MM_2T[-_QVWO\`[6Y*G[LMI?D7O^FW?Z9=5]AX/]1L_P"J9^);`/YM5M?;
MFSO<!W!^%+;6SMH_1NG%H^B?A&NYZX_1?GMVZ@^?^D?6Y<KZ?\_\JSZWI^7U
M/21YO'RXY5'TG-L8C;GV-]E-F'?><ZN\FEF]SW%*=Z]^GF:TI7A7D%M>V+&Q
ML^^\R@AAU::Z&!M::J5ISI4T\JV=O=T_LNO<#_)%WO\`B].<K%AOVS9_7(/G
M6+:)/BW>]/M+YB2OU2O^=G^_SV-?[L^4J/QR7YY^$6[S^:K?S1^UGY7\G^KY
MHCGFYZ2G^]J[^IVGS06WX?Z`WWSO;6SD#2E8$0E2<*2H5!2I*L8RE2<Q&L92
MK&?'&<9QGXXY`R[11]!=B^ILV=J\96MHZ?DR+=&LR-3?12@%V'-A!29>MV+%
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MC"VA>Z`LE"?QE3$T<1L'4V'.AOI3E*LLRHKZVUXQG&<I5GX\F+HG$R;<MW%*
M`8W6#@1_31**.K[W1[>MI&&CVWS"#XB(Y""HX0==T,8;K]E'4ZNPK%5:]+J=
M=.QA<9HN)K<]L$S,#1B"4?,JAR&:P/1G#BEJPB*A.,XQYL*M"W'V;)63MC;W
MK&%@/A#3IJ/)V6^P%75UW<OC=$Z1QB>X.<*\"X5H:>/M.]E8;V/H?3@ZDV.S
M#]>@H9NAZAM0:I2XV2+3(<>!IUO;KR,#4SOI1"56V[!/2,E2V)$H;B=(Q&<:
M]9SS=9?8BPB@\YC8!+%$&MIR`:"&\.1TASM/Y.IU*:C7-M\E?OE$+I7&.28%
MPX<27-U<:5`=I;J`(#J"H-`K\NH_\U'K'^3UI?\`%O6N4.')75/-4R=H*+'V
M'W1[5!I!!P6D18>BM[;E,QD2G'7M;I=O[`SR+=9]-DR_6D17',9SEI#N5X2K
M*<)S8SHO:"\PMU$30-OXY/'QC[AX]G32O@J5`/5NY-KG+20"NJPE9XOC"]E?
M6U5]6BP1L#K39K34[A6*UMI-<QLS<]@VGM9TU29-DA[&K)(:R%"Z@.LA[Q2C
M,:C!08<1`D)C$6EE!XSY1Y.(TJ2TN6[G;LTL3XXKBG>W!DDU,+M;:%HC-'L.
MG2&-=0@N:W2>RYP,7VN7AAF9--!J[JW$<='Z2QP-3**L>-9)<X5:=+G:AQ:"
MNO:IZP0-5=V>KNVF+(.GD+KVL?C3XXJFL5HF75;=?;CMROML<:/%&[7%HCPS
MZ95&6H8_`8(\N,XJ4KP=Q%W5;"C';;FN@YI,MPRM&Z7&L@=VS4Z]'N8^#=#*
MM.OFI)Z:9=U[N&&R+"&QVTE*NU`:6!O8%!I+ZZI.+M;Q7L\EM<<K4K"+68ZB
MO.YZM:$:RZYEK&LZYG#>5JRWC.&5YQG"/'RXSC.?TN7GV8Q@VMCW@#7YE!QI
MQ^*9X537=0'^)\A]<F^<<I%^N_Y,M^L[Y,Y\V4>HOR95E7FRK*?'PSGS8\?'
M]/FS=W'75I&KQT"U]=JZE+4OW!1ZUJ4M2NF.S\Y4K.5*S_[<],X^.<YSG/*X
M==@&W&-#0`*3_P!@IZZ+?$Y'WT'M2J7/ND.M,>WUVJ??=;888U?,>??><0TR
MRRT6%..O/.N92VTRTVG*E*5G"4IQG.<XQCD(8HAN5M7.X-%S$3Y!(U3'D@3C
M;D#GYO+\VY5SS=I:L^=E_P#M1UG^VI'W-@T_/_XJ_P#TUR],&8Q;86!T\8(:
M/#ZBI6+*\I\3+_(=^)>K^%+5O_O1UG_&#3_^V><OVSBOY^/V5]\RO/YF7^0[
M\2F)[7)<0<7W6)`BPHX->[3`D,D@I*$6'/+9ZK=;6WD,SA[\F(ZMEQ.4KPE>
M<I5C.,^&>5'ZK3PW&][F6!P=&8H>(Y<(F@JT73&.2+9MLR1I:_O)N!!!^,=X
M#Q4>/?S["RNK&BNJN[85+9V#(K';P?`15)%DS4FB&+'UT[$@UO*.I!V/,3,%
M,WU<)^4<]7*?+XI\?-C,Z,V%]D^H=G98T1&\?%/3O'%C*"%Y-7-9(1PY=@U/
M#AS7;;RQ0S6WIL<Z3N@]S#JTZJ:7@\JMK6E.:US?]_19OZ((G_X@WO\`8SR[
M?^"=Z_D8W_29?]44*_NSB_7C_4_^JN#M'OPV676+-$SU#$MXEUP]%RY_*">5
MZ>)(F6QESR?@;3Y_3POQ\/''CX>'CCG#<;(WH8'ZF8W2&D_29?`*_JGJ+],Z
M:QM>UWGQX$?^#ZORJWC.D.?'I=U#S^GU?T#G_EU14^>;1YJR"T=?SD#.<>Z?
M9?#.<?\`ACZ^_<S_`.GMR\O1Z(Y(VUFJ?WC#\P5K.>^.C]X?;5%'F5_Y6?\`
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M_;#3(UU["'0N`>#K!:7:R*M+:D$1R&H!`:Q[B0UI*P_-YN'9/'E_R]<>RK_O
MS9G4FSZ;W9VM=;90[+7:G9.H9^`%.EAZHD27/_#+JZ6W!=;6KYL;-E0XKK\=
MJ6TPY*CM+>9PXTA2\5']*_)X^^EPL%G,R66$W0>&FH:3YO0:O<GU=)-#P-#P
M7?8-CVB0N!`.G^%;.ONUH9<]L/ORW(S)Q'<ZG[O;D9AL)E3<,.4,RA[,.*IQ
MI,F9Z:L^DWE2<..>"<YQX^/*G8@D9>T+::A=PTJ:"O>-I4^`>,^`+O)/BW>]
M/M+YVVXM3ZOH.S-<U9[&S*)!*1HCNW*H:=KNP=A:P5-M!2(%'3G!T*BUM%_/
M4EB&1G5]YU.:^0E*B2)*UM.-->L.)S&5R..N[MOFMQ(Q[O-Y&ZX89Z,!<X5,
MK^Y9*7,;,!^>8T/:P`@NT:2-C'M;V@/".9''UA6G@\"[7-Z^ZLA%]]!V)NX;
M&<U-VKIFG`M1JH.O$3=AUS9;AL2KM+'R5+4Z>VP;D4]AB'%:@1A\=Q2G%?,Y
M=0PU@Q[CRSX<?,YME%!>8B6Y=)(]X:R9D<,G$?Q+=HD)<XO<\CAV:%SOT88P
M7CM$MD`H/$21[/!;@?YNO1:G0]#]MJA4)1.*F)V?"NV@/(LHJY2:/?)76W0S
MUNHL:]!P@,)<VZL0QB.X0BPFF,R/5CIR]Z'KN^?772^N\CU(NKN\#276]OH>
M&.B[V(1CNY>Z<Y[H^\;Q#'.)I1Q#=6D;7C&M99M:WQFO&M#7B*^&BO`O6LW]
MI:.L.KVK[<Z(J\TW[//7>HN@\7`'"*0V&9ZPCYP(8#LR)$'+C'G=ANJ;0\I2
M,I<PA:8A6>JU0/M@7T+KZ/IB1NL`:UQ:(@D1L(SFBP*Q<@`'7787>.^M7B-4
M"J6P`I(2+E>Y,"22'HK:8S(_+L7S8>2S'(IS]6='7C3PV^D]E6"I'+M?S-*?
MGHH0TJ)J0\3KK5-%U.!^2B&7Y$_)(S#I624O.<X1&5,3#;RZW$3(>(I5\(F?
MN9_^7_U<(M532E&KCU)[E19#6@I$Z#H;5Y:`33K[4\>)%'$3^I=@2'(IJMZB
M%GB?7>);!RCQB98WBUTB5PD#+0YL*<^R4?(MJOA$X10$]Q325^WWIRH4RC@S
M5AC0]FQCUP&5F)K`W9'*^SK[888<Z)J6["@;4EMS&NAL2Z_'-O\`EA1D.$(*
M<DX<)2"*`/\`(X[.+,UPE;]-QK21KYFN6/?L\;>:?88'9_6"#?6$D*Z^CG[U
M;(1VT-ZV%ZV.1DQKE@<&DX@X9;F/-6`@X@BM5ZZT2]:UZM4>CW-ID7:`-6--
MR`<@C]HDU,),)FB5;HF"T66J//<HM6F0PV'F77HV<P?%I3C7D5DBJ8]Z7M5J
M[J)N_I/L3;,6[2Z^>U]VYIT%NB5C[5%4EY93J\8:7*@9(C?0'XAAGL*>\ZO!
MS*4^7[[QQ,W0Z#)3[IN6XRUFNY_,7$LCTZ@T2Q=HZBT4K0<ZU(4>]2<+>9W"
M0VEB8Q*VZ#SK=I%`QXYT/&I'!53X]\/I(K'BD9V'SC*L(QG&GV\XRM7ZE'CB
MV_JE?H8^[GEJOL[=XYX/(?\`E?I%"?[NMP?E6O\`6C\2ZCL/WLNEY37>PQL4
M1V&S)GT2YC6?4T^E#2)4ZM$XK.'UXM:LM-X<>3E6?#/E3\?#F'?XW=KK*4.P
MM^UO=DDGNN``J3\9X@N:#I[GV3L>76U`]I^-\1'J+<-ZD8RGJGUD3G[N.O>E
M\9\/N>.-<5O'//H<E:@\U4_MO^?9W!_R'U@_%Y:^68Z%?LJ\^LGYN)5YZS?M
MBS^JGYQR_?)Y4.+J#_\`K]Z2_E;UW\2>]^1#UI^Y_P#[B/X04F=)?O>WZK+[
M06PARIJLZM93J+_->T+_``9US]@7R]6S?NICOJ4'S3%37=?WFR'UR;YQRD5S
M9ET"[=U(_M`QWY&.S_QZ:9Y6[KO])QWDG_L%//1;XG(^_A]J59_]YM"7/:G[
M]MK1AU#G639C:FE(]3#J7`SB%-Y;\%>IAS"O#*?#/F\?#PY"^WVM=N"P:\`L
M-];@@\B#,RH->%/'7A139+\4ZG/2?:7S=B_56V`=E0-3V'5M8K=[)5H?=E"#
M[-,%1PM2)U%R_I/V@O)=0(K$`93&ED"'SKS*QS32T2$MNH4WCU9$FRI["3+V
MUM928]D[HM3+5CBZ1LO<Z(VB+4\F6C&:00\D%I((*TBMT'"-SGA]*^Z/*E>/
M'AP7O6?J#=:<`.60]K"F,0`$Q+$J)"D4,L=G#'#(:N1K?7ZZ*E3#5DH4VPV,
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M'>??<REMM&5KQSFZ!WAQ_4ZTOA%),8;6\?W<8!>_3;2'2W46MJ?&YP`%230+
MYE&Z[)S:@5<WB?*%I6571<JS[4V7JM=XJM?GZV@;DFJ)G$%6\6Z3IT99R<L)
M51<&)-DOF[&S5W51T2%QX\5G*W7WDI:SA?HQ=Y]EIB;7+"":2.Z=;#2S3^;%
MRZ-H=(XD`-9W@J6@EQH&MX\-1;%JD='4`MKZ]*\O+19Y=Z`6"96:@2,;.#@A
MFP=6&[EAY^ML-R_F54W65C%UZG,'[G6(%SFE,;>'P,9?EA7T3X<W"8[K#33[
MVK7?4&WTWEM!:22302F&@>3S=<1N?)HC>8]/F[WT#9`6NCJ]KG%K>=MH>R2X
M`$5]H\.(KS]3PKZ1_4H!,JG53K+5R$8G#GUOKYI@!.AFA;P,S%F!]<5L=)C%
M@LEQV0')L/1U)D17%J7'=PIM6<Y3G//*T\35;NM,OWX?P?2/<B[40;C6PA&Q
M)]OC1IC7%E,G9T"16;8*VM;&U,UL*S)BCCEA.AR$IK&9.)"H\-M_++/G5EYJ
MX_HQ?:3<-<R64LC;;[?MVS,:P$/C=9S<7N()8QC@T]FE7%NIU!I.O9K1W@#@
M*]T:'Q'4.2KQT'J+K&QKNL-;$M>J+!MEG?%%>V%4SYFP1+&)K[`O=$!>I:VY
M)@BM56*"<F@`Y"43Q8E"YL^;#@2)42.WE4JP&X<SNIV2E.-AO(\.<?*(9&-8
M6.>76Q\X?0NN&%@?(QK.YUM8U\C6/<>QU<4<&@:RTR:Q4>'P\!X/%QK3D%*S
M4^N.M0_;.GR5?KM#'VU7:OJB>B3(TBBL$-?7>+N#IF_'UZ;8"["+D*E>C!:7
M</EJ]58IRIOO37VY$YI(Q&(L.]6,GNB78%_%<RW#K/S=K2")2)HC<S@S,+H6
MB2)K1;5FN'17`#6EL9[TE_86+(1=-(`U5]3@:#ASX'GP%1ZO!?09Y1E;*OF(
M=Y]EP_Y4O?/4%G;M,X!GW(M\;%C/"S$?*0T079-NUZ:*!BRJ)`^#,,E[4Q+?
M>2E*'$1UX6E3BD*3Z/\`07%O_=UA\S:]RVX\QN82'-/:+KXO#GN;1Q#6QEH'
M@)%*"H6H91_^=R1NK34T_P#9_P"=8LU[OG4X>QT`A=Z#;Y5>U)INO5#6@&KS
M*Q+&B]PQCZ;A8]P66MV5AL!<?FKL2(EX(Z;YF43DCLR\2F(7R[DE9+;^8GMK
MB.PN(1<WEZ^2=\@D#G6Q9W;+9CV'7'2)K(WO;Q+#+HT.DU##9+&'`N!HUM!2
MG/G4@\^/&GD\2V3OS>+M0)VSV4V5JID!:<%`W5T%89)ZQR:DYAAVCVVDT2>\
M@H"#0K9=B>PI)U)B8_8YDS(%]I4$5Y8;SGC3[TF<`_"S8I[C$6SR7CVZ#**!
MSH7:.[<XQ1A@<&-,36F1K0Z3ME;!AI1('CCP#?%ZOAYFO/CR\"OG]VN3(A^V
M'WZF1'WHLN'U.WA+B2H[JV),67%H1I^-*COMJ2XQ(COMI6A:<X4A:<9QG&<<
MK/B&M?E[1CP"QUW""#Q!!E:""/"".!"[B3XMWO3[2^:5<-K[2O[SKU\V5?KL
M\XN(IQVVW"P6-UU0^60FCU.N%R$Q;BX,TK*>9RK.<MNR75I\%.+SGU^ML1B<
M<XMQ]K;P"KOBXV,YT!]R!S#6@^,-`/`!:"9)'^[<3Y35<2,O=X"F7;&&N=L$
MV%\["M+YX98C$`T_9QLJ9.&V1XI%F-3G3X^:0D/,3%+S(9=?<6A>%+5G/[EL
M+">`6T\$+[81F,,<QI:&.`#F!I%-!``+:4(`!%`$#W`Z@36M?7\:W;?S86[6
M>X]6NV5GOUM.VHSGMKB)(L-N.SS9/,*%UYT0S!BO%2\F3)S%B-J\C2,K\K>,
M^"<8YYO>D39VEAU4N[:QBCAMQ:6I#6-#&U,0).EH`J3Q/#BMOQ+G.L6EQ).I
MW/RK8>,V0L)U.5L=*BURPGPU-D3PL&P69NKU>45@B/7CLV*U)A%L5\*VXG"I
M<O$:0J.QA2\-KSC"<P>NR5:3'N0;%%UF9?K'JFHS=?:]CU(GL"QU\Y:8DO9%
M0VQM396J]1;)T*#.5]M^?3S\G7"RCGU9UO,L?,0Y`=D1_0E2B*:?5W>=SW(-
MO@[8]8K%9N]`,TY@BU2#1*PU.<(V'JZD;7KKD$D6'"YV20H?=/ITU*FO(Z]"
M^:;\C4I#+1%*?A%P=EAGYX`M#JQN'7+'(A/-A3A$-]HAXPCX>,:5/!8(AUEH
M2',8]5A$N*MQO.<)>;5X+215KU;HT>#4;9=*>U1TY&1+:@&F%'!!=VJ'V&7#
MV=6;U,?NBI=X9-QZA'9K[>&:K#FO0)*8<$<]*2)CIC8(K1.$3A$X1>-UUIAI
MQ]]QMEEEM;KSSJTMM---IRI;CCB\X0AM"<9SG.<XQC&.$7&'584"+J3G"DJ%
M3E)4G.,X5C,1W.,XSCX9QG'"+4)_.P5J:D^WRZC&5+:F=J'4)QA*LY6V/T&M
M&,)5C*59RI./AGQQG]'EGO11`._KX'D<1)\_;KI<Y]%;\H/:*IDK6X:W:+N]
M(+;'Z_R:[J'2FOQDIJWU;4]--=E[U8(SMLOE.AV<C28H@#2D7`TZ+.241_J2
M:\"AQ8&%2)"GDVBNL+=6EB&PVN1%S>7TSAW<EQ*VRB8>[BD+&RESY>[:'Q-K
MH[Z5[Y.RT-/2MD:YW%S*-:.8`U'F16G*O`^&@%%$;M2?IIGKAK*#'L6KSVP@
M`G8<8@]K.(,CQU:\(:^I*ZM#,#1]/J,^D2ZN;'D(+@@NLN4F%%D"N9?R\QK#
MG?8VVO8+S,2.CNX\;):DCORXGO@;CO"UQDD$HD:6/$D8CC:P1PZ-3#3B>6EL
M8JTO#O!XN%/`*4\1J:U->*^F_P!2OYJO6;\GW3/XN:WSR@'(+>5J.^Z[V/[B
M:Z]WG9>DNJUCJXES9>INO=A,1#VKA^PGFG055V&\:L>7'',E&1->J8A^7(C1
M6G7741U>DE;JDHS:GH1M^TO=G97/7N0GLH+6]8RC&QD/+XX](K(0`Y[RUC:D
M-%:D@5*T'=VVL5G;Z!]_&]\K8BT:7EM!J)-0`:^$K$>T.Q?>'5+5\^T'946N
M37[?=LUP2UU9U/&O<W4NN;AKZLV>]E-3&+T(N<XC(@WA4UJ./4IF'AF.AQ4A
M$A]^#)>)Q-]ES;^;Y&4-DABUNHTQ"XFCF>R)MPV-T0:#%I+G\75<0&EK6R:T
M_IWM6.M8I^!-/SIK0$`FE*^'_EX/>ZK=L>RU^]T;V]M2WC;54V1IR\70)N,"
M\,UMKT(5S*FZ$WEZ(]5UU\8*U\XY5CT2;`FK@*]#YQAV,XE#\=U.-)ZM[7N;
M7IG/F+V\GDO;?+,MGQ.C#&U#B0_2X"5FINA[&O%2UP<"6N!7>;9VK@\+F6W>
M.CD;,87`%TA<*.`J*4H>7/P+>RY4)2.OFK]0=E]V=F5?<+%?[5[?KU#TC1=N
M-46E5&5I*,1<M%7J6R;;0P:(UJICY5O7@*-2L_59O^,OYPJ-$0YAZ3EYF^N.
MV]@<;L[;4KY[]MWD+>Q,A[S\TR*1T$<NC3`[\X>]`B8YW`!SS4,HZ,KK:NW[
MV_N;B>SA=*9'N)J^KG&KJGM@<^)H%+@G?M^@[YK&N2NX_:@M7K-8)FJ;[8Q9
M/6>1FN-C1)^HH3T^\RXW5<C+"%_6V4Y"C!A\4P`E%W!;6+%Z+TM;/V+`"?'W
M5RRYNF7,48N(6.?%JFA(N"!$"X![:0!SI'NCF;&)3YMJ:P.XCLW:H>T>8Q%I
M-":R<#PY]KASY"HK3M*57YNSNS?^V_<'[#BM][6N.SB>O>KAH`(Q;V:@T_7G
MOP[52&>C1LU`$'AK5,EAVO6RIR4CS,X])?E\<JB?TD=M8S`.P<V,EN98[J"X
M>3*\/X#S<MTTCC(!#N.H5Y<!2BV3:F*QV+%PW'P,AU.;JTZN--5*ZG.Y5/+Q
MK84]YG^RJ[\_DS;*_>=?*\[=^\6/^OV_SS%M4OQ3_>GVBOG<C=\1(MH#6$Q0
MVS'TS4071<^#'M,L0V5U\QJL_J:UI0^@1-5`L=C%F6IT6;Y7FQDR)C&693;J
MTX]8[O;[WQ36T%P6:K]]T"8P[3,;AMQ'PU"K&.:6N;P+VN]TP@%:*V45!(KV
M0WGX*4/K^TLQN=Z[%#F1;)7-8U$9>*[786N*(;-SY%PK];U*(L]9MP.J$Z86
M&M0;39Q!>J1O2/.R(ZL)6M:8B'TL/,]"-@6SV&UN;J9]A)*9I6M`C>^X=&^-
M\C96N)C8YLCJQ!I\`+RTN:[E\Z=74&C4!0>&@J#2GA/#G^!;@'YN;M>9NWK3
MV>V//J]8ITLMVR0)=!4^&N"#9Q4.KW6>H-3&F7%K<S*),@TONY5G.<*7Y/'.
M$85GS]ZY8AF#ZDWN,CEEF8R.%VN0U>>\9WE"?$TOH/)7PK:L9(9;-KR`*D\O
M4-%CK\Z,GRA/2WK86@N89GB>[>O2D%[*$.89FC=-[VFPW<MN84VYAJ2PE64J
MQE*O#PSC..=EZ.\;)NK%C#)QC?;W;3Y'6T@/X"OQEC2Q<1SJWVPM)U.UKFW9
MY-T9DB6+3/=V4^3-,5\.U,*N;;AG1]WR44B)A$],N!99K,3#F,X'MO>$?T_*
MGP]'?LBQ-J+%P>;1H@#6E[J-\W+#%IX\*%C2ZGNR.U5:CWCM6K^-Q_#S]M=S
M+]JMMH`3&93>N#,:,$?=*Q+#J?7YV+<S`FN`@@.UWMHD"?\`M3<0`FGC8\(F
M_G$IEN-G&5*]>5Z_3S[4Q+(I98C=1RACRPLN)6F('O'N9%1W8C<Z1[G1CLDG
MEV6:>03R$@'21P\`X\A4^,\.:^H'U&LARX]4.L5OLY*09LMJZ\Z6LEA+R_3^
M:*G#FMZT3+$I/I(;:^8G3Y3CJ_*E*?,K/AC&/ASR./-;XM%G\Y"QC/NGV3QQ
MC/AUCZ^YQXX\?#/U[<V/''Z6?#/+S^B1]VLU_P#D(?F"M9SWQT?O#[:HG\B/
M#R^1/EPG*,8\N/#"<XQC*?#P\/+G&/N?<Y;6I71+/O4=II/<'IKG#;>,M]P>
MJ249PA.,H3GL%KGQ2C.,?>IS^ECD4]<B?W29WCSM6_/1+.QGT^+WW\!7UA^>
M7"W5?*P[_P#\_P#[X_EF]E/QKV7GISZ/_P#NBP_O)_\`YF9:9E?I\GK>T%$S
MDQKKUL>_FNO]H#O'\CD_^.S4W*9>ESRP/_N__IUL.!_\7_J_PK:R]W3^RZ]P
M/\D7>_XO3G*A8;]LV?UR#YUB[^3XMWO3[2^8DK]4K_G9_O\`/8U_NSY2H_')
M?GGX1;O/YJM_-'[6?E?R?ZOFB.>;GI*?[VKOZG:?-!;?A_H#??.]M;(-EU]2
M]L:I*ZSV/7H%MH5[IBZM<*N5PZH98*Z8&8AE0Y%#+K+CD$A$=4TZC"L86VK*
M<_#.>0,NT6,P'4OK2+?HID5J^NSI%`9()I1$E/,V=4&(6D3YRF5R#A8K@W"A
M3"TI\<W-S):%NRGEP\,*=7E1%DG56G-8Z0K;]1U33A5*KLDFX8DCA?S3F))%
M<`>):D2),Z1+F/X@A1$.!$0IS+<,="CQ&$MQV&6D$62^$3A$X1.$3A$X11C[
M;Z]LFR]210%>JZ-@,#MG:?M]NUFN0`CIV=0:7LRL6:Z43'VL("*G,=-`!CV6
MX167%&$G&DQ);S4=]QQ)%Y.LVM;OKWK3KO6UP^4#6<6`)PY(CYS-DC4X06,&
M2%?HT<A&E,1R":#6R,0,AUEQ<528'ZRI37D5DB@U[HWM/#_<[QHE5GWJ3T^[
MHN1LIX<Y6M?P;4FPHV5&I4>:U.;,6D=\C],^Q+2FE-Y7Y_65A6,>&/&0>G'4
M3)]-,U-F\5!;W%Q-;&`MFUZ0TO8^HT.::U8!SI0G@L2\M&7D8C>2`'5X>0C^
M%5._\*52OZ<-Y_B-J_\`I]R:/^+'>7]VXOV)_P!,NO\`L*W_`"W_`(/Q+TB7
MYI[1R0XB-<[R7MMLC`F0''$:-JV5MMS8SL9:T8S?O#*D)=SG'C\/''..;TK=
MXSPO@=C<8&O8YIH)ZT<"#3\[SXH,';@@ZW\#ZGXEM.ZPH1/6&M-=ZU@'()2#
MKRB5"C1"<P/(9E$H]2KPX`R0DL,F,LL/34#\.J0G.4HRKRXSGP\<U:'`47=J
MD3O_`.PN"[Y]H3_9\GVFM>J#5@HE#H\BKUW68H]!CLT5DXPP1C&)ER%D$NDT
M'%^HWY?*C",8PK/CGDP]-NLN<Z9XRYQ>+M+.Y@NK@2N,XD)#FL#`!H>T4H*\
M037PKK[S'QWCVO>YP+13A18.1^;I;#;CE8S?N?;T0@W8XUN*/HU374D9%EBR
MP1!HNT8Q?,%X#ZY]7&/O(C/LLR7QL5QY#BX[*D;:?2-R1<QYP&#K'$8VC1/I
M#"'C3I[[2121X!<"6A[PT@.->#[(9_.R\37P<_8]0>PLJ]>?8+DZ4[=Z5[?6
MONQ>]PVW2QR47&5VP:BJU<&%8KU+M],B@TO@K7E@`)@,W&1*0U"B(;S(QE64
M^9UQ2M8WEUHRF\-JG:+\=C[/&NN63DP]]K+V5XDR2OU:JT)=4T``(``7-;XY
MEO/YQK>Y]".-/X`%L(8;.^./--$YQXX\<8&3,9SC]'&,Y+*QC.<?H^&>0PNQ
M6I\G\U3IT<@0(C^\NP1SLZ58W,*C:6K:)#,&SOD5$Q69;5^9=>A2H)-V*^G/
M@F0PI27$Y2I2<V2P?I,[JP>"L\!#CL;+:V5O%$TO$Q<X0AH8YU)0W4"T.J`*
M.%12BZ>7#02RNE+WASB3PIX?67>F?S:>S1IHPE']S;L&P1"5YVHA2#-*6U.$
M5-Y+:7JP+EM[43(@5]U+*/-#:4B.KTT>*/O$^'*[TF<T]CXG8'`F*23O'`PO
MHZ0<I'#O*%XX]H\>)X\2OGV-'6O>RU`IS'+Q<E-3VS/94"^VON;8FYJ[V+.;
M<)[`U<QK!P+8M;#*M"$PFK:.MBRS4H3;24B9*<?')9]-6$)PE65>.<X\,QUU
M,ZK9CJA)929:VM;<V390WN=?:[TL)U:WOY:!2E.9JLRSL8[(.$9<=5.=/!7Q
M>564]M^N<CMIUDWEUH.W-JFB=WZXL>NYUK$5U1,E7F+#$S$65AC9IQB).?B8
MSYDM..(2K/W58QR-[&Z?87T%_&`Z2":.0`\B8WAX!IQH2*&G&BRW-U-+3R((
M]E:X.?S4NEJSE6>\-Y\<YSG_`%&U?]'/C_\`K[EH'>EGO)SBXXS%U)\4_P"F
M72_85O\`EO\`P?B7\_X4JE?TX;S_`!&U?_3[GS_BQWE_=N+]B?\`3+[]A6_Y
M;_P?B5UGME>W,Q[:>E[YINL[@E[:C7S;97;,NP62DQJQ*@32E-I-.4%C#Q%D
MGL.Q&(U):>PZISSJ<?7C./#">0+OK>-]OW<TVZ,C%##=SLC:61:M`$;`P4U.
M<[B!4U//DNSMK=MK"(6$EHKS]4U7[]S3VZ6/<KTG1],6?;\O4L6C;<#;:B6*
MMTF-9I<Z<'I]VIZ0LD>7LD".W#D1;LZ]EU+GG2XPC&,9QE7/FQ=X7VPMS0;H
MQT4,UW`R1H9+JT$2,+#72YKN`=44//FES;MNH3"\D--.7J&JI0_X4JE?TX;S
M_$;5_P#3[D]_\6.\O[MQ?L3_`*9=9]A6_P"6_P#!^)>M,_-0:3,ARX:N\=Z0
MB9%DQ%K3HVK94E$EE;*E)QF_>&<I2OQQS\O]*_>,D;HSC<71S2.4_A%/YY!@
M[<&NM_X/Q+:+T[K0CIW46J]1C;!",C]6:WHVN()B<%?C32T2CU<768Y27&8,
MJ8C2"#0O#RVT94EM2\IQG.,>.:L+NU2W[AWL/5_W!.S$SLH<[.6+5I:=K:C:
MY?J@/5P>S#?EZ-.MDZ*5;(D[@.EI?GJMCB5M>GE*,-)\%9\<\E_IIUDSG3"P
MN\?B;6TN([N=DKC-WE6EC-`#=#V"A'$U!-5@7F/BO7-?(YP+13A3^$*$/_"E
M4K^G#>?XC:O_`*?<DK_BQWE_=N+]B?\`3+#^PK?\M_X/Q+OVIOS82FZKVYJ/
M:[7<RYGI&IML:SVM%!2-,5R!&.3=9WD#>80:7.8O+[\.(4E@4,.NMH4MMMS*
MDXSG&.:YN_TC-T;QVU>;8OK#'Q6EY&&.?'WVMH#FOJW5*YM:M`X@\%RV^(AM
MYFS-<\N:?#3\2VB\M'?'X31/AX_#&1DS.?#^[]7QXY_^CE>5VRUC-]?FS=1W
MIOC=^\Y7<:XUB9NO;FP=M3JU$TW72<.OSM@V6?9I@:$1D7>-)G0QT@@IIIUQ
MM#BT)QE6/'E@-E>D/N;9&V;7:]A8V$UI:AX:^3O=9UR.D-=,C6\"\@4`X475
M7.)AN9G3O<X.=XJ>*GB6*?\`A2J5_3AO/\1M7_T^YM/_`!8[R_NW%^Q/^F7#
M]A6_Y;_P?B5AOMH^R8%]MO>=WWC7>QYW;9.Z:FEZG6`L.M!56'C8,VXUFX.F
M6Y8FVD9,F8F166V,-*PE'D=4KQ\<8QR*^IG5G,]4/,_M:VM;?S+O=/<]YVN]
MT5U:WOY:!2E.9JLVSL8[+5W;G'53G3P5\7E5H':;0,KM)ULWMUO-6]BI"=YZ
MJNVK"%I%5]9$E7HEU`S03YB$/F'&8LZ4/:FY<0TXM"%J3C&<XQR,;6X=:745
MVP`OBE8\`\B6.#@#ZA(XK-<-32WQBBULL_FI5+SG.?Y<-Y^/Q_U&U?\`T^Y:
M,^EEO(DG[,Q?$^*?],ND^PK?\M_X/Q)_PI5*_IPWG^(VK_Z?<^?\6.\O[MQ?
ML3_IE]^PK?\`+?\`@_$KH/;%]MJ-[9^IMEZKK&XIFW&=E[7>VK..V2D1:O(&
M2W:-2Z-@-%@"+*08>BHB4MI_U5KPO+CZT^7PQC/('W[O2_Z@;EEW/DHH8+N6
M*-A9%JT`1-T@C6YSJD<3QY\EV=K;MM81"PDM!)X^JI:=C-<WJ_=9=N:QI,Z*
MY=;)K8]6J_Y9+U=CEGGQ>8WT*03S)E+#HLD5+D!R7A7A'3)RYX>">:<LA<!U
M"UO8]9ZZMHTU2T:N#6+;VR;I0-1MR:T^G5=!L9K$@)45,THF;I(IZ1):DE78
M(>;+'072:F&G5^3.>$4JN$3A$X1.$3A$X1.$3A$X1.$43]O;SWS1]IBM=ZSZ
MDW'<H0K1)5RQLR%L>B4FE0B0X[&#$J//?LCBID*U-L$8DZ,V\VVQ/AK?5'<<
M7#E(;(I)U@@:+5P$3L=?55#Y`0/F&JPLI"-KKQ23%:=G!E&!O_F\HH;)6IG,
MAC]:=\GF3][G'"+G>$3A%5.)[X;X@RJ')OG6]P?6]Q]AZQI6BE:RC8!>9KF;
M(WA"UC<JEV!%SZ8,?I%M&4Q<BQ"#<?UZB85'=@IF-*^G/ER*UCA$X18SW1>C
M6K]1[,V/7*85V(>HM&L]K#T4)B4HM;"((1+)1`4%,"`6(K>(/1\-^6+#F2U8
MSG#$>0]Y&5D43=!=@NT5MW0+U_O#4FLZS6K?K2T;`K!/5A[8%M6"%5:P5<``
MLURL=IJ%4!QQF[&STJ<""*8@V,,T*>:FQI/Z^]$(I_<(G"+!/8W8^V=3ZP(7
MC36CI'86U"B8KY[7,"[Q:(6=K#SZD'SX:;)KEH4=(UZ+X2$B8\54XBVE;<7#
MLGTF'B+&72OL-L[LSK6S;&V+JVJ:QAQMG;&IE+:J][LUS39:_1+H>IZSA.-;
M=9ZP.5R8N:$6C,9^'EUS.,K6B,K.6$$4P^$3A%6[VIWIVBI>X@.J->@6J!K6
M]PJ9*&]FI.K7-P!:3+'`MZG]F5TO3H.QJI/GV0M.J=)%@VE1T(6JP2E-?.OH
M;99(ID:&M&Q+KI;5UNVW4DT39ECH]=,7>HICO0OH5BG#6'R,-8R1-)R@COK+
M\ZQ[TJ6\/4O,9Q]Y;2G5D66N$3A%4KL'OMV!$;(N=2JG7SY.%INU38MZ&7>H
M[R9/[?`GM\XU!JP3U\.C->-4HQ:+?6G8]C=EJDE!D9,^/&>]!A$XC"(K:N$3
MA%PUC($!->/%!(QPT4&ABA`:&:4I#I8A#@OR(8QI:&W5H<GR&TM)SA*LXROX
M8S]SA%61H#O)O+<VUM<Q"FD6J9K"_P!BFZSF5D]3]WU;=M*NE4Z_UG<>P+[8
MV;U0ZO5&-5U^Z6)-+:2\B+(E$'&),>4^ZXX-9(K4.$3A%&?M5OT[UNUV+V0)
MU=<-K#6[6P*MHBB@+9:+`#KCU;LY/%A8!TNM6LW+:58!4`:I?RN(T;)'#[[C
M;3:L\(NA]/=];EW(W?Q&Z*;3PIRH0=7'HECUR/V0.I4QG:U(:O6*`M&S0`0Q
M(O6M1TN&@R]'RN,ZDG$RMF!+^:'QB*:G")PB<(G")PB<(G")PB<(G")PB<(G
M"*H/O5JFT6;L+KC$(;3-RR]M44_6-;ZGV3==OT(7K8YJ4+;;[<=@U(KKNW5Z
MLR"=LA%QD!SYU$,TB;'A^B29@)E.0"*>_4HTU8^K_7TZQ=[#LILKI[7TW[>V
MV"Z-L]L6]61RG39Z%()&I+!68[XJ>P[/(/97XY7+EKSF0Z12%X1.$6O^,H5J
MUQV89R=LD":0UIVZTQ1-C=HA%LW+,W%<9V[R$*]TC5-IUX:V2Q2%4^QA+>`K
M!IZ(R2`C(QIIX6&C8AO.!2+8`X1.$6.-PTVQ;$U3L:AU&[E-:VFXTJR5JOW\
M*E]96G&#(F5`@6&#B)-%SL2!DE]+N%1I<.4GR^+$AA["'D$51W0EAT=O.@6"
M)!KFL*?M?46])%4KFLK9M^Y5C>1#5VTJ53;%?K_&VQ<R<VG6.MKRB6&\XA96
M;!/O(FED/LO#LD5W'")PBA)[@]?F$NLMOM/VG9"5S4SBMNWZND)5Y@5_9U$H
MH4V0L&N+*0UL=KUSAB2Z'&Y:%17W67)L".U,CR8+DEAPBQG[?P,W2;#V+U]9
M<0Z>:`&-4&\:3JU@N-SUKK8/<:!@L.+4JXW6U60@1D724W*;+1([`6%#G"<J
M8@+0_P#4R1%9/PB<(JA?<%U(1B[9H&Y(>NZWM@'>:W^!V\1[[U%B=R1^I1U8
MCW2Y5ZV4ZEMW>A'ZGB]%C;@DVZQ)F0ICS`I<B-_BV5\(K!NL=9$TSKSI>I@2
M-S+!J]KBJ"1A#88]8>ZOPX8J.RSBQ!%ML_09[*$^G]/2A"("$ICHQA+>,<(L
MZ<(G"*A/?^L[H+[2VNK#RMFNE]LMRK6V!N\=?UGM[=MO]=]?WBX3(54J&`U#
M+*T4)$PFJB5&#&9!$:.E"HKDHP'F85)41(K[.$3A%QY:))("B<"&1DAY<T?,
MB12\-N.[+%R9,9QE@C%:EM/Q'),%U>'4)=0MO*DXPI.<>..$5$75FM$J-VMU
MO4RQQP/)I-TONK;3ONJL]IC8KMULZL:WN&;'K2^'-IV<IKR!8!LB-*LTU;N3
M[:#0%V`((M/-248(K[>$3A%#+OS72)?K/=[%'N&*L#U6C.X+V-E2;O"![!U_
MK@:4L5LU[99^MC0"]PPIT;&R[G(Z0K+DB*RU(CRX;DF(\189]OD,:IUH[`4>
MQ,0J,2@1=(VV)HVIV2Y7;6VNP5\J!XM!L=3MUSMUEE2C%W)QIT,W"B10L"+,
MKZ7F(LA$K!4B169\(G")PB<(G")PB<(G")PB<(G")PB<(J;/>&MPP;2M#U<P
M2TP5`S]M@+#:M97ZV]3:_?;>#$&P,29,HL3M^3%Z\DB85>)%XI)Z&_&+-R9L
M%+;WRBIK3I%9GU\'WL1HK3HK9Z:\C88S6E*@7)NILBF*VW8(=>@1R+0=D!$@
M5]N$T^WE*<#H\<?XXS\JTTQZ;:2+,'")PBH/V,<LES]W>O#Z)/Z^7(Y6<4N!
M`GPK1TS+7/75/K$RB3MI@[C7SSDGMW#V&]4IM]9C)#,O0HJ9P)Q+D*/@UEXB
MOPX1.$7AD2(\2._*E/LQHL9EV1)DR'4,QX\=E"G'GWWG%);:9:;3E2E*SA*4
MXSG.?#A%0Q[9Q:X7+MSV3N4"5U\LX627O\G9FR-16/IY:1UP?LTK6\W6Z:;*
MT"_)W7##,'@UODNKOGRSTEB4SZ_SY)#DB.17V\(G"+`_:&S.4_KKNJP1K/KB
MG$(FM[6P'L6W2U<!ZU@'20F2,!)N!2WK15HPB:7F,QU?4<+AK4ZE#R'$*4A1
M%7Y[.,6QXT):R6!%`#:W(6>*Q4&Z<0ZLF")6RAVIXJZV`\4Z@.2M3NH*#HP3
M#;3LA99F<U.PMJ)!4/BLD5O?")PBI)]VQAJ[R]>4FZ=:MKW?75+%&-DQMW*J
M^F+_`-;*S;)4(P%BC]J5V_W480KL^F38(\LHP1ACPRA,F5`P3;^<E9CD5C72
MT(%K?4KKD#KA84<`#M/41@*4`3Z43KDH9D##<A9K$W7!JR4-ZK,QW$MC,"21
M&"B`AI+4J2G'K+(I.<(G"*D#OX.#V?LE2#6KH`R_;N%`Z#4QU9$ZOM-JR9D!
M=G$C"J7:-L57L;JL+0\06B4N3A@L((($Y=5-6B2AW,19%=_PB<(G"+7@$ZG8
MVA[FEMJ-XZSA'ZS,V:2W%`M@X;?@`7[*MU/9U6*[IKNV@6Z&P)^]F3H&CC2,
M:$$2^A)H@)DQFFH+LY9%L/\`")PBPKV0LSU/T#N6QQ+/KNF$QVM;C]#LVVBP
M0'K,38Y8.9!K3UX*V1QH#$K;I^3&:DYEYRPIM>4K2K&?+DBKA]FZ+8/P+7TH
MR'U^'UI.M$>'5LTTEU/,D3-N#$+1#MIXX4Z=9D:O6S-I^:HVVQ*>^JLD6"&?
MEX@]8^.@BN(X1.$3A$X1.$3A$X1.$3A$X1.$3A$X15[;2ZX=C7^P^TMS:?LW
M6&<#VWJ;6>K;!6^P&H[U?2@P5KZ?L>9,$"2M7V-5(;E0M*]@K>E#GXJT9DM*
M6K*_4\$D4FNM&J2VBNO.DM+G;%%MI?5.K:/KTA9(`^2)'&)%1KT`&J8,%3)Y
M24,&*Q"QB-'<DOK88PA&7%Y3YLD6;^$3A%4%1>BW:&O5O1FJ#NQ>JDO5FENP
MM2WE'LH/2FQQVZS,BM[8E[+,2?M++VQ.KD&[[!CD)@PX4Q!<Q,8)3<J;5A]2
M.$5OO")PBP-VCU"7W_USW7I(%8H%4+[4UO:J+!L!89)-AQSMB%OCLK,AH9`3
M*+A7VW\M3(K<EA4B,M;>%I\WCPBCSJGKQV.C=BZ%N[<EGZS1A6N--[(U&%K^
M@M3WJBEC`R^6#5YL?!L)FU[%MD9VK5!>N,K@CV8R$-R)JG$J1X9PLBG_`,(G
M"*)_;71VP=V@M/NZQ/:T#6W4&\:UN2!$V]3CEZH%@<KU1O=:BC2X.NV:J$TS
M!A*WQS`Z4B5GY0D+8=PC*DI4DBX/J]H?<&LM@]@]I;FM&H"UEWF5UP0<":2H
MEHHE2'2*#5957?/E(UKN-Q(F;;9(;D5F3+]5K_%!L5K.%>EC."*9G")PB@EV
M8Z#4KM-L8'L&\;M[#U^#7JS!KT'4]9M-!*:*D3()4J5Q<#.G]F:SV)2C]UD?
M4\1ESYL:1E,6*PVVA'D4I9%,.C51FBTVKTR,3G&H]5`BP$<L3A5L:0(,"HC4
M-J5,'TX!5JI!?=;:QE30X;!AMY^]:8;1C",$7:N$3A%#?>_1#K;OD:7;*ZSH
M-.MEDME<M=BVE3=9:PC;7(R0=C&6.9B-?C%-,'0Q8\X+2PZ8B.-&8B%Y=ARH
MTE+;[9%,CA$X1<'9PGVEK5AKF"9(+]H`98)]9"R/E#`GZK`D0/J8F5E*\1B4
M#U_58<\,^1U"<^&?#A%5=UX]MBP:=O\`HV^6"Y:F*&=4'VI\\_1-6E*6<=I-
M`Z]R^NFH-/4K,ZXV152U]+BVBP76X-*D2D%[<2SF.Q&9\Z\D5MO")PBB?VZT
M9?MYU75K&M;!KH):M6;OI.Y(,3;-0-7C7UC<IPVRPX@@^`K]CJQ-;D(H=CE8
M$A$KQB$QL=["<J1C*2+@>LFB-R:YV;O_`&YNFS::*V7=J-5,J#:0H-JHE:AO
M:U#V<.]9#C=LN=RGG+98H)V)$>E>HSY8(B(SG"\-I\I%,[A$X1.$3A$X1.$3
MA$X1.$3A$X1.$3A$X1.$3A$X1.$3A$X1.$3A$X1.$3A$X1.$3A$X1.$3A$X1
M.$3A$X1.$3A$X1.$3A$X1.$3A$X1.$3A$X1.$3A$X1.$3A$X1.$3A%TC9D\@
M*UOL$H)?>BE1M(M<\9)C_&1'(0P,^1#?8QX*_7F9+:5)^&?OL8Y^7DAA+?=4
M*+Y<H#W6/<8E`0<HA[A':%)"4&%R9Z5;(::4F:_`CNRTJ:R$\6LID+5C*?\`
M[/W/T.7VQ?2[T=)\7:SW=Q9"[?;1.DKE2TZW1M+ZM[\:3J)JV@IRIP6KOO<N
M'N#0[2":=CP5\BY;_>H^X;__`*%=H/XRV?\`L3F=^ZGT;/UFQ_\`VQ_3K\^?
M9CQ._J_^973>UQV#[N]VNJ?NCZ]L6[MT]D;8.J/5"#JX=;CYFPR1!&W;'O[-
MXBCI-89#'F!!2O`6%&&XCZ7\CV%92I&<^/*S=<-N;#VUN&SM.G\D,F,DLM<I
MCN?.0)>]>VA?K?I.@#LU'CIQ7<XV:ZFB<ZZ!#P[A4:>%/65XI[5O<7IM7C@S
M5=C/+';*SN/9%8IO7335JVS0*9N6KT?5-;T3H=0G9Q3:9^CZGW.6A6(U:SR'
M*^/8*80AN>"]1R7/A9=BOYL:]=^[G%[E4<FC>HB`(^RMEUK9=5:P=!2::-K6
M^J2Z:I6O%R]4(*[)/G=4I(N8DACFPHYV!&==6U79LAH*HBZ;K7M;WAONHG;S
M7)N]KT!N2J!&G7N)UQ$U:7K"R$]X[&KQMC6<2!I/8$^_:Q1J6OC'R9J-4-A2
M!A&2P[C#:9<J.&(O/C8_N!&=413=[JFXM9&]AZUUE`VS<-6=??MEM*->$]:]
MJ_\`FL5KZ75[(RW`-[M@AX)J5&%LI#IEH:0\*CRLD8)%<=UF'6<1UOZ_";O'
M+0[F+TCJ@=;HA_YCZ[%L\*A@8Q^.:^;=?E?5F"K3J9/JK6YZV%>96<^.>$6;
MN$3A%33[JFUW]>[#ZD`3/8:X]>-<W!OL!(M)VJ;8_`XW8+!60&O7J:)*6KYB
M'\QAC!8B\Q"]7'K*PI?E5Z?PWGI_C,#ELXZUW$Z-M@+=S@7R&(:P]@':#V<=
M)<0-7@K0T6F;ZR.=QF%;<[>:]U\9VM(;'WIT%KR>SI=PJ!QIP\?%5W?AVTI_
M_IQMC_X\_P#]P<FO_`W2;^?L_P#3#_K"B'_&'5+^:N?]#_\`27"6;?VH(=9L
MDP=[G&V\$8E>.2Q_I]\/5<^?C"Y;\+TVOKRO67\TA'@CPSYL_#PSX\XY=D=*
M6QN<R>S+P.'^>'_6%^X]W]4#(T.BN-)(K_F?@K\DI9R>L78WN98-'W)^Q1JU
M!.^VQTV6]V!N+>V7KE2MQ'SNU;)L"YZ7=HU[H=::W%!@RQDZ:X3R\C#C@[+[
M3L7U(SU8#SX<E8T<EWN];/\`=*K5@H#P%5F)AKE>]^3<,$=,Q2<89,K/9F)0
M]-:JL,"@Z8LQ,)K>Q:`CJL#I\T5JZI\J0]*39(3#+`YWXOJ]&O\`:+NO:*YM
M:S4^1NN^`<7#9M0GE1?7L0)AZC*U7O*0T_4<Z;+P-2W4AM^L+T`(+3K,1B5[
M8\L6^.C340$/2'1:2+VZ7M+OW+J=6M.R:WMW7LNQ!-.U[<.R*%U];N6V1PX,
M>[QP5$@&LI=%)0BQ`V4K^LT&_EJPG`H;9GIC<(>T_A\<16@=+Q-V!=0>K@39
M4:Q0MB">OFGAU[B6]J1'M<:X0Z``CV1FRQY<F;)CGVR[;V)C;CSJVY&%IRM6
M<>;)%)?A$X18UV<>VE7Q$"3JC75;V2:>))8(B;/L9W6L."+S%D.*(L%F:3>E
M3I*9:&F\1LQF<92YE?JX\GE5M6T\=M')7LD6\<G=8JP;%5DD%D+YSY-31H,9
MNK30W27.UZW<0&Z.-1P3ON&-!MV->ZO$%VGAXZZ7>Q1:X/O3]V?>>Z^Q^O"N
MH&@RE57:G=G8OV=-5//<14U(=%'^SF+`B9H6)B@ICY)3<QLI\WU+*W,9\/EO
MCZB>@AT%]!;J3)N8=;-QPWC;,6'F?VG<?X:T]X;OO^Y+<N[SS5HB[P&G<4;3
MXU:7N?*;FLQ#]FPENK5JT#ON6FE?S?9YFGC]96M=7=W>X#<NM6@;=LGK!02.
MQ+/IO7)^\S;/O:7K*QR[<6J8J<?D'M=M]>W6Z*7D%'G%R!"5*P.=4ICQSZ?*
M=]7-@^C=@^JFX\+M;=N2BVQ:9R]AM&P8EM]`VVCN)&0MAO3F0;N,1AH9<$`S
M-`D_C+O["ZS$MC#)/`PS.B:75DTFI`K5O=]DUYCP<D[6]80^_-F=(+O>=/2"
MAUG;BA&[V*]9K84"5[6[77KL`::!6(N$>K,,M4!^Y)0/T)<F%'P^1S$SE"%*
M0C%8LE%809">#%S/N,:R5XBE?'W+Y(PXACW1:Y.[<YM"6=X_2336ZE3W3"XL
M!>`'TXBM:'Q5H*^6@44OPP>Y+69/6B%*A;GL)FUE]>6W:4-S1=8C4>!7;=V6
M'42\ZVDN572]D(!$:MT1'=-^H7L%1GYS*Q.:(G/OQ$'"7Z49=1Z([PZ#M9O:
M]1`;GV;LV;K&]R!4K:U/!&6@]U-!>[5S(2AOT\)4O4.6&[LT]<EF5*\I5V</
MA..(:5#S'(KZ>KU@MUCUO,FVVQ;7N&8]SL\"MVW=>H!FCMA6.K1I+.19`K0A
MHFJ+CQFWG'H\:7*KM9E36&$NJ&H3E$B212,X1.$3A$X1.$3A$X1.$3A$X1.$
M3A$X1?E?ZA7_`#5?WL\(L/J_59_NY_O\P#S/E7Z7YY\7U=TJ?ZF;_=8_O.\R
MH/<'RK\E=PYS+XG"+"?7/_4I0?\`)LW]^27"+-G")PB<(G"+HM\_<^'_`-+S
M^Q+YQR>Y]=?MGNEBSG`N9?W'W<?W<<(>2D+%_:T?_`-?L:>9:QEY^$6&-`_Z
MM(__`'UVS^-B[<(LS\(G")PB<(G")PB<(G")PB<(G")PB<(G")PB<(G"+__9
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>10
<FILENAME>g7960443.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 g7960443.jpg
M_]C_X``02D9)1@`!`@``9`!D``#_[``11'5C:WD``0`$````9```_^X`#D%D
M;V)E`&3``````?_;`(0``0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!
M`0$!`0$!`0$!`0$!`0("`@("`@("`@("`P,#`P,#`P,#`P$!`0$!`0$"`0$"
M`@(!`@(#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#
M`P,#`P,#`P,#_\``$0@`R`$N`P$1``(1`0,1`?_$`-$``0`"`04!`0``````
M```````("0<"`P0%!@H!`0$``04!`0$`````````````!@(#!`4'`0@)$```
M!@(!`@,$"`(&!@L!```!`@,$!08`!P@1$B$3%3%!%`E182+25946%S(C<4)2
M)#0E8C-6E]<8@9%R@E-SDZ-$)B<9$0`!!`$"!`($!@L+"@4%```!``(#!`41
M!B$2$P<Q%$%1<2)A@=$R%@B1H;'!8G*2LB,S%?!"4E.#D[,DA,34HM)#8\,T
M1%65U8+B<Z.T-46%Q1?_V@`,`P$``A$#$0`_`/LWYW51>=XM[JLT;>MIZ_L6
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MN6,SN5C\H]V08_J%M+&QB*D(VV++@V$SUQ`YSK$>:N=:2*)A+W.<\!P<_E:(
MX?<'(>'O/.KM=!XZ'52?I?S`-P7"K7CD"YHNI:7HK6D]+4JTZHMMJDF_(68L
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M:@PO#">)/!W$@>+?#5RB[N=+E-M3D=SXJ^CF_+R4V'1+]J&IZ`O%$Y(U377&
MS34W+\;--7(AMCZPM6SF1+7!L[9874Q.-T:78AE&3L6R7<N8"I]<V*_M#M#M
M?VYRW<!VRH=LY'&Y*QF*EO"6+N<R<4><R=8^2OUZ#C7E=7ACK5'NRE+H2QB5
M^D8)=@6?/V+MN.KYDS,>P1N;(&Q,)C8[WFEW$:DEWN.U!T\5[.^_,^WG4%-W
MV^*TBSL&M=86_E;JZ-![3=@UDWZEXR4'9LH2^R^U)21"B3$)=+[JEXS6JL:Q
M":B8=\@]!X].@Z0)HMN?5+[?9IN`PES/OK;JRU+;]]_+9IS_`*#.W*,?E(\?
M&SS<4M6GD(I&Y">7RMBS%)`8(&R12.NS9VW'U9&Q`P1NE:/=<.,37'F+R>4A
MSF$<@',`0=3H0LF+<U^3-"VMIVE;CKFFH>G6XFB"6[9-3INV+)K\D]OBZR5?
M:4:2M]<L-N>Z#LU<:/H1K!N[K"!`WV4>F*B_A"]4T8I'V&[4;BV?G,]L>UG)
M\W2.6-:C8LX^"YT<359,ZVRM/#6;EX)W,M26X\7:\WB((@7UKYT=)?.4O0V(
MXK+8A&[IZN#7ENLCB.4D$],CW0TO;RR$\"ST8CV#\T#?M"T]7-_#K;3DS3]X
M1O(;]CZ"23N,=>:9,Z2F)-*&)N*9^*D(Z7CK1"5]X2:&+C8U2JS2S5B/J?FF
M6+--M?5*[<;BWO:[<?M7.09O;\N&_:MSDK/J6HLI$PRG&1<K'QOKRS1&KUYY
MVY"JV:Q_5.01G&FSMN&LVYR1&.42<C=7!S2PG3G/@00#S:`<CM![WBLA77GC
MR&I5OV;HV0::7>;IUMLB9AB/*=J[>^R0N=&0T!J[=#"5@--4^:7G8E&$F-J-
M(6PS\S;8V#BR`W<D!9=^FP1C6!^KOVSSV%Q/<"L_.LV'E<7%*6V;^)H^5MG,
M7\6^.;)V8A%(98L?):ITZV.GM3GJQ.,<==UF2]+EKD4DE4B(VF/(X-D=S-Z;
M7ZA@.HT+PUSG/#1P/$G0:.+7..V7+4?-KEM<8^:EJY3-*Z!Y%US4;6=5?L:L
MSG>">M=X6BB5&06:JD;,Y6S/W9OBA0Z'57%<Z?43%SWN[]7_``V#WIL'LQA)
M8(<I?SV8PL^1=$&/L.BW9>Q5>W98'`N='`R,=/GX-8(VNX`I0RLDM>UD9`2Q
ML4<@9KX:P->6CVG7C\:])?\`FCR8U'`:]@+C#Z!NNS]UWG3<!1%=*1FS-AFH
MT#L;6NU=F663O&EX^:4O-I;0K+3\BQK3]C-13:WKJG5%***P<)GU>V^Q/:G>
MF2R>2PD^Y*&TL#C\G-;&4DHTO-S4KV/HP1U,H^(5*[I79*"6]#+5L/QK&AG/
M<-B)S:YLG>KL8R00NGE>P-Y`YW*'->XES`>8Z<A#2'`/_!T*A-?>=G(]_MRC
M6^0-9]<J0"&HTK;J1K)S,14+/*TVT?,IBK)(>@/%5)V"AMK-],5Y=W&2/64C
M0:),G0G79^8?O6W/J]=KZVR\AA:PJ91MEV1-?(NCBDLP1V8-CR0,ZS0(I9<>
M[)W&1SP_U>?J/GAY8Y^4:N;+7389(>9FG)JS4@$M-D$Z>(#^1NH/$::'B%(S
M=G/*].KGQ'BV\C":Y@IR`X6\CMC2["UOH>-7@-VU_D^XN-$M[XZ;PC76K%+5
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M!X.(<X#DU#O=YO4%>\P!\#%D$F=HI)`T;A(J,$ED6*CX$2`[.R1<*KN$FAG'
M<*93J'.4G0#&$>HY^>-@US8D-0/%7G=R!Y!>&:GE#BT`%VFG,0`"==`!P4L&
MN@YOG>E<O+*]3")A$PB81,(F$3")A$PB81,(F$3")A$PB81,(F$3")A%U4[!
M0UH@YFLV.*83E>L45(P4]"2K5%]%S$-+LUH^4BI)DX(HW>,)!BX4162.4Q%$
MSB4P"`CF9CLA>Q&0@RN+FDKY.K,R6&6-Q9)%+&X/CD8YNA:]CP'-<""'`$<0
MJ7L;(PL>`6.!!!\"#X@K$6RN,W'W<4#4JOM#3NO[Q7Z&W58TV*L%;CWC2M1;
MF.;0[^%B2"D46D!*Q#)%H]CRC\$^;(D2<)*)D*4)IM7NMW)V1D;N6VEG,EC\
MED7!]F2&=[73R->Z1DLAU]Z:.1SI(IC^EBD<Y\;VN<2<>>C3LL;'/&Q[&?-!
M'@---!\!'`CP(\5TMUXA\7MBL!B[MH/55A8#8'=H,W>TV&*4\Y(UB"I,J[4,
MV;(**)S--K$;$OD#"+=]&,&[5<BB**9"Y^![U=V]L6?-X'<>8K6/+-K\S;,O
M")D\MJ-HYG$`Q69Y[$3P.>*>:26-S9'N<:)<=0F'++#&X:Z_-'B0&G[+0`?6
M``>`7>H<:>/K79$?M]KIK7#79D5%M(>,N+6J1#>78,6%>&H1X-#HMB(H.V%0
M,,.@Y*0'*,0(LB*%:B*6:^3NKW)FVM)LF;.Y1^U)IG2R5G6)'1O>^;S+^8%Q
M):^S_67L)Y'6?T[FF;WU6*-,3BR(F=<#0.T&OAI]SAKXZ</!>+A.-O#[201Q
MH?4FD=;!8=A4EY`B:!J\`#_8T"XE5-;,*T+PB/9,P+J5?F@8YCV@S4=.!9HD
M%57NWM_NGWMW[U1>S6?RIK8RTV;]-/-R4IFQB\^?EUUBF;'$+<TNO5$<77>X
M,9I:;2QM73ECB9S/;IP`]X:\NGPC4\H'AJ=`LO0VH=65R1@):`UY3H:4JKG8
M#RM2$;7HQF\@76UYY.T[-<1+A!N11@M?K(D5_+F3$HOW9056[SAUR%7MZ[OR
ME:S2R.3O3U+C:;9V/FD<V9N/A->BV0%Q#Q3@)BK!VO1C/(S1O!9+:U=C@YC&
MAS>;30#ASG5VGXQXGUGQ7Y75-3QNP=A0E5<T-IM.9)6;YM&$A'D$2]/47L22
MF4^W76)9K>NF;O86E!&1SYXF!%D(L4$CB#<2E]R;=Y6MM8R_EV9%^T(#/4H2
MRME-1A;(;5FM5D<.ES-EM=>:*)VK7V.H]H,@),\NV9[(^3S!T<X#3F\.4%P\
M?!N@)]6GH6/9;B1QBGKO:=D3>AM62]XNT5/PMML4E3H=Z]L#&UUT:?:ADB.&
MRC9P^LU1'TF1=BG\6]C/[JLH=#^7DEI]Y^[..P%/:U#<67AV_0FAEKPLLRM;
M"^O-YFOR<K@X,@L_UB&/7IQ3_IHVMD]Y678ZB^5T[H8S*X$$D#CJ-#K[1P)\
M2.!X+N+!QIX_VN_53:5CT]K^9V%2&\"UJUM?5N.6EXEO5':\C44R+BB!7(4^
M2=*N8@5RJC%.53K-!14.8PX.-[J]R,/MRYM'%YO)0;:ONF=8KLG>(Y#8:&62
M1K[OF6-;'9Y"WS$;6LFYV@`5/HTY)FSOC89F::'0:C3B/L'B/4>(T7AY[C;P
MWJ4GL*\VG4FBZZ_V'#VI[L:?L<%5(QO/00.&MVO[^84E2(L$HUX]A$9B?7*"
M:;I=FF\?&.=(JA9!CNZ7?',U,9M_$9K<-JOC)Z[:4,$UB1T,O*ZK39$(]7E[
M6RNK4V$DQLD=!7#6O+3:?2QL;GRR1Q-+P>8D`:CYSM=?1PU=Z]-2O27'C)QE
MW"]2N%STYJV^2$O+M+G^IW];AI-U.2"M5B*FC*.IA)(5)MC)4R%81ZJ:RBS1
MY'-&Z*I%$DDREU>#[K]U]D0'"8+.9?'5H875>@R>6-L3!8DL&-L9.D3V6I9I
MFN:&R1322/8YKWN)KEHT;)ZDL4;R3S:Z`Z\`-=?3JT`>H@`+W%'TQJ36<1)P
M&O=:4>EP<S&0<++0U:K,1$1<E#UFMLJ;78I\P9-4FKJ-@ZE&MXQH@<HI(,$"
M($*"90*$?W!OK>FZ[L61W+E<A?R$$LLL<L\\DDC)9YW69I&/<XN:^6P]\\CP
M0Y\SG2.)>25=BK5X&ED+&-80`0``"`.4#V`#0?!P6+X_A?Q/BJ-8-:1G'S5;
M"C6B8A+!.5YI4HU!L[FZOV!4Y--=-(KUB[IQ$RDAC-U4AATR@1GY!?#);9[[
M=X[FX*VZK>Y<Q)N"I!+#%,ZP\N;%/KYB,@GE>VR23:#VN\R3S3]0\58&,Q[8
MC`V&,1.()&@\1X'XOWOJ]&B]/!\8>.E:2JZ$!H_5D.E2FD(QJ96%(K[?T!M6
MW5S?0:<:9-B!FYHY_L:P."'`>\7$V^5$1.Z6,?4Y#NSW/RK[<F2W!EYWWWRO
ML<]J9W6=.VJR4OU?QYV4J;"/#DJUV`!L,8;6RA29RAD48Y0-/='#3FTT]G,[
M\H^LKS-1X7<2J$F*=0XY:<@2"XB'/]RH5?[@&NISZ%<;%.LR5.6.K;2U22$:
MU`0;1[9\NBW3324,0=KFN^W>;<3N;-[HSE@\LC?>MS?Z8PF=V@<!SSNKP/GD
M^?,^*-\KG/:'"B/&8Z']7#$/#]Z/1KI\0U.@\`"0%O4;AOQ4UH^BY6A\?=45
MB6A74(]B9B-IL.29CUZRI)*5<6LLJW5D4DJKZP[)%I@KY<:DX43;%23,)<HW
M!WQ[P;JKS4]Q;ES-NE.R5LD3[,AB>)PP6.:,.#";'2C-AW+S3N8UTI>X`I%C
M<?`0Z*&-KAIH0T:\-=./CPU.GJ]"DKG*UG)A$PB81,(F$3")A$PB81,(F$3"
M)A$PB81,(F$3")A$PB810QYDW>]:W+QFO-94OJ5%K_)^L*;X4H%=L]M=DU!)
MZMV]!K*V&MTZ+FK#*51#8\I7%'7D-%BMCE3<*@5)$ZA.Z=C<!M[=)W7M_*C'
M'<-G:4XQ`N305VG)1W\;*!#/9DBACL&E'=$?-(TO!?$S5[VM.LR4LL'0E9S]
M(3CJ<H)]PL>.(`)(YBW7AP\?0JBXK9W,-6]Z8NTP'*V>&=VG9#PNFYJ"Y!:E
MG34R0Y[[N0AI^"GH.LVS45I!IH)Q`DLM3VQ#11(RFL6;B&E6)W2KA'[2N;3[
M(LV]G<#1^AU?R^'@$N3BEP^1A\TS:.*,L,L,L]?(U^;+MMFCD=O6K!GR<L\5
MZG8;$R-\=;/DNK%*[S!UD.C")&'E\P_0@@%A_1\O,R5HT8`6N&NH\[M_:_.3
M]VMC2^ET.1M;<KR'-JLVIA:9'<]A2KD/"1ED7TV_(VN=&I_$K7,J^;5Y)SK4
MM9-*.9'XMF25EWZSEQY^SV3L[ZOWT,Q=+?;MKVHFQ;6GKOKLQD)GDED@&387
M5;=G<5V-CIG,SAO"NR'ISNITJ\<473HLV,KYA[JO6:=9P=2\Z``\GSFB%IX:
MQ<NI.HYG$DZ\>R;.W;^]NSJ9J:]\M7W%"E;2U*C>QW(^YCP^PZA^IN-%BL5<
MBSR5<KR_+VO:VLVQS@Z?/!12*:<2:-E5RPZR*2MW%[3V%]`L3G=Y8[9D?>._
MB,B:G[,9MJ6E9Z&<AAFD#)YAMR:]!2'3BBYG$5'32LC-UCWL\?/:\U)%7?8.
M/;(SFY^L'#6(D#4#K!I=Q)_A:#7E("L#EY'E0?AQPH?.WFS;-MU;<VI1V9+?
MH*7KMV>4#S+D)Y'8%4.V<R]<6]!)&#+JO$V;D'@BHX3:K*&03^;:57M`WOCO
MVO"S$U-EMP61\C'YR.:JVYI6T93L!S8YQUC/Y=L3I&=+W8WS,:)';ASK_P"S
M:I)D=9ZK.8\I#N7WN+AXCAIKKH=?'0\%HX%0_(FG734[7:-BY!V:"O\`\N_C
M[LW;#O=4O<K.C'<IEY=ZA?V;,UG3,UH%I/$2()R5<C2,&Q"-$%3,RK%455J^
ML5>[99S!9F;:-7;53(8WN;F*..;BXZT!?@!&PTW.Z!YKE<2,U@NSF9Y,DC!.
M8RUC&);=CEC$[IG,?3C<_G+CI+K[WC\TZ'BT:#@.&JKKW!5^>5)K>UOF(4?4
MT_'7C?R')*I.J_K]EL"8Y4U;3^X:#&Z[XEDEM4(T`I8F3T-:]8T^Q.4D';MU
M'&G)M4[=,576?3>R<O\`5WSV4P_U9=P9FM+M_;CL)8;-<=3BV_8R6-N/N[B,
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M.<`NU`/NZ^`64VP<Q:FP_><J_+^TW%ORRV_1U]:PDC831KKCLTX1WVPUMG4M
M;V2,>ZS9+K[SKT6,)8I"+<F2L3DC,5E6RHL#Q&4]D,S8^@I;LFG@W;-QML7I
M60\[<T[=-2&=UF[`]MYP&)FG%JE#8C#J3'3AC)6>8;D#]I1CS/\`672>8>WE
M!.G3Z#B-&D<OZP#E<0?>.FNG!9M^6=:]\3.U]X,+\MMEWJ=SIOCK9:.ZV(_Y
M'VV)#93N2V_%;90A;[R5J5)LTI9`:QD":>8Q45$P#-V8GP;%N)UP&`_6LP_;
MNCL[`6=N-PS-Y,SF:@MMI,PE>3R+68V3'&6G@[-J".#FDMBI+8L6+DL8=U[$
MH;&1E8.2VZQ*)NH:_2C+>;J$<VKP_1TH:2>#>8`!H/@!Q5QN?#ZDB81,(F$3
M")A$PB81,(F$3")A$PB81,(F$3")A$PB81,(F$3")A$PB81,(F$706JJ5F]5
MF?IETK\-:ZC:HB0@++6;#'-)>"GX.5;*,I*)EXM\DNSD(]^T6,FJDJ0Q#D,(
M"`AFRP^8RVWLK6SN"LST\U3G9-!/"]T<L,L;@YDD<C"',>QP#FN:001J"J)(
MXY6&*4!T;AH01J"#X@CU+QFJ-)ZHT;"2->U-18*CQ<S+'GILD0@J9[.S9V;.
M-"6GI9ZLZEIN02BXYLT35=+K'2:-TD""5)(A"[S>._=X]P+\63WED+&0MP0B
M&(R$<L,0<Y_3AC:&QQ,,CWR.;&QH=(]\C@7O<XVJ]6O5:65V!C2=3IZ3X:D^
M)X`#CZ!HLI9$5D)A$PBP=<N-&@MA[$@MLW?4M)L^Q:WZ",5:Y:'1<R)35.4<
MSE0/(%'HUFE*=./5GL.9ZFX-$O%CKM!15.8X]`P?=7N/MG;-C9N`S-^IMBUU
MNI7CE+6?UB-L5D,_?1"S$UL5D1.8+$36QS<[`&C%EHU)IA8EC:Z9NFA(X\#J
M/;H>(U\#Q&BSCG/UE)A$PB81,(F$3")A$PB81,(F$3")A$PB81,(F$3")A$P
MB81,(F$3")A$PB81,(F$3")A$PB81,(F$3")A$PB81,(F$3")A$PB81,(F$3
M")A$PB81,(F$3")A$PB81,(F$3")A$PB81,(F$3")A$PB81,(F$3")A$PB81
M,(F$3")A$PB81,(F$3")A$PB81,(F$3")A$PB81,(F$3")A$PB81,(F$3")A
M$PB81,(F$3")A$PB81,(F$3")A$PBC[9^5O'.F.-Y-K3N"EPA^-%3K5VWRH]
MDA*UU?7KBA87-76L[PB1VC>3G&]7>';QR9U)$X`C_(_O3;SB+D5_DYI*T[#B
M=6P5R.^N,Y#,)F);_IJV-H5[ZE4&.PF<"E;'<&WJA;LIK^2;SIH`STLTG#*E
M>G:E;_S,(L]81,(NMF9=A`1$K.RJQV\7"QKZ6DETFSIZJBPCFRKQXJFS8HN7
MKM1-NB80213454$.TA3&$`$BBU2.;&C[_P#\NA8)2^)+<H8VYS&LT)G7=LAC
M,XRB0%DL<ZO?EG\<BTU^]%A5G9&T?**-Y-PN0Q"MNJ+D4"++6D-W4;D)0B[)
MUT-A-5U;3>JB@>T5F:ITPK):^N4Y1IQ92N6-I'3T>S7F:^N=J+MNW57:F35\
MLH'`,(LNX1,(F$3")A$PB81,(F$3")A$PB81,(F$3")A$PB81,(F$3")A$PB
M81,(F$3")A$PB811SMW'IA:K9O>T>OEC_P!\-!U#2#I@G"(+D@5*G)[LDR6\
M%A?(^K/'A]Q=/AS$1%,8P@^<;S>B1%B+7W#F7HNTZ5;#;1;RU"I4Y![%:T\:
M5\%8GFV8CC%"\3U9=:WA9G35*CN==PXOBQ`1@NTYE<RGJ!FY2M\(ITX1,(F$
M4:Z;Q@I=*A]`PL=.VATVX\6ZZW*IJO5XHZ\Q(7FK;(J<DVL0H12":S-JQV:]
M40!L5L<%4$1,8Q0.4Y%DW6&LH;54-882#?2;]M9-D;/V:\5E3M5%T9G:M]L&
MPIQBV%HU:)EC&$M8UD6A3%,J5N0@*'4.!CF(LCX1,(L=;.VM1M/5YK9K[)OF
M#"1G8FKPS&%KMEN-EL5EG%CHQ5>J]/IL1/VRSS3P$E%`;,&3A8K=%58Q2HI*
M'(18[U]RQX^[5M[*D:^V(TL\U)Q9)2(<LH2SI5B;']-0%R=0L'=7D(VITU;H
MFI6F/DI"$:OU9B.9.R*N6R1`,)2*1.$3")A%!FS\W&L;<-DZXJVD-H6C8-'V
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M%=NQ:-$W;YTN(G!(J"*ZR9%'"O\`S"*[*5>&GI;2>V8>0L&Q.-U58035*LSY
MXVC\JY"*::GVS;9B-F_1JQ6.V141E&JJJC]K)MC,T$G9E$%%2*PS")A$PB81
M5;J_-*UPXLFQ*9`ZYFYBU4C9ZFL6L>OL#5L"P<2;&4WK&RHW:;FK2UC=3S)$
MN.MA>,(B=,A(RC)S%J-TQ%ZH5J16&:MV-6=PZRUWMJEKN'-/VA1JIL*JN':)
M&[M:N7."86*%4=-TU5R(.CQTBF*A"G.!#]0`P].N$7O,(F$6#N1FX'.B=33>
MR&D$PGW$?,TN"(G.3;BKU.$"YW2OTU2WWNTM86QN:OK^EISPRLY(D8.Q9Q;-
M=7RQ`HB!%#?3'S&";EM%$;16L8]O0YG8+#2%SN+6\N9!U#[DE&NU'3%.F0BM
M,CR775:Y=8%\N>6=13M=.<:JDCO+1<B4BLYPB81,(J_?F+?,/U7\N/3,3M;8
M=>G;Y+6JWQU+IFO*H_AV,_/R;ME(RCU^HYF'"3>.@H>,BEE'#D2*B"IDDBD$
MRH=.B]M.VV7[F9M^(QLD=>&&%TLLT@<6,:"UH&C1JY[G.`:W4<-23H%B7+D=
M./J/!))T`"T<??F7\9^0FF=?;D@G6Q(!E>X,)4U;D-4;+GY:OO$'CJ,DHJ0D
M:74['7GAV4FQ62*X:NUD%RD`Y#>(@'NX^UVZ=N9NSA+`K225Y.7G%B!C7@@.
M:YK99&/&K2#HYH(\"D-V":,2#F`(\-#]X%9I+R^T@IU\IQM9?H`"/P_'/D6X
M[2C[#&\C52G:4?<(^`YH_H9GAXBF/;=IC[MA7/,1?A?DN^1;X<K]5J?X6"WX
M^'IW"5IQ6Y.*B4@].B@]=1D#L,(^`@(]<I^B&6'SY,<T?#?H_P"(7OF(_4_\
MEWR+0;E12.G5'77)9SU]GE\6N0*74ON/U=Z\;``#]`_:\?9[<]^B5_\`?6<6
M/[?3^],5YUV^I_Y+OD517)+Y[T;H+G-JOB@3C!LJ2J%P4H*%GN5IC[91]C)$
MV#)'8(2U%U#+4T\_:8BM$**CD3'05>G172;E`R(&4[)MCZO\NXM@V]WG*U6W
M81*61QF.6$]$:ELMALG)&Y_@W@0W5I<?>T&OFRHBM-K\CN4Z:DZ@\?4-..BN
MSH&^M*;36%IKO:U!N$DF4QG$+"6F(=V%B)>H'))5T'19R,63$/M$<-TCE]X!
MG"LCM[.XEO/DJ=B&+T.=&X,/XK].1P^$$A;-DL4GS'`GVK+6:=7$PBP!R1TS
M([PH$?6H*;AJS9:_<ZO>:S8)J/MSM.*F*T\.H"K)]KZ^ZPOD`^=,'*[;XV)G
MH]R"*ZB*@K-EEVZI%$3CO\MBN\?=H:IM\9>PE*EI:M.$J;7&L9;HF0E+].:H
MKFI+5=[:DXV/-:\=O).%B7JP.6%;CYMP9^DD^DGB;%,5B*SK")A$PBC+L;B?
MK'9,M:;*[D;Y5+A:;)4K8I<Z-<'U=LD'.TZCV76;%Y7'14W36-]0U_<I:)>D
M%%4J[:04,`%6!-5,BV-4<0-+Z5O);OK^/L,66/@92OU*FN;$]D*)06]C;TUM
M<7M+@78*'BY2ZAK^(4DEU%UQ.LV442!$[QZ+DBE#A$PB814R2WRESRD7:BAM
MN#86"?@&VJ(J6CZYN%HTIFBD*_MJ`-4:<V0Y$IRU;>K?N^\64B6<@C03I,6K
M3]-@W)X$5OM5K<93JQ7*C"D53AJK`P];B2+J`JN2,@X]O&,"+*@4@**E:M2`
M8W:'4?'H&$7?81,(O`WG6E2V,YHSFULE7XZ\N07NO(E<'2:^N_I.UTHX2;8`
M%*3CEJ_='Z1VZH"F<5"F$.I0PBP31.%VF*#3I*DL!NLW&R-HT]8P?VFWR$U.
M,&?'^;K$YIFGQ\HH5%5&G4!6HM$FS4P'5<)F7.[6<+N5UCD4M,(F$3")A%`Q
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MM$"=?$ZARE#Z<O05Y[4S:]5CY+#SHUK07.)]0:`23\`"\)#1JXZ!1H/RJA[>
M91GQ\UY>^0;D1622L]69(573J*R2A4S*+[DNRD-4IQD03=3C6OU$Z*`>#<P^
M&2@;1FI:/W'9KXUG#W)"9+.A]5:+FD:?5U^BW\)6.N'<(07_``C@/LGA]C5:
M3:XY*;+`QMG;AB]05YQYH*4/CHS%>?.W.8HD:S&[]@1"TNY`Q`$#*05<K+M,
M?X'/L'/1D]L8O_Z52?=LC_2W#HS7UMJPN#1[)9IVGTM3DF?\]W*/4W_./W@%
M^2_!KB39ZE8:7=M$438T5;CM%K;(;.8N-E6ZT.&#HCUBZG[Y>'4]=91RQ=I@
MH@=60,*!NOE]@"(8AW[O&I<CO4,A8K30ZB,0$01Q@C0AD409$T$<#HSCZ=4-
M6NYI:Y@<#XZ\2?C/%2+I].J>O:M`4>BUN$I].JL4S@ZU5ZW&M(>"@H>/1*@R
MC8J+8)(-&3-LD4`*1,A2AD:NW;F2MR7\A+)-=F>7OD>XN>]Q.I<YQU))]95Y
MK6L:&L`#1X`+TF8JJ3")A%Y>1I%+E[)"W*6J%7E+?6D7+:N6J1@(E[9(!N]`
MQ7B$+..6BLG%(NRG$%2H*IE4`1[@'KF7'?O0U9*4,TK*4I!?&'N#'D>!<P'E
M<1Z-0=%26M+@X@<P\#Z5YR_Z8U%M5,B>R]8T*^"B02-E[95(2<>,@Z"`'CW\
M@R7>QZQ.OV5$%$SD'Q`0',G'9S,X@ZXNU8KZ^(CD<P'V@$`^P@A>/BCD^>T'
MVA8E+Q5A*Z*2FIMM[WT\+<AP;1E>V2^O-22$>HD33H^Z6NSZFP:%$0#RF+5D
M':'0HE'QS<_2Z>SJ,Q3Q]W7Q<^$12?SM8P2$_"]SOAU5OH`?JW/;\>H^P[4+
M\+$<Q:<*(1]PT;N^-1[A.UN-<M6D[:LF'B4JUKJ+G9]6>.3%#P%.M,$Q,/B`
M!X@,VRKNO4@OT)3Z8WQVHQ_)R""0#VSO*:66^!:X?""T_9&H^TO*7GEU-Z5H
M]LOF^^-VYJ37:16K#:[%9J(2I[FJ*,36HMU+/UT75+GPN;1`6S0_1>2@(ULD
M'VUE$DP,<N70V;!G+\./V]DZ,]F>5D;&2]2M(7/<&@:2LZ9.I'!DKW'P:"=`
MJ76#$TOE8X`#74:$</9Q^R%$;@W\ZKC1S7KE[E6E/VSJJ;H4Y&QSZMS5*G]A
M*R$5.MG;J#FF4GJF(MS-#XDD>N19LY!!5$Z?4@K)CYF3'?O8W=.Q;->)\U.W
M!8C<0]LK(=',(#VEMAT9.FHT<W4$'CRG@L>KDX+()`<T@^&FOW-5/(G+743@
M/\OC=X2QN@]"Q?&#DJ\[O9TZ*)ZF\CQ$0#^+IU'QSGYV=F6_K'4&#\*]2']X
MU65YB/T<WY+OD6TMRJJ0?X357)R1'VE\CC+NIF!P\?M`>9IT6F`"`=?M"`^.
M>MVC</S[>*;[;U8_FR.3KM_@O_)=\BXW_-"HJ(`PXX\II`1_A_\`REK$`/\`
M2:R6>$*3W_Q"'L^L.M7T4`_69/$M_M!=^9&Y.OZF2?8^4JLKYIWS3>2'#72]
M%OVF>)%W;O+1L`E8F[;O>O,7E*KS$D0YDVS((K5FQY6=];L;E$$&JKU9BU*"
M2H%%=82)AU/M-VFVSO;.6,=F\Q`615^=L=1Y$KSS!I/-/"UO*P<7!H<[B->5
MNI6#?OS5H@^.,ZDZ:N\/M%3HTES%V1L+3.J]AWGAOR2J5FNU!JMIL$#$P5"E
M(^)E)N(;/GK9@20V1&6DK$BRIC(D?QS-^5(2@L@13J7(#G=E8S&YNWC:&;Q<
MU6"Q)&Q[GRM+FM<0">6%T>NGB6/<S77E<1Q65%9>^-KW1O#B`?1\NJR<'*9H
MG_CM`<I6'T]=)S4KV^W_`&=>S7=X]/9U]OT`/35?1)Y_5Y'$N_M36_GAJN=?
MULD_)7,3Y54;IW/-=\E(XH?Q&=<6^0"Q2^SJ(C&Z\?@(`'CX=?9E!VC?\&6<
M6X_!?J??F"==OJ?^2[Y%I4Y>Z4;_`.--MR-,'\197C=R.C!((=0$#B^U2@4!
M*("`^/3J`YZ-F9UWZOR;Q^#=I.^Y8*>8B]/-^2[Y%7#8_GO<4J[S7B>'*M.V
MV\"0DX:KN]N(U-\A`QUTL$*A-1<$-">-F^S7C0R;Q!NJ[3C.I7"G5-%5`!7S
MIE;ZO^[K.Q7[U$]-O*QT@K]0%[HF.+7/ZH)@!X$AI?X#B0[W5ANRM<6?+:.]
M6NGI]GC]I6.)\O\`2#CI\$OM:2Z_PA%<<^14IW^'4.T8_53D#=0$.@]>GB'T
MAG,SLS/-^>*C?QKE-OW;`69YB+T<WY+OD6ZIRKHG3JTU_P`DY$ON,UXL\A$@
M'QZ>V0UPQZ>_V]/9_1U\&T<A^_LXMI^&_3^],4Z[/4_\EWR+A#RG8J?X'0G*
M60_L]-'6&*[O9T#_`.QKPH%ZB(!]KH`>_P``$0K^B4@_69'$M_M3'?F!R=<>
MADGY/RKRM\Y7WBO4*[VBJ\0.3MGFJW4++8(2$<U[7<,G.2</"O9*/BC^?LQ2
M:2)(NFQ$A!NQ=.^A^B2"JO1(V9C]H4+.0@J6\UBHH)9F,<X/F=R-<X-+N$'+
MP!)XN:WAQ<!Q5+[#@PN;&\D`^KY5!+Y,/S)^1?S$*]OB0WUI2OZY)K"QUAA6
MK93(BVPE9FU+"A.+2U-<,[D_DWJ]FI?I:!W2R"P%%)\D"R*"@!YL_P"]_;#;
M7;:SCX]OWI+)MQ/+XY71N>WD+0V0&,-`9+S'E!'BP\KG#PQ<;=FN!YE:&\I&
MA&NGLX^D*[S.$+9IA$PB81?/IRL^;/RFT/\`-*UKPHI'%4FP]4VE37#8\DS8
M6`^R]@LKNS3=6&UZZF%Y:(U^PB*&LHJ@X+)=6WFQSD73QD0Q3I?1FT>S^TMP
M=I[6^K^7\MEXA,="6="$Q'1D<S0UTQ=*-".3CH]G(QYU!U%C(3Q7FUFQZQG3
MVG7TCT</W$*W8V[]K'$0;<0-['^T/8+JV\9VG4@"/VC]-^N`(<0_J^/].<;&
M!Q`^?FL?\4=X_P!T"V'5D_BW_9;_`)RXZFZ=X#U!OPZVL(]?LB\V7QT;D[?>
M)Q;;>D#E-T]@`4P?2(94,'@?WV:J?%!</W:X3JR_Q;OLM^5;`[AY$'_U'$&T
M)]?X?4-RZ;;]`#V^;\#8I3L$?=V]_7PZ]/'I5^Q=MCYV9B^*M9/W6-^\G4F_
MBS]D+KY3;?*HL9)K0O$9FK)I1SY:+;2V_:.V1<R*+151DV=&CX:0%)%TZ*5/
MN*8W0#=1[0ZB%V+#[1,K6SYEPB+AS%M24D`GB1JX<0./'[:\,D^G"/C^,%4=
M\L#DM\WWEM.[[K?)VJQ/'6L5&58$B=@67CM+U^SQLXZD)!O+ZWUY"V*Q0\!8
M4X5BW*N,Z_;3B#;JF50CH7!12[%W5VOV9V=7Q]K:LS\E:F8>:%EQKV.8&@MF
MF<QCGLYB2.DQT1=Q(+.4ZZ^C/D;!>V<<C1Z2WC[!\O%7&0O$[51)5G9]D?J7
M?ES8KF=LK3O.9"]%BGAE"J@ZJ](,TCM7T=PDH7J12#@HY0/>8<XK/O#+F%U7
M&=+'47#0QU6]+F'JDEU,\H^"65X^!;$5X]>9^KW>MW'[`\!\0"DP4I2E*4I0
M*4H`4I2@`%*4`Z`4H!X``![`R+$Z\3XJ^OW")A$PB81,(F$3")A$PB81<.0C
MV$LP?14JQ9R<7)LW,?)1L@V1>L)!@]1.V>,7S-R11N[9NVZADU4E"F(H0PE,
M`@(AE<<DD,C9H7.;*UP+7`D$$'4$$<00>((X@H0"-#X+#VC>-N@^,U>EJIQ^
MU#0=05V>FEK#-Q5#KK"`;2TTN0J)G\A\&D11VJD@0J2(',)$$2@FF!"`!<W6
M?W/N'=-EES<=VQ=LQL#&NE>7EK1QT&OAJ>)T\3Q.I5J*&*`<L+0T$^@+-N:)
M74PB81:%$DUB"FJF15,1*(D4(4Y!$A@.01*8!`1*<H"'T"'7/02TZM.A1:\\
M1,(F$3"+`LAQ:XY2V\8WDO)Z2UJ^W_#QA(>-VZYJD4K>6;%)F>-0*E.';BZ^
M*;1BIFJ3@1%PBU,*)#E2$29(8]V;FAP+MK17[3=NO?S.KB1W2)UYC[FNFA=[
MQ'@7>\1KQ5HP0F7KEK>L/3IQ6>LCRNIA$PB81;::220&*DFFD4QSJ&!,A2`9
M10PG44,!0`!.H<1$P^T1'J.>DEWB246YGB)A$PB81;9D43*D7,DF9=(IR)K&
M3**J9%.T5"$4$.\A5!('<`#T'H'7V9[S.`Y03RGT(MS/$3")A$PB81,(F$3"
M)A$PB81,(F$3")A$PB81,(F$3")A$PB81,(F$3")A$PB81,(F$3")A$PB81,
M(F$3")A$PB81,(F$3")A$PB81,(F$3")A$PB81,(F$3")A$PB81,(F$3")A$
MPB81,(F$3")A$PB81,(F$3")A$PB81,(F$7'=NVK!JY?/G+=DR9H*NG;QVLF
MV:M6R!#*KN'+A8Q$D$$4RB8YS"!2E`1$>F$7#1G(5RY9,V\Q%N'<E'#,1S5&
M0:*N7\0`H%&49()K&5=1P&<IAYZ8&2ZJ%^U]H.I%VF$3")A%7YS0Y'7_`(_6
M'64U3[127<$C8*0.P=4KQ,3([`GZ9;MFU:@RUQ:*O+Q#61"NP))T&#)*NP-B
ME7-GDXXJR!6`.1$BZWY>/)_8W)2H6F3VDXC/U,G7]/[&:0\37:Y&-*W7=T4,
MENC:^69J>R-BQLQZ4]:NT"(O1CIUHBF0SY`Q5VZRA%8KA$PB814A[,Y$;Q_6
M_*^DZ[Y"72VJQ$35CZE7U]7=5DF-?;VLW(";T3#Z9O\`!V;3LLZUQ3"S=PKA
M0)-DGY>T1$/(6"/D6+3J@L17+4J'GJ]3JI`VFUO+Y9H6MPD38KQ(1<3!O[C.
MQ\:V:2UI>0L`V90<0YGWZ2CH[5FBDU;F5%-(I2%*`$7IL(F$6%]^V_8-'UK+
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M8+/ZV92`N+1TE)LWAFCMNX3_`):"Y%VZ1%*W")A$PBHE<;WY"WQKN37^LN5E
MQF[*[VSQZI>C-ITJJ:=?(Q]DW4_OM=V+$;0J4_I!P2BLM*-J7(SR]&D&ZMG9
M-(UD9[.KEFB(-2*]%F@HV:-6RSMQ(+-VR""K]V5J5V]422*F=VZ*R;,V97#D
MQ1.<$44D@,8>TA2]"@1<G")A%&GEO`!9M'V.'4H]SV$W<R-?%Q7Z.5S(220)
M2[4[>?EJ@SN="=[*J58?`E(2U83DB'G6#=5J5)<5`1.15B<1M.\OJ[R>TI;M
MM5[9;%I":IJ],NKF?E59N+6IL'QHJ58:3L[L<FQ92/E)^8W/!*+/M?EA'*T=
M-/G4X$V[2`#.2*]'")A$PB814+\A=;;TO^[][2FL]8<A*!`1-JID1=)&0;6>
M[-N2^LEMIZ<FMM3D.@?83"O&K%)I=?<Q=*ID>9J_D6*D\9<OE2!8QX16O<28
MF]0/&[3\+LF"=5FXQ-1;Q\E!OY&5DY%BT:.W:$$$FI-V:YR;&4<5\C55TP4E
MI$(Q=0[0CA0B!3"12*PB811TY8PMNL.@;Y$T'3=3W]=%_P!-+UC5=]EXZ&I$
M_,Q]N@9%C(6Q26?QD?*0526:!,+Q:KA`LP##X'S4OB/-(15BZ+X1[KH/(_CW
ML@E-FH2MT%E4S/G5DE=*$90\$E0N145L2(G8^DN9NY5VY/M@[D,O6Z]3)0=:
M-ZXHW(^;C(QZ9A(KQ<(F$3"+S<U3:A8Y2NSEAJM;GIJH/5Y*I2\U!Q<I*5>1
M=)%0<OZ[(/FJ[N$>N$"`0ZK8Z2AR``"(@&$7[6Z=4:8A(M:?5JY5&LQ+OK!+
M-JW"1D$A*3TF8AI*;D48MJU3>R\@9,HKN50,LJ)0[S#T#"+T>$3")A%H*F0I
MCG*0A3J"!E#%*`&4$I0(43F`.IQ*0H`'7V`'3"+7A$PB81>$V/K&@;=J[BE[
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MF0I%D3")A$PBT%3(3O["$)YAQ4/VE`O><0`!.?H`=QQ`H>(^/AA%KPB81,(F
M$7F:M=*A>&DB_IEHK]K8Q$Y*UF5>5V783+:.L4$X^$F8-\O'KN$VLM%.?L.&
MYQ!5(W@8H=<VN7P6;V_-%7SM2S3L35XYXVS1OB<^&5O-%*P/`+HY&\6/&K7#
MP)6-5NT[S'24I8Y6,>YCBQP<`]IT<TD$Z.:>!!XA>FS5+)3")A$PB81,(F$3
M")A%AFE<B=%;%1NKBE;9HE@;:ZM+RE79RSL+`C:NV9@0JCF-?.'*J"(@!1'L
M73,=NJ9-0J:AA34`LZSW;+N%MA]"+/8;(UI<I3;:JM="\NF@>=&O8UH)]K"`
M]H+2YH#FZZ:EN+!9$3NI6X)&UI3'*0\:,>/$$G3XB.!T.A.ATX,CR:X_1RGP
MX[>HDH\Z]OI]8G6MODQ-UZ=@1=5-,R`J=?ZOE=?JR_6[4=R;3.I^Q,C#!_#G
MB=6C]O4L=)FGP\VBMR;FV_&>7SD#W^ICA([\EG,?M+B*<B:XZ`@UC7^\+EYH
M=4CQ&G+S",U?_+E;Y%4Z','^E\1V_7E]O;+*0D_M;);?HZ>(DR=25P]L=22S
M+\7)K\"H.XJS_P#=:]Z;7^#7E:/RI6QM^VBFSMQ2)BA7.-]E;)J``D<[!V)K
M>K(@`^'51&IS6R))(/J,W[NG]7W8;M/9%8']I[IJ/</%M.E=L'XC8BHL/Q/T
M^%>G)YB3_=L;*!ZY9H6#_P!MTSOM*,O,.%^81?-"7>(T".J==7IRW;&:HU.\
M6*8O\G%`L'JL-4[C8*K1:Y5+$Y;C_*>*I'``*8B:J"AB+DZMV1O_`%:MN]Q:
M%WN/^V,IMYCG<QL5(8Z<<FGZ.6Q6AL6Y[$+7?.B:X>(<YDC0Z-T8WA!W"OX"
M>'`>4K7B!ITY7NE<W7WFQR/CB9&\CP<0?2`6DAPS%J6J\SV.L:&PV?MK2#G8
M3.KQ+>WO$-06R:%S.)MBE=J+RC/;]7CY!V7H`+.&\>S076`YTT4R"4N0G>>8
M[%6-V9&SM+#9]FVGVY'5FG)5XN6(N]T"-V-L/8WQY6/FE>QO*USW.!*W&)J[
MT9C((\G;HG(")HD(KR.U=IQU<+#`3ZR&-!.I``60#53D8?IUW5K!/I_X&A9L
M.O7^UY^\7'L]W3ID:&8[8-_^PY8^W+Q?>Q35L/*;C/\`QM7XJKOOV2N.:D<B
M#].N^Z:GT\?Y&C2EZ_4;S]FN?LA[NG0?KRZ,_P!LF^&W+Q]N6^2@U>>1W$?^
M/A^*M\LQ6W^WF_3_`.LY%M2>_P#NNG*LEXC[O[U-O?Y8>X/XOI,/OJ^DW;EO
MS=L//XV3L'\V)G'[7P+S]G9\^.1'Q5V??<5"C;G$+FM<N5^B=N57F,_B]<42
M*EV]DCC5F,BE(Q580/(,F-#BTBU&[H7M$R;==>6-Y\61J4Z0J&!,"]YV7WK[
M#8/LYN'9>8V/'-NC(S1N@?UY)!(!P8]]N0^9JFH>9[&5QR6#(6O#1S$PG+[0
MWK<W91R]7,N9C8&.#QR-;IKX@1-_1R"7@"9.+.74:\-)M%HG(1$?Y/(&N."]
M1Z!*Z2CG!OJ`31=ZA0'W=>@!X]?J`."'</;5X_2;;M-/^KRCV_TE27]WVYMY
M#<+?FY",_C5@?S96KE!6^2+</Y>V]0/_`*G^C+4W-_ZC#>R9??\`V/<'UY:.
M4[6R'W\+FX_Q,M7/VGXD_=57EMR-\+=-WMJO'W+2XZC#E(D/5*U:!?A_94H&
MQ(D1]G]<NRIKIU_[(Y<;8[1/^?3W''[+E*3[7D8ONKPQ[I'A+CW?R4S?]LY=
M=)..7+6-D5(J+X[3,HG'O#1:#J9V1`M5Y(K906*;HY8:=,FV4=%*"G0>H$,/
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M4[3?\PW%_P!/I_\`<U,^KN?^(H?S\O\`AT]4Y/?[#Z&_WJ;!_P"#>/*=IO\`
MF&XO^GT_^YIU=S_Q%#^?E_PZ>J<GO]A]#?[U-@_\&\>4[3?\PW%_T^G_`-S3
MJ[G_`(BA_/R_X=1#YM6WYD,%I51]QNH&KE;N%HKR,BK1K)+7RZ-H!5\0%U("
MM76B5.O.DE7ODI2"JBZRK>/46432`2BLCVKL)AOJN9#?@K]TLEEQ@/*3%@MP
M1U*KI@PZ":>K;L3-(;S.A:UC6OF:QKGZ$1OB&]K?<B#"]3;=>KY[JLUZ3W2R
M!FO'E9)%&P\=`\DDAA)`_?"2M7><R7M9KJ]J@^.<#:%H.+5L;1G/;$FF;6=4
M9(GE$&OEP\>G\.D]$Y2@5=8H`'@HH'0P\KR\'8ZOEK4>'L;GL8AMB00.=#2B
M<Z(./3+M97G4MT)U8T^MC3P$EJOWD^K&ZTS'1VBQO.`Z9P#M/>`]T<-?A/M/
MBO0D8\I51_F6?0#`/#P)1=BRPA]/VC;$A>O@'T![?J\=8ZQVB9\VIN20_#;I
M1_W*7]WMX9`9ND^,N/;_`"4SO]LU<G]/<DW`=%=K:;8>'_P='6]T8!Z>X[W>
MX$]_O(/L#Z\M_M/M9&?<P^<D_'RM9OVFXG[ZJ\ON5WC;IM]E:0_=M+C'HW(9
M8?YN_:HV`?;Z9H]LB8/?]D9/8LP`!_2`^'U^(76[@[9Q_,VY<<?]9E7'\RE'
M]Y4FCN%WCD(A^+6`_.F<H2SG$'FG)<V:GO%OS'E6NHXS7[N"DXIE7(AB_0.H
M<A'5/8Z]79R>OY!E///+DC3;Q-5^U5;@D4ANQ$Q>]8_O7V(J]A+G;^38\+]Z
M2Y)LL<CYY'L(&I;9?=#H[C'0MYH!5B+89&OYRX:R`PJ?:&])-[19QN9>,0VN
M6N:&-!'KC$)#HB''1_5<"YI&@'`%3B#4VQ50Z/>2^W#`/\01];T5'B(>'4"G
M'3[LY>OCX@/4,X`=Y;89Q@VIA0?PY\L__P#9-"F_[)R)^?D[?Q,JC^[E;"FC
MIU?_`!7(;?RX#_$"<SKF.[@'KU#K#ZRCC$Z]1_A$HA[NG0.EQO<#'Q_J=L[<
M:?ABNO\`Z6^_7X]?NKPX.=WSLCD#_P"*$?FPA;8<?&AQ#XS<'()[](#MJ<C0
M-]/7T).)[>O4?X>G3W>P.E1[E3-_483;4?\`^.B?_2F3[>OW5Y]'F'Y]S(._
MEW#\WE7Z\XVT>28/8V4MN\Y!I(,G;!T1;D+NQ`3MWK=5LN!18WIIVF%-4>@A
M[!_ZL0=T\_5LQVJE+;\4T4C7M(PV+/O-(</GU'>D(_;5&6-T4LUYS'-(.MNR
M.!&A\)0L'\&>`VO>"T-LF-I5OM]R<['M7K3U[9'8HMX^$C#O4JO#(0S);TE:
M4C6#XY'DJ*1'4BH("8$TR)HDG_U@OK&[E^L'>Q5K/4J5&+%T^DUL#=2^60--
MB4RN'4$;WL!BK\QCA;P',XN>[1[&V#C]BPV8J4TTSK,O,2\Z`-;KR-#0>7F:
M#HY^G,\^.@`:)XY\[J>)A$PB815D;XXL\N]A<V=0;NUSR??:^TC4ZX_CING-
M&:"SJ!.9)$DQ&1]7=M'55O'[AJ"F=1_+D.M#BU`4B*`1`N?5_;ON]V6VUV$S
M>P=T;2CR6_KEICXK+G$-F&I,4CYVN;8J>2&H$-8AMGJ'G<WFD*YEGMK;OR&]
MJ>;QV4=7P<49#HP!JW^$`P@LEZO#5\G&/EX`Z-"E^.H;VZ+TDN2FYE?]&,B=
M(PQ/'V^+73YW/_N]<XH-Z[>B.M7:N"'_`*DF5E/^5D@W_)4O_9%]WZS)73^*
MVLW[E?7[:XO[`F7'K);NY!277^(/W%1@P-]72J05?[/^[VY=_P#Z.(QI5P&V
MHO[$9?\`Y$TVOQZJGZ/EWZR]D'?RP;_1M8N47CM2%"]DC9MU3)?>21Y`[L\L
M1^D46-\9(#_1V],M'N=GVGFJU,#`?6S#XO7[+ZCC]M5?1VB1I)+=>/AMV?N"
M4!<17BSHUT!PD:C)395"&34)8KWL.R$53.42G353GK7(D43.41`0,`@(#EYG
M=WN!%H:MV*N0=08:E*`@CP(,-=A!'K"H.UL$[A)"YX_#EF?^=(5@_CK\MKB?
MQGE;]-4G7C*?D+U8#RJ:U^;Q]O&GPQ%#K1M.I_JK)7TN`BG"RITSF\U\KW@"
M[A4$TP)/^YWUI>\?=:GCJ&>R<E:MCZPC(IE];S,I&C[-GIO'4FD`:'`<L3="
M8XV%SM=)MWMMM/;,MB:E7;))/)S?I0).FWQ$<?,/=8TDZ>+CK[SCH-)SL8Z/
MBVY&D8Q9QS1,.B;5BV1:-R`````1%N1-,H``>X,^?;%FS;E,UJ1\LQ\7/<7.
M/M))*G,<<<3>2)H:P>@``?8"YF6%6F$3")A$PB81,(F$3")A$PB81,(F$3")
MA$PB81,(F$3")A$PB81,(F$3")A$PBZ=291(X<MTVDDY,T5*@N=LR452*J9!
M%SV`IU`#B"3@@CT\`$>GM`<(OSUDOX9,_EZGWL(GK)?PR9_+U/O81/62_ADS
M^7J?>PBVEY]%L@LY6CIDB+=%1=4_IRH]J2)#**&Z`(F'M(41Z``B/NPBW`FB
MB`"$9,]!`!#_`"Y3V#XA_6PB_?62_ADS^7J?>PB>LE_#)G\O4^]A$]9+^&3/
MY>I]["+94L""2C=(\=,E4=*'30+Z<J/>=-%1P<.H"(%Z))&'QZ=>G0/'"+>]
M9+^&3/Y>I][")ZR7\,F?R]3[V$3UDOX9,_EZGWL(GK)?PR9_+U/O81;*-A0<
M`J*4=,G!%=5LI_ERH=JR!NQ0OB(=0*;WAX#[L(M[UDOX9,_EZGWL(GK)?PR9
M_+U/O81/62_ADS^7J?>PBV7%A0:H*N5XZ9(BB03J&]-5-VE#H`CVE$3#[?<&
M$6]ZR'X9,_EZGWL(GK)?PR9_+U/O81/62_ADS^7J?>PB>LE_#)G\O4^]A%LC
M8$"KIMACID%U45ETR>FJ_:2;G035-W=>T.T[D@=.O4>OA[!PBWO62_ADS^7J
M?>PB>LE_#)G\O4^]A$]9+^&3/Y>I][")ZR7\,F?R]3[V$6RC84%Q6!*.F3?#
MKG;*_P"7*AVK)@0QR^(AW``'#Q#P'"+>]9+^&3/Y>I][")ZR7\,F?R]3[V$3
MUDOX9,_EZGWL(ME>PH-D_-6CIDB?F(I=WIJIOMN%DVZ1>A1$?M*JE#ZNO4?#
M"+>]9+^&3/Y>I][")ZR7\,F?R]3[V$3UDOX9,_EZGWL(GK)?PR9_+U/O81"3
M:!SK)?!R95T4$W/D'8J%55146%`#(EZ]%!(</M!UZ@'C[,(NW*0A!.8A"E%0
MW>H)2@45#]A4^\X@`"<W80I>H^/0`#W81:L(HNL.;G#V5NH:WB^3NC)&_C<5
M]>?HUCLRIN[(6^-9@U>=4P\.A*'>IVAK/%%FJQ,0'*;D!3,0#^&$4HL(M)R$
M4(=-0A5$U"F(<AR@8AR&`2F(<I@$IBF*/00'P$,(M6$7@-H;.J&GJ3+;`O+N
M1:U^)7AV(I0D!.VN?EIBQS4?6JU7JY5JQ'2UCLECLECEVK!@Q8M5W+IVX33(
M01-A%C[57*'2>ZIAC7M=6UQ,3[RJS5N7@WM;L]>F(-C6;BKK^SQ%JB[%#Q3^
MIW"LW)`\?(PDBFVEF:Y!\UN4OVL(I`81:3$(8Q#&(0QDS"9,QB@)DS&*8@F(
M(AU*82&$!$/<(AA%JPBC-O7EUH_CI*0]>V/,VM6TV%DS=P55HFM=B[,GY!29
MG6]3JD>HTH%7L24-)7JX.TX>`2D5&?K,H)FS455$U0(199U;LZI;CHD%L6CN
M9)>O3P22*2,W!3-7L$5*0<L_KUBKUCK-B8QL]7++6;%%.H^18/&Z+EH];*)*
M%`Q1PBR!A%H(FFGW`F0A`.<RANPH%[E#CU.<W:`=3G'Q$1\1PBUX10D__HUP
MN4VA$Z:9[T@938\QM.>TFG78>%MLL:/VI64'J\Y29R185]Q%04U'%8G!0CM=
M$"B8GCT4((D4V\(M"B::I#)JD(HF<.AR*%`Y#!]!BF`2F#^G"+7A%B/<6[]?
MZ(AJU8=CR+J)A;3=(BB,9!NR4>I-IJ:9RK]HK(%2-YR+`C:&7$YR%4/W`4I2
M&,8`PBQ[QTY25[D4,ZT::YVCJF>AJQ0-@-ZQM>-J3"9G=9;6;S[C7&PHD:5<
MKQ%$A[/^E)-$63MTUFHURQ42?LFIQ3!0BD]A%I$A!.502%%0I3$*H)0[RD.)
M#'(4W3N`IS)E$0]@B4/H#"+5A%&;;7+?3>G9F0J<\YN]HOS!Y3&*>M]8ZTON
MS;_*N+Y%7V?KX0E8IE?EWTLC^G=7V"0=JH]R;%I&*'<&3$Z)52+-M#O-4V;2
MZML.BS*%@IUT@HRRUJ:;)N4$Y"'EVJ;QDN9J]1;/F*XI*@"K=PDDX;J@9-4A
M%"F*!%ZS"+01--/O["$)YAQ4/V%`O>H8``3GZ`'<<0`.HCX^&$6O"*'4#SPX
MXVBZ4>FUNP7";2V`SI*T->F.L-BFU;'2VS(\)?6]1M>R%:RE4ZC=;W%G26C8
MJ1<MW:H.FA#$(J_8D<D4Q<(M!TR*%[%"$4+W$-VG*!R]R9RG(;H8!#N(<H"`
M^X0`<(M>$7A;]LNCZO80<I?+`UKD=8[7!4F)>O$G1VJ]DLBZC>'8KK-D%R,4
M7"B1N]RN*39`A1,JH0H".$6+]!\I-4\D$YL==_KI@YA8ZO6((W8FM+YJZ6G*
M/<O5?T3L:KQE^@(!Y8J!<O0GH1\FU(HBHHT53/Y:I#$`BD5A%H\LG?YO83S.
MSR_,[0[^SKW=G?T[NSN\>GLZX1:\(F$5-=8Y`[YJ.Y).$B:96JI<=A\CD6UT
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ME3D4K,(F$3"*B>Q6W8;SEU4=K2="8Q>_JMNAW1H/1S/B_P`DZ\A8=:V*VS6I
M&.P[1RT9;*8\:KQ*):+4D[!#2TG!N_3R&=PC-$CGS\(KV,(F$3"*$?S"X^4?
M\8+>=&F52ZU.)DX.P[6:V>CZTV2Y@-25YT:8O]QJ%&W&X:ZNL-QJ\,S,Z:IS
M1CMD4B++)H.W"2+1<BQW\OVG72L'VL]D->3]8US,Q>H&FO;;LS4VBM/;BM9*
MC592I*P4Y7M`J(59[K37].BJ\QJBKN.B7K=-1ZV*W4:I-W"A%9!A$PB814W\
MR:<LIRMCMC!2E]:2]5U?!-Z+R!JW%/EMR;M5\E9]GMFF66FN7O%C9^O4-?*4
M2L6]PC'!/(N'ZYK,NXBG;0Z"@X16+\6XR0A>.&C(B6UBQTO)1>K*2P>ZICG"
M[IG07#2`9(*5I%=XY>OS^GB3M,#I=P[*?J5=958#J&(L\X1,(F$7SUZ!H+RK
M[<UE$Q6@(VKSD]R$K>Q=A<7H_C'RWH52U`YK*-FJ+7:C/D;;=M2?&>^M]0P#
MP',<,7!A!S[U-L:)9,WY6*[4B^A3")A$PBA9S\K)K?QTE((^J(O;3!W=M=^L
MM).G7;8PT&$);8P97;$9KK6,]5=GWJ8UZS[GK>-KDFPEU#E\Q%7M3.0Y%@GY
M=:")+#MD(>+:V:I0NO\`C]2*OND=0;ZT(^F(.F5VU1E=U`UUCR(V!?[BG7-:
M5,\=*-)E@=C%S"UH75,FX?`\>+D5I.$3")A$PBH%Y2;#UA$_,+_;"3F+:UC;
MC>.)=ZV9`(CI?]16+8^OME:DKNG?VK7LH?NY'UR-<;.BW<N$0!SO$6LZE#B@
M\"6.J17]81,(F$70VKX#]+V3U0LD:,]!F/42P_QGJYF'I[CXPL5Z<(2'J0M^
M[R/($%O-[>S[73"*D#Y2NQ*!L._6$\1-STU,4GC_`%#5VOT2CI'T^N:(U[?K
M'$4N"V`KIDJ82&R%"+(.DG+XI(\4EWJ,6DFHA+'7(KW<(F$3"*L_YINQX'3^
MC-<;3?2,K$6R@;RKMGUE+-TZ$XKT9<XVA[(4>/+FRV09.N2,.G0QFP8MDE$)
M9>>&/)'*I/#)*%(LT\!`IY.*>NDJ,O)NX-O-;4:N'LB>F'0D;,UV]?&]VDZT
M.N$D-?DH<E<TGZ]=)"D)&)P2C0J!0('3"*8^$3")A%0%S`V)K&$Y['UI+3%P
M9Q=YE^*5PVO`-S:<_4-GMVN=M:^C-.):B4MG3:S%C&OMC-G<D:%!070-95&$
M\B5&25.17^X1,(F$6`N4=PB*7Q]VY(2<IJ^/>R>O[A6ZHRW+.5R!UQ:+M/UJ
M5CZG3;.ZM<M!P;N,M,RJDS6:K.D2N453D$Q0$3`15C_)YC',`^Y,UQJQU$%:
M@WVLF,=,:EH_&>A1+]XF\VF5FW)&\<;-9FLG'(4`*^N*TL9O\#,.Y*,9E638
MJN#D5VN$3")A%6M\QG5$_L6.TC-PNN%=PH46W7![*:TEM`0?).AS:$]2GT.W
ME;-KNP\B..L>VF(!P<#Q$H#^26:JJK(E;%!P98A%*_BU8:Y;.-^C+)4&4+&5
MF9U92GL+%5REI:XA(EBI`LO*B8W7J-FNB=&;Q8@+<(@)>2]-%,6XN5A3$XD6
M>L(F$3"+YZ=YQS!_\P.WMZ-?J=6=B(;_`-!6>,W!<.(<MLB>H%H&E:VH+/03
M3>4+RGUU=2:FMDO/P?K$8QKC>+0/=%FIEE_B9%RS(OH-9E=D:-2/UF[A\1L@
M5ZX:-U&C5=V5(H.5FS55R\5;-U5@,8B9EE3$*(`)S"'<)%R<(F$6)M^!5AT5
MND+R6RGI(ZEV,%P)3!.%P/5AI\S^H"U04Q!0+*:)\X&/:(#\5V=/'"*KGY3N
MQ:ULZ9W#8PF5YZ]M==:7I[YU"!I0E)C-;ZUM^^=9ZY@%BZ*(2O.KXS7ITLX<
MO'@$2=0CJ+&)21CB@F!%<_A$PB81,(OGQ863:=@V?KS=MC@>:DMRXC.2S&G_
M`*$L?#*Q+\;Z=H^P<C?T#8ZW5MC2?'GX*IU.%T`\4GB6QI<BNW;]#XE=ZNW6
M48"1?0=A$PB8115YIVS9],X\6F8U$6_)6U>SZL@'LOJN@N-H[)JM$M.U*76]
MHW.BT!K`6I6RVJGZVE)618I#&2*:3EL191JX33,B<BB)P.;JU'>^W:=KB#Y*
MO-'6C7E>V3-7+DUQPFM*6PF\U;?/0TY'1UPG-,Z=EME)6>JJ-Y!T5\696BUV
M_5)P@DZ%N4BMEPB81,(JGN=+N9N.XX73^S2<KX_C`^TR-E=CQBX\6;=*%^VL
M[O3B./7-E2L'IO<B,7#TJM1+608Q2K=BA).)$ZK@716R21"*6?""9OTYQ>UB
MXV5$62%LL<-UK#5O<=;AI^V/J53=AVVHZSL5DU@2"JS>D3EKUM"1,HZCT(N,
M;(K/#`BT:I"1!,BE=A$PB81?/A(6/:<YLNN;JG8'FK.<MJOR=6J==H,SPSL$
MCQKK.D7O)8VOGT!6MA2''A:/KM86X\&&?/;VER2>K2'][.^.V,,<)%]!^$3"
M)A%$#G-2+ML7CU8:AK[C3HSE?9)::K::&J>1,ZR@-9E;)2::SFXO'#VJ6SXR
M:IY2`\CVR)&+A5T4OE/FA@!4"+#?RZ-'[OTG`;29;FA9NJC89FKOJK3BW"E6
MK7528,V$L@_@M7I,/U+M&'K[995(RB5KMMD4.<Y?@08HE51.161X1,(F$4`.
M9?#F:Y.BE)R6SY92JU"$<25?TT327&?93:0MK1I*@O)0,QO*FR0QUBLS-RG'
ME!S*,XQ,"E$YD2F54PBDCQJ@;U5N/>E*SLZM4:F;!K^L*5#6^HZTCV,30:S.
MQL`Q9OH*IQ45_E$9"Q2J/DHMV0F9(`3L;F,B4AA(LW81,(OP>O0>G01Z>`"/
M0!'W=1Z#T#_H'"+YU]?4??NPN4>@^3>Q>.[N/WS!WG6NJ;?-6'BU6(,]@?RS
MZ_S_`"8L$CL!S`+RT#JSC7JUQ7J[K*WH2R/ZKDVJZ)'4T#SRD"+Z*<(F$3"*
M''.2X;0I^F(E35P[48K6+:VL:G?[3I#7,EM7;5'U1-V9NGL&UT.F1=4O3AU.
MMH1(S8KOT64"-2='=E0,=`ABD4?_`)>K12IWO?M`HL#R`0T$WB-6WNHV+D5Q
MXD=#W)?:EOD-FQ^UX!F_E=2ZBD]F1C2)K%;D1?O&D@]9N915$[Y1$R"#8BM'
MPB81,(F$3")A$PB81,(F$3")A$PB81,(F$3")A$PB81,(F$3")A$PB81,(F$
M3")A$PB81,(F$3")A$PB81,(F$3")A$PB81,(F$3")A$PB81,(F$70/[75XJ
M*]>E+)`1L'YPMO67\Q',XKX@JRC8R'J+ARFS\X'")TQ)W]W>42].H"&$7`=;
M`H;%A%2CV[5%I&3O?Z)(NK)#-V$QY9RIJ>E/%7I&\AY9S@!O),?H(@`^W"+T
M"DI&)%>G5D6*9(U$CB1,H[;D*P;J)&7(N],90`:HG0*)P,IVE$@"/7IA%S@$
M!`!`>H#X@(>("`^P0'")A$PB81,(F$3")A$PB81,(NK3FX55HU?I2\6HQ?.B
M,63U-^T.T>/57!F:;-JX*J*+ATH[(*14R")Q4`2@'<'3"+CI6>M.)B3KR%A@
MUI^%:(/YF#2EF"DQ$L')>YL]DXPC@7K!HX+XD45(0AP]@CA%V*<@P5,T*D]:
M*FD&QWC`J;E$YGK1,$#*.F@%.(N6Q"NDA$Y.XH`H7J/V@ZD7+PB81,(F$3")
MA$PB81,(F$3")A$PB81,(F$3"+;6,J5%4R"95ERIJ&12.H*)%50*(IIG6!-4
M4BG/T`3=INT!Z]!]F5QAA>!(2V,D:D#4@>D@:C70>C4:^L+QVH:2T:NTX>A1
MZD[KR90BY)Q&:%UP^E$(YZO',#[\>HD>R"3551FR,NKIY%)(KIR4J?><Q"E[
MNHB``(ATJI@>U$EN*.WN/*1U'2M#W_LAA+6%P#G:#)$GE;J=`"3IH`2H]+=W
M,V)SHJ%9TH:2!YH\3IP&OE_2>&JB!PDWI\PK9.O;A*\@N.=5B)Z/V)9(R`7L
M-L=:FD7,0@]7!:,1JJ5,NBCR(K#T#,6<N==,)5N0J@><)3.5NV=_.WWU:=K;
MEHT^VVZ+DV.DQD$DPAKMR+&R%HTD-@VJH;).W266L&.\N\EAY-1$R(;)SO<+
M)8^:7<..B98;8>UA?(8"6@G5O)TY-6L/NMDU'.`#[W%QD;NZ^\GHCC[NF5H^
MGHDNY_TEZ!I:(J=X5OA'6P;BX+5*_/V(CRFU$D55J/,R[67E50%P/I35T<``
M4P`_S3GZ.UZ8B^CF0M7B[FZG6J-J\FFG+RZ6K'/S:G7YG+H/'7AT*C-DI>;S
M\$<.FG+RRF37QUUUCCTTX>O77T:*E$_`_E-5:AK+A4KK^EJZQHW,SC_R+U_L
M-C47^_=.5FH6?4>YJ[O2+N-7V.2I!.RS7=]?5MS]LX!)(CG8Z"J"BHMC@2.+
M/7%UC\NK>L_N*BTBX:TTO7W=!7^8"YV5>-J\0JAM[B9/3VV;;PN<:PLG&K2S
M._4"O:NA]@:[IRSPS-5[*OXZQ1MC;2!Y`ZXOER+)>RN-NT>/&N.9G$2CZIWQ
MO!#DMPVX[\=./>T8.L(62`E;'2--VC0$X;<]P;O&<'JD]=6=,YQVYE08QBD.
MX\N..X<-S-"D7T/,6XM&31J8P',V:MVYC%`0*844B)B8`'Q`!$O7"+E81,(F
M$3")A$PB811_G[CR29S\JRK6BM;3E<;OU48>=E-_25?D)*.*(`B_>P*.E)PD
M4NH`B)D"O'/;T_UALD=>EM=]=C[60M1V2W5S&U&O#7>D!YM,YA\/*WV*R73`
MZ-8TM_&_\JI(XH<L?G1W'Y@N]]:;DXT1H:!KQKX$/$V*&5UIKRGM(V812UZZ
MH?()K2IMQM!S9([M[P,U?`[354<>7'`B*1>Z[OVAV/I=N<?E,)E'?2*3I<SF
M.$\TA<T]82TS*T0!CO#WF<I`;K+S:K65[&2=;>R1GZ(:^/`#U:.TXZ_NT5X]
M*M>_Y6Q-&5\TQ0*=6%$79GL_`[M?W23:KIMSG9)(UY?4=32=ING(%3.<7R0H
ME'O`I^G:/!;U/;L-8R8^]9GM`C1CZHB:1KQU>+$FF@X@<AU\.'BMHUTQ.CV@
M-_&U^\%\Z&CN%_*BO:[XF:!GM/7>,U1QZY+<4N<,(=TDV.U:;%V5R$H2.S:`
MXC4WWQB)M'/_`-S+W+)G*#9-I9(@Z8B=,0+H5=6<:5QFNDS1>->EH7BY<M=\
MRM?;(LDGR>Y:6"D,XVL7&(D:S?XG==U?<@D_,>;PA>4:UA2(S@$%Y!ZS]1;K
M23.,/#$^'(I(<-H+:5KV3P/9V#16Y-3H\+^"^P=&[CE]K5%.K0+G;-J0XO56
M.J>MY?U%VTV:Q3)I.:D%)N%%W!@Q,T_O?GN`0(17/81,(F$3")A$PB81,(F$
#7__9
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>11
<FILENAME>g7960451.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 g7960451.jpg
M_]C_X``02D9)1@`!`@``9`!D``#_[``11'5C:WD``0`$````9```_^X`#D%D
M;V)E`&3``````?_;`(0``0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!
M`0$!`0$!`0$!`0$!`0("`@("`@("`@("`P,#`P,#`P,#`P$!`0$!`0$"`0$"
M`@(!`@(#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#
M`P,#`P,#`P,#_\``$0@`TP$Y`P$1``(1`0,1`?_$`/$```$$`@,!`0``````
M```````("0H+!0<!!`8#`@$!``("`P$!``````````````8(!0<!!`D#`A``
M``8"`0`#"0@)#`X%#0$``@,$!08'``$($1()(1,4%;<X>#D*,W,TM18V%W<Q
M07$B,K0U=3=1L;(C5G:VEQBXV!IA4F,D5&15929FUUB8&9$E1M8HT4)B<I)3
M=-1%A94G5V@1``$#`P`%!`T&"@D"!04```$``@,1!`4A,1(&![$3-`A!47'!
M(C)R<[,4=38W8;(STW2T@=&"(U.3%546%Y%"DM+#)%24&*%2@Z-D)37P\6)#
M8__:``P#`0`"$0,1`#\`E52-9;=WS_FG(0\MY=Q89N)LT006OVYD;:U-@#"F
M:J&K>ZGBY;Z;YO&W%QG43?UD_.(&@VZ,J!.P-(]IS2%IAB\NWN+@W+W!W;W#
MQIW+LM[[[?*P?=WCY7WPO)G29>^Q<>,Q#[6=C+2XA;9M>)?5[J9]Y<-$C)+=
MK;=V`>;BZFNG^L.MVV[MEH`;LBD;7E\@<"7`[6JK1LC10Z5XF=]H]-395:D1
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M'/;UV\=WMRSEU;:UQ-M`(102@!Y>U^T7_#&YBX+)&W'YQS872`Z!XD4!+=`[
M+I":]CM=K`%=J%:T)B%W3,4;C5B+6R66K:C)`GMUG"J41BH8/07'FR"H#&V*
MF::L&1JFW;M8+H6;,9"D;6!L/"$"I2+9P"2,D_JD[GY[-8#!"ZN\9!+9X_'R
MW<4=JVWGR5WE\S9&\GER>3LX6OYNSMRW&6<D]Y.PET,0$;GR?C]O7$4<LNRU
MY#GO#275#&QQNV0&,<:5<?#<`T=DZ:!Q[BMR<G')-RNB2K*_B4$IZNIPNKV(
MOADX<'R>2AV9F*.25X?)%&PQ1MC<68"V^4DD$A*>'!0-0E.$+02A%"W5WC!P
MGW?X66N"Q4&2O<COOD\>R\N8A:,BM((Y99X(XH9_6'SW$Q?;N>XNMH6!DC`"
M7AX&;Q]]+>NE>6-9;,?L@[57$@`DD4``T]LFH*;*A7*/D-Q_3DV[R!G=URM:
M]5%R%L9I`-90]F<(>5RZ`U'-KJA:'C-:E2D$3R@C3XC"5#BU$RAI'IS8BE1)
MNG)P+*6Y:_/<(^&?$B1VY7#;'8&S@@S6&LI"&Y>QWJW>9>9&UQ=T_.X_(DVF
M8`N;ID-PZPN!S%VZ%[/5;9SX%@HK^\LQZS>/E<3'(X?1N@EV6.>WFGL\*/0V
MHVAI;4':.E*5O+F7>2_D-0])T3&8RA?U<_H1SDI<NF(6R+3.*7IQSYES=7')
M"K(A4@>V9)!'FBD#D6-M+&M=CM%D:\&*[Z(>J^'W`SA];<,]XM_>(=W=R8YF
M-R\<!MK;G+BUN,3FMV;5L\+3=0Q2NNXLM-`X3D16[=J3\Z_8#>]=9.Z-Y%:V
MC6AY?&35U`X21S.H?!)&R8P=&DZM"()VETOEMB5#''^F6*N(A.I4@J]\F,MD
M]@'19RMA/:5A4U.(G6MEL%2NU4*7"+SF!``TM<K=XH]R],ZIQ-J71G5+.;P]
M53"X;=G-Y3&YVXRF:Q]F^_BMK:"S%PS'.L+/)VEQ?6,V1CR#67%I=DW%QC[;
M(6N-?;RBZE+:N8BSDDDT;'Q!D;W;)<2ZA?M.8X-<&%FAS=`>6.>"-D=OO&=H
M)>(*%(Y'$<>:Z6P*SFN`.W']H%>VVZ8NFK%OZMZ3CC=:C,HK\\Z,GJFNS$D@
M4J64+XE:MDF-BD6E`DYQ_7;U;.'[N(KN%\F\V4CWBQ,UY'F)/V3MVT?J6'OL
MI._'RMO`)PV2QDLXV71M)+C:;=1`QB2./G]L77JGKHA889`TQCG*..U(U@#Q
MLZ-#@XENT!XITT)U'_*WY?BY6/M>0U@A4B7P!CY.G6I7<OM8IIJ\Q\J^K.`T
MW;E%<2Y)2I,X3M29=<[LVMR9Q3F"T:Z*G%:H[T!,A3S3^3'!,<'K?>;.7-_:
MVV2N,",?>VV/,E^(K_(;WVKVWML[*&T=(YF,MYYGP/:"V"*VMX]MTMQ)U_VC
MDOV@88@UQ8)=MI?1M6LMW#9.QM4\,@`CLEQ-*`9./]KTKF[>XV7!>/$Q?*20
M@.9S'0QEMDN7HY`51".Y#WY[=D=2+J39X,TO#FGCZX(Y<)Y(#L;EI((K1:4W
MJ9+J50X"YBW5WAWFL;??Z0B41B7'&V="<L[&"&*-V19E);N2*-]Y$1CA:N.S
M:F8/+IF<LWC,H,\4+C:C16CZUYO;J3L;`:"=D^'M?UJ=A;`1=H5=3$Y\=MVY
M1]<5M%[MCE12Y9-C)_:;[7C6GNV5;9F&!DVFVT6.`1BSHBR*$:I0DF"N,M\E
M7+BT+*J/'HPX$;GZM.X>0M=Y_P""]X,IE<O@+K)6S;46>/BO9'8JWYV:[./?
MEA>3V%S*V6-DF-COIK&*)UQ?PQM+6.^PS%TQT/K$3&1RM8=K:>6C;-`W;$>R
M'`4-'EH<31I.M;,Y:<N9=Q[OBNX9$8@JGKO.H#%V]CC#O.T$,@)DCLCE7Q\H
M%K>7XTBO)7)BED=^E82WPA.JV3M$2>GVB,..*4)XKP9X+X7B5P[R>=S5ZS'6
M6/R4[Y9X[1]U>""RW?S.8DBA!O;>`MF_9XBV'Q[0E=')S[(XWQ2??(Y&2SNV
M11MVW/8*`NV6U=+'&"?!)T;==>JHI4U&N[PY<VTZ]GES"M5H2;J>\J$DUI5"
MO75JX)9N03+JYG#;&CI+7)\SC"$IP&_-"\L]"F=&O^]UAW>#-&A+T:9)MP."
MVYEGUF-R-S[U_P"V>'^\=I89)C+YCK4FVO;1\X@O1:SO+!#(QS)7V\_AQMYQ
MI87;#?C=9&X=AKFX:.;NH7/9X/A:6N`JW:'9&H$:]"\#$K\Y(44"V9T_?3P^
MTJ8TT[#JV(YY_1A!I^X7S,;#>6.2)Z_0\?H*ZV%+H<B@JA"JVS_)YR>W9X)`
MF9P[+,6&IY%F>'/"[B$[#;O8[^';??P39*YOCNCZ_=V;,1;644L#KQ^8NX[.
MVN77;98_6?7(+6WMG.EO2'-@9+\8[N]M.<E?SIM:,#>?V6N,A<0=GFVEQ;LT
M--DN)T-[-._7':?6182^3I2Z3KJ--E.5A>UCWG([`M675>@;]4O;%CU"C:HH
MV6%4C"^LP)@[0I.XG'RLAA&QHSSRCR3C2B]G]?>CJE[K;M6UI*[/9.[N\YEL
M398F"SQ]M?O?^T\=99)TEQ)9Y&:*4VT=T^%K,>^[%W*R-\<D;'OYO]09V>8N
M'-,:V*.1TA<\M\1[F4`<P$5+0?#V=D5J#33W:T[2:V;0LG7'N/4M!PW@XRUA
M3L#K(GZZ*\J97`7*HGZVG*1GBLBBXI:9CHC"P;:4)2>/'(7;:D+@2J"00I(+
M^&]759W-W2W6_F7DL]D/X`BLIC-'##B[W(MO&9&'',A'J.6N,>(W<]ZQ*Y]X
MV6WV#;/B,DD4CN8,W<3S^ILB9ZT7"A)>UFR6%Y/A1A]=%!1M#6H-`0LW5?:?
M.%AU%*[-<Z41QM?$W'A0UKHZGL8#\F$LY<6TSU:XED/Y,30$*B:[.<QJBC@$
M=1W"5H.O!=#ZX>AO?U2[;=G?2SW4M,\^ZM[R+>B1DQLN9=L[N8Z6_83";AY:
M;T1B-S2ZML7$_GBW9/ZM\ZZ:V=.Z(-+3`*;5?IGAATT_JUK\OR+R+9VJLCU,
MEJ)UJ"+.]?ABY]IZG$&EMB.3*R4]%[]K&E[)E6I?(Z@C5<VD.&,%JHY0<IAC
MP]-`$K>M3#5ZZ$RM3F;OJ?8LX..>SS=Y!O)ZV,?ZI=V]DR67)3X>_P`I8V_J
MT&2GO;`74V/DL&LR=M:W)DF@E;":RPQ?-N??SI#HVF'9V]II<0&"1K'&I8&N
MV0\.JPN%`1742Y7Q[N$^^("MLDF/DL<7<9Y8K'7RHIT&Z;F,"ALS>8?'K#WU
MF]O"@1STMC,=$)`>_P"M-JE,9WT6S-Z#5?B5N1'P\WCCW6?<NN,O%CK*6\:8
MQ'ZM>7-K%<S67COVW6AE%O*\[)Y]DK=@!H)SEG<F[A,X%(R]P;IK5K7$!WY5
M*CY"%O'-?KM(PB,(C"(PB,(C"(PB,(C"(PB,(C"(PB,(C"(PB,(C"(PB1]<O
M%[AG;=F(W^YH-7;Y9+PWQAG6-[O)5;(HL-F;'-S60UCGT+;I`U--LL:%S1+=
MMJ)_0NJ4L9:@))>N@W6;MW&XM\<]S-U'XW<;(9.WW6@DGD:^.!LHLI7LC;<R
MV=T^&23'2OC=$)Y;.6WD(=&9':6%8VYL,9<3A]RQAG(`TFFT`3LAS00'BM:!
MP(UT73>J;X03&63B^'A-5#RZ1=W5;LN4?2#K<)89BRQ$Z!J'^?1Y+*2Z\;K(
M8(0MVU!>7)$!]0-^P$`4%E@+"'[V&_/'[!X;'\.[%^8@M+N!OJ,'J?\`FIK:
M6Y%V(;.9UN;U]C-=-]8-M!*;2:;:D=$YQ<3PZVQ<LC[MW-ES3X1VO!#@-FKA
M79#@W1M$;0&BJ\S)>*'9]O35`61_A=1D-4[*<FFO4::<J(\79;5)X#`X0]Q1
MH$T2MM,LF)R:OJ\CB5:R[$X-B],U(S#DY@BBS,RN*XQ]9.PO,C?XZ_S3KS'%
MDEXYUHV8V,D%Y=W45Q)SEN\6-Q!>7M[)%=4AGADN)VLE:'N:OP_'X=S6->V/
M9?4-\*FT"UK2!0C:!:UH+=((`J%Z9;PBX6V0@/7!J2$O[.[))/&'HV.OSZG9
M9<RN"2/0Z60N9@C4A2MLYBVPUZWI%3*[:6MQ*MLT+:<*@`Q;Q4''WCONM<MM
MSFK^VOH7P3Q":&)TMM*QTUS;W5J9X7/M+C_.321W5OS4SHYR.<,1:%^SB\9.
M*\VTM((-":$:&EKJ&CAX(!::BHU52C:ZJRO:E:7)CKB*ML2:7A[421T1MGA&
MP+WY6A;FU2ZJ1J3U!IJP]"TIBQ"V+NA)#]OIWO5^\^]^\N^=Y%D-Z+R6]O(+
M=L$;I*59"U[WMC:&@`-#Y'N`IH+BN[#;PV[2R!H:TFIIV]`K_P!`M"17@5Q`
MA<@=Y'':)B*54\-<W91-"PY]>86R--EIU:.PVZ&5Z]N[C`X`DFZ%>H3NH&-M
M;M+DR@TH[KEF#"+8V7ZQ7&S.XV'%Y/>&]?%!-:R\XT1174LEB6NLGW5Y%&R[
MO'6KV,?;F[GFYI[&/91S&D=2/$XV)Y>R)M2'"FDM`=XP:TDM;M=G9`J-:Q2?
ML].'21MTW$4PB":!WAD@32`4QL0V;H'RN6&516O79KL$V7#G+2X06,3=T;F<
MU,XE#;$*L1"?9902P@[<O67XWS77K,F=D+#!=0NA]6LA:OBO9K>XO(Y+,6PM
M)&7<]K;S7+7PN$\L8DEVGEQ=^1AL:&[(B&MIK5VU5H(:0ZNT-D.(%#H!H%ZM
MMX3\669]A$B9:;C;*NKM+!TL82,RM^:8\$=9+U[K7+E((DW.Z:*S.00-W<U"
MUG<WE$O<6Y:<)00>6=OKYA[KCUQ>OL?D,9?YRZGM\F^[=.Z5L,DW^?8R.]9#
M</C=<6L-W'&R*Y@MI889XFB.2-S/!7T;B[!KV/;$T%FS2E0/!TM)`-'%I-07
M`D'2#5<M7"GBRRN$A<F^FHR6HDJYO7K"CU#XN;FP;;9+7<1".(-"YV4M,#9C
M[59$<A5-[&0W(5KNF*4J"330!%I><>>+U];6UK<YV[,=K&]C2&Q,?('V,F-+
MKF1D;9+N48^62SCFNG32Q6TCXHGL8XA&XNP:7.$3:N/RT%'!^@5HT;8#B&T!
M(J0OG87"7BS:CZXRB<T^QNTD>'.5.SL_I723,#PYJ9U&X1#9P0O<HX^-*M6T
MS.)5PR-CL@,&)"Y-[>6G4%&%;&$?ZW:X]\7MT,=%B-W\W<0XJ"*WCCA='!-%
M&VTGNKFU+&3Q2-;):W-[=3V\P`E@FF=)$]KPTA-B["X>9)8P7DDDU()V@UKM
M((T.#6@C40*$+[._"SBX^2U7-7*G(T:\+TVR5:$A2^(8@>IU`SJN)?1U\@=D
MT"U+DE;GB84[UIMT[IFG04I2D!(``#\[+COQ<Q^%9@;7.73;*-U6O+8GW(;Z
MV+\P^N/C==^K.O@+M]KS_JS[BLSXG/<7$[&6#Y#*Z)NT>[3Q=FNS79KL^#M4
MJ!HK19"0<0N-\I?8?(WRK&=6Y09A@T68RBW*0H693&ZQ>-2&MF*5QMO>$D=G
MK57\@Z5[*0^I7$MK6B$>FT6:(0]];&\:^*.(QU[B\?EYV6N0N+NXE)9"^5L]
M_'S-]+;SOB=-:27D/YFZ?:20&>(".4N8`!^GXZRD>U[XP7,#0-)I1IJT$5HX
M-.ENT#0Z0O=36BZCL:4L$VG$"8I+*XL6S%1Y\<BCQKFHN/3R*6>R`2B+/+`'
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M)6.*:*:WG:6303P3LE@N(9&FCXIHY(W$`EM6M(_5Q;PW4?-SMVF@@C2001I!
M!!!!';!!6IH]PKXK15AFD88J0A2-@L:*R>$SIK,3+5Z:51B:OSI*9<V/7C%:
MK&L^4<G>UCDL.$+P@]>J-4",V<,0]S+)<>.+^7R-AELAG[]^2Q=Y!=6D@<UC
MK>>UACM[:2+8:T-YB"*.")H&PR&-D0:&-#5UV8S'QL=&R)H8]I:X=L.))!KV
MR23\IKK6D[-[.NIGMF()J5%$X#)5,RCTQE\@L2,RF[E-@KHI#I;"8PJE<C>+
M*BUN:D$99I>H)1.;?+4*@:#K-JW2UK-,1;GNZG6<WRL+YS]\Y+S(XIEC-;6T
M-E/;XIMFRXN;>ZG;;P16-QCN9GEMF.E@FQTK!-2Z@,%VQLXZL^&MW-I;AK'[
M0<2X%^U0%HJ2X/J`=!#QH\$U;H65K#LV.*->0:FXDY5ZCG#G34-JN*-LE>E#
MBU`D:JFGLZ5U[)))#HXX-4&='F&RY8I7L9BAO.&Q^$#)1#*)WL&^GO;UI^,6
M\V\&<S-KDWX^TSE]D+A\$09(8&Y.(6]Y!!<SLDNXXKFV:R&Z#)FB[V!).'OH
M1^H,)CX8HHW,#W1-8`345V#5I(%&DM-2W1X.H:%^IEV>=%B@$_C-+1]@IZ7S
MJKIC1Y,]5M;]9FX;3UE.#<?8-=PN*RJ9$LD=BCBD1;$V-"7O3"T.'>E(&\T`
M#$QW&#ZR_$$;R8W+;]W-SF\)C\O;94VC9(;'UG)6+'BSO;JXM[8RS7#'.`GN
M9-J[N8=N)URQSFRQI<-:<R^.U`CD?&YFU0NV6.IM-:"Z@![`'@@Z:=@K&KV"
M1FKH%":SA;>%JA]>1*.0>*M@1=?3?'(HSHV)E1=?HULS:9M0E@V+>ND6]=._
MLYH_>7>'*[W;QW^]>=DY[-Y.]GNKB35MSW$CI974[&T][C3L5HLG#$R"%L$0
MI&QH:!V@!0?]%[#,(OHC"(PB,(C"(PB,(C"(PB,(C"(PB,(C"(PB,(C"(PB,
M(C")K)-6`[AM'M#=."4I3>T`M.`.E`+U3BK1CAB=JX@,J:AY(U':4)BRF]OL
MBS)TH+V/8TH'52N%T=\+%U+>2[VMW(W1X9FV>6\/,EB+R/,,:QKA=&3>25V6
M@D&RXE[[&QQ+#2DAMV6X\5PK@!!ZS/>5Z6R1ICT^+2$<V1^4Z3Y*DIMIAA!8
MWCC).8C2T\CG'NBZSX)Q3F;$U-,S5E,66#63]:)O@T@A:J,)G2RW2@)<\(GB
M1N"!([%)DZHE5M0:`K>PVER.?<VQWLW?S6>QUUQ*WARN]EQNS<-R=K*&V=_#
M8#:ANFSNCL8\Q;12VUE#+);N>^-\(C8YX!PK(O"@ECB>VSB9`)AL.'A-+M;:
M5<8R07$`T!!JO,*ZOD*.(<LT+M2=@J1\D*ML5F[-UM)J&6Z40%R>^8G)*?1%
ME;"P,'_Z.<1*IA!)N1XS\3^!,:(E0+986DTI+EX=[<9/F]S+BSS^-:W=;+V4
MN^[SDK?9O&1;M82SN99"9O\`W5FS;9;%.YCUGG;N62,!QO&/F^9@>([@.B?^
M?C<+8;!\$F:1P`T>`=,;]-*-`/\`5T/=\1-K$UD<YF9O$6;7[3RP,,B)I!@Q
M(@220T/24KN9,V%B^\)1[N9\>U*@(.D.G54MT+>S-&:U03C4()=UN'U]<U&\
MDVYH%R"!M&"'+96WQCI#K+OV9%:L83I]7C@(&R6DRG'5$]VT?0BXT=TQL+Z?
MEEQ[I*6]F@EE$81&$1A$81&$1A$81&$1A$81&$1A$81&$1A$81&$1A$81&$1
MA$81&$1A$81&$1A$81&$1A%B']P5M+"]NJ!N/>%S8T.3@B:$W6\)=%:-&<I3
M-R?J%FC[^N.+T4#H`+?6%KHUO[&$4>V+]HIR'>Z_@TL>[-B;>$A0T6?9K8S*
M:13S=UCS]5M=2[Z"J63.`9%&IS/6&02I:6OBYNDLP;>]HD8W%8):4NPB>*H*
MP+0EED<L(G92Z)K$]6WFT1BO"HDSKVLIMKU_I2J+"9FY^5.3BO4O\G*6S!4-
M:N"%(G&89HLE.664'8R)3^$1A%YLF(1A/+7">)V1`1,7:/M44=)"45WMR<HZ
MQ.#LZLC0N.!O6E:1H<7]<:FT/0MD"6'=3>M&CUO*/S>6EPL6[LEQ(["0W,EQ
M'"35C)I61QRR,!\5TC(8FOI3;$4>U78;3\".,2&8`<X0`3V2!4@?@)-.Z5Z3
M,6OVC"+SL6B4:A368RQ1F0L36<[/S\>C0%;+`H>Y2]N$DD;LI&(0S5+B]OSJ
MI5J3C!",./.&,6][WF3R^:RN>NQ?YB>2XNVPPPASS4MBMXF001M[#610QLC8
MT`!K&@`4"_$<;(F[,8`;4G\)-2>Z222O19C%^T81&$1A$81&$1A$81&$1A$8
M1&$1A$81&$1A$81&$1A$81&$1A$81&$1A$81&$21UO-JC4J^;-J85DOBN$61
MNH#RXW4=CR#Y4V<G->RW:%5]MJC:G<\>HX7&7,YS"V>$%H$[<I-.&$!(]Z(M
MA5SR7H^W)FK@%;3]MF$H0UC`+B6HVE*Z#3):^M("XZ!/*AR.0DMQ*J0HV\:@
M"$1NEY*891QQ)99Y(C"+>V$1A$818349C@0E`#'V30"'@<B)!IJ0:"3(#!F&
MF/I0=$=!;P,PT0MJM=!^Q"WO8NG>\(LP$HL`C!@+``9PM#.&$`0B-&$`2@B,
M%K6MC$$L`0ZWOIWH.M:^QK"+]X1&$1A$81&$1A$81&$1A$81&$1A$81&$1A$
M81&$1A$81&$1A$81&$1A$81&$1A$81>6G,I(@T)F$V5-[D[IH=%I!*5#2S)3
M5SPYD1]I5NQK>U(B`&'K'):6DV604`(AF&B"'6M[WT81-H0_M/FF2R&KH2XU
MBUL,\F!K"?84556"_H5E/M\PFT7@,1;97N6U)#E#?.71[E!9HVUW(8D!B31'
M@#DX*G!L2+")7O&J])S>)5KF3"J6^MR:TLYWJU`Z,MA!L-@G#S%$B,F<JV%Q
M'#X6L)1P^8&JH^JV:DZ!.S8L`#>P$Z&,B4WA$81-F3'LXFR52NQ)L38T>9Y'
M*)"L?(LL;:3AS$)HV[V*[V0ZJYVM@SI"GVQI>A<GH]$T2`M:RNR-N-4E*S7`
M3B[#<")2],<6X91;M!5<-=G3;/7O&^NN-3`QK2$'>]1BMW)Q<&M]4J49"4.W
M==IPV`\LHHI/KJ])8`ZWU=$2G,(C")HGM&ETL<+XXJ0-JLRWH#%WVM>4<I?D
M-36S8%3'O[U$GOC6W1I0^.->2&.N+L0RI)@Y:((/-&2`2L8NKUNC>MG<*MW\
M1O'GI[/,PB:V9:%X!<]M'<Y&VM6.:=3CV:?(M=\2LYE,!A8;O$R\U</N0PG9
M:ZK=AYI1P<-8&FE4DOZ/'C_>!YB_\9?)K_:?F_?Y5;B?Z%OZV?ZU:3_F3OI_
MK/\`RH?JUWH&":U_R0XAFL]Y\EWA'+>0H89*&"=\DKLL:*2",KZ3NIZ4-;M%
M)Q-GZ/K0!=X^B4E&#3[-)/3`&6(.]9KKBAN1NQN[NUZ]B+40W?/QMVMN5QH3
MI%'O<W3W*]HA3KAWOCO'G-XQ8Y2XYVU]7D=L[$;?";LT-6M!T5[=%(<RO*WL
MC"(PB,(C"(PB,(C"(PB,(C"(PB,(C"(PB,(C"(PB,(C"(PB,(C"(PB,(C"(P
MB,(L/(6%JE3`^1=]3#6,<D9W-A>49:I8A,5-3PB/;W%,!:WJ$B]&,](H&'1I
M!I9Q>]]8`PBUK>B)*Z#@KQS0N[#(AQ^8NTC9WIO?761/]HV0_/MA*F1WC+_&
M4ML.CK*%2NT6B(O$+:#VE$^"6I6[;>6`@`"QG`-(E&P"OXE5\72PR$-?B:.H
MW&1.Y*(2U>XF"=)9(W:72->H7.:I8O5*G>1OJM6:,PT6]FGBZ.C71K1%[/"+
MC>]:UO>]ZUK6NG>]]S6M:^SO>_M:UA$W8V=JEPT>V]&\,<DNM[9G-.6M:GEG
MXD<LW)H=D!X>NE<6MR1TF:D<&Y85O1A)Y0QE'%BT,`MAWK>Y'#N?O7<0LN(,
M;>O@D:'-<(G$.:14$&FD$:05@I=Z-VX)7037]HR9CBUS3(T$$&A!%=!!T$+O
M?\S_`(D?Y0OS_@[Y=_[#\^G\%;X?NN^_4O\`Q+Y_Q;NM^\;/]:W\:4G0O(ZI
M.2\<D<HJ%[?7=MB$N4P64)I/`I_6S^Q2I*Q,$G&U.$7LF,1.2$[,C\I;U91W
M@NTYQ*H.RS!;T+0<%>V-[C;EUGD(I(+ME*L>TM<*BHJ#IT@@CY%F+2\M+^`7
M5C*R:V=6CV$.::&AH1HT'0?E6\\ZJ[*:#[0H1H.4?$89"<2L\%'<RAD)`&E$
M#5'`DO$@124!YX@D$"4&:T#0Q[T`&Q=(M]&MYN7@DXMWDNW-%2+`Z/\`Q8EJ
M;C"`=WK8$T'KK=/_`(<B:^C_`"/MM]04NM'`:Z0O-A3V7PN15PW2:32N:Z#"
M[F?ZZF3O$EB!G;&E-%:SA;&)_>9`[%%MRE0(#<26G.4IC#-\19[)/]6=)'$U
MTLSF.8'%SCLRF-Q'@MH(P-HDZSLLT%S2=(RXFQC?<-$DI9%$U[7EK6M\*(2-
M#@2272..PUC=(%7$D`TVC25C2:R;OXNJY=$VV%O4-[0J95N)C:W_`')RM-\2
MHN]`M3BK>-(F].>Z.3<X%FJBR"O!TYVQ%%C-"#1H]=<4<C/D=RY'7#`Q\=^Q
MM`2=`<:'2!I(H2.P32II4SKAM:0VF^,0@>9(Y,<Y]2-G2X-J`*G0"*"NDC20
M-0DV96=6-1A$81&$1A$81:TN*VH91-8S2W;"6*4$.@C,:]/9Z%(-<O,*T<2E
M2HFY$`0!+'%Q7J2DZ<KK![X<:$.]ZUOIT1:0:>:U-N$EAD67IIO&ETQ8VEXV
MO?HSH,>BRB2,\TDD1CTODK2X.S&U2*81FO75Q;B2SU!1J4DGKF%F+4(%)%NF
MF+A@U^UG&;<K98YKX1+P.IK"L>6%YB[FH*9WQSCRL:N/R%$W/C4/QBTG:T4J
M3DGZ#K6Q`#O?1HBVCA%QO>M:WO?3T:UO>^C6][Z-?J:UT[WO")F*K>9W)61U
M4Y2%Q>*F>IPT7CQ*U.#FXJ.RBNF.D.2=K,\.TSU9):NG$D2S&>I6Y:83L3VI
M;S&_I+7#3JBCTQ)I%OCB!R@N6W+WN>KK(0,:ULB;$OE:5TC"!C`Q0QP*NNU:
MQ;X$ADC%,I6&<(UT;@2=>%R5D-:OP\M>4-.6((D:`B<FPB,(M1W^_P`HBM%7
M-)H0Y(F6:,%5V`\1%Y<FMX>VUFD[=%'54P.[DSQZ/RQ]=&YL=2BCSTZ-K<5)
MI18@EICQ[T6(B:`K?E78<DGW'>HM\GY#NP7Z<KVA8Z.[C3SI5-MUBT38ULE%
MGQ^Q-T96RNPW6?$J11>",,<9FTUMD#4N7+S'%M2B4'D3B?!]1:+[4CS/+,LR
MPK%23^Q)D^5<59K'`V.616H6URW%H(C=PP*!UZC6.DN;V`4F4;4(MG)#'OP(
M(MEI0"$1+(PBU/=]T0GC[6;]:]AGKR8PP*XVVG%M*4"YU7N\OD[-#8RTMJ0U
M0D).6N\DD"1,7WPTHH&S>N8,!81"T1:05<XJ=0NA+,K8[7TYJ(XW.9*5OK=\
MD.SY>[P$FTVNH$9T9T])W*V5]<*`/0&Q*,\GP`77VHUO0@Z(M_U/:<:N.&$3
M:+$/2%'M[E<7=&>2-@V>0QV5P64.\+F,:?&X1AY9#I'Y0PJTANRC3DYHBN^$
MFFE"`8(BV1A$81-.V+RQMB/<E;DK)9:595["0;U$:D<SDE:S`N-OK-$Z1D<I
M<[5+66O%9!$92^++(5MT73O!3<PG+%+5M8?H"M.%:1>2XW\W[IL^X*&9K`<X
M:ABDWB[/!GZ+0@%?ODJ.O(AFOEWER^6MB2PW:4QB"I$U4%EH'1E2O#`N5$G&
MIERIL4%K"")X_"(PB0/SKY!7)2!?'YAI-16[;([CM:0PMT?;-B$DG+.SL<<I
MVRK+-&WQ^,SVNE9KHO<(6G3:-,<-E%$FF;[T,75V&3[G[O,WIST>&DE=`V1C
MSMAH>1LBH&R7-&GLZ='RJ.;UYYV[6$DR[8A,YCV-V2[9KMNI6M#J[B1__*@Y
M^?\`]-XG?\,]K_TKLW+_`"&@_><GZAOUJU3_`#HF_=[/UQ^K6+7\SN<$*=J\
M<91+>,,HC#Y<]&U[(V1DH:SXL]J6&U+@A%:.RAFD"WDC)T36ZMJ&6#5)S#F]
M85LTD(1E"#O>8#>GA##NY@+G-MOWRNMV!VP8FM#JO:WQA(2/&KJ.I9O=SBC+
MGLW;XAUDV)L[B-H2EU*-<[5L"NJFL)\S-)+;R^1_N)WO1G[#><'4N1K4:#B4
M(7\EOCK]]O\`0K6_V]_N4;,OCNJ!_#./^PP>B8J7[R>\5_\`;)O2.2A.L+^V
MW_T[S/T"PJ5!V9>^D/-#I[O_`(LTO\UKC-E-^+/OW=^;@]"Q6KX8^Y=KY<WI
M7IT#-<*?)HCM!-[URIX@;UW-ZI7F)O6_U-ZE/$;-S\#M.\]T/_0GTT2U+QB]
MW;?[8WT<B1VMH6E7"2QZ9+*NAALLB8UHXU(@M!1#LR;<I2KG#B%"J3")&`M?
M,EQSJ<#?6`:O-$<+6Q[Z<LJ[#XQUPRZ,,?K#"2';(J*NVSII72[PCVSIUJOS
M<GD&PNMQ-)S#Z;3:Z#1H8*CY&@-'R:%GVEF:&;D1PUVT-B%LV]<Q?E"[^`IR
MT_C-^=./]^:<GA=WO0?"')=X.7WTT72,?4UT[[F:OXRV\,&YYYEK6[5W&30`
M5-=9HMA<*)))-[F\XXNV;.1HKV`-F@'R#M*0YE4U9E&$1A$81&$1A%KBVZ\!
M:M=R6!"?5,9&_$(?!GY*R1:2&-BYK=4#TWJ#(_-6211=Y2>'-Q85"96D,`:0
M(80B+,V`T!$D*MNSXA%;3.(2M!8<M7-[/*TUGR^'[9X@UQN<6^VK[0<F:;!3
M-+*D-AK6TJ;:7]Y8FD2=MT!O;==7]H4[6D2MZ?JYHIJ!(*_8G%S=6UO>YH^%
MK7?:7:\:B;S:13EP),VB3I$_>4CA)#22>@&A=X+!UMB%UA;(MFX1:ONBX8+0
M%73.XK+7.+=!H&U:=Y`J9V)YD[MI.8K3-Z9.UQZ/(G%[>7%:O6%$$ITQ!IIA
MAFM:UG[CCDFD;#$"Z5[@UH&LDF@`^4DT7XDDCAC=-*0V)C2YQ.H`"I)^0`52
M$6[M#^);"G<6UII;D<S)')\.D3LA;>$]W($KA)#59"U0^N"9)711*Q[,7)"S
M1JC-"/$:6$>Q=8.MZDPW'WO(J,=<D=QO]Y1G^-]T/WC:_P!H_B7X3]I5Q*AI
M4G?T%4<DXX!R.6RJ8.C9PNO1M-=5:5%UUS\_'H:[*/=%Y:!)]^>=LP[99>M=
M.]:UK.';D[W,:7.Q]P&CLT;_`'E^AOKNDXAK<C;%Q/\`W'\2<;A4O8+"AL2G
MT46"<8M.(RPR^-.`TRE$->P25J2O3,L&C6DIUB02IN6ECV4<6`TO8NJ(.A:W
MK474G7IL(FJIWVB%K--M7+75<\66:=L5.V)]&BR7/W()N@2I\?"(1"9JX*$L
M9W5\I,1-R<F;DIRQC6#&:(D8NJ#6]:R?;M<.L[O3COVGC7VX@VW-H\R!U6Z*
M^#&X4/8TU[8"@^\&_P#A-V\B<9D&7!N!&U]6-:6T=6FDO::Z-.A8#_F(<E/]
MRV%_\6C=_L-R0?R5WM_26?\`:E^I6$_F]NO^CO/U;/K%N?C)S;G5WW<\4C8E
M!(:D=DM3J;897MFM]#9[>[-C?,FN&N+4K((@L,4-"XE6\$G%B_O@!I?6U][L
M.NF&;T[G93=&2&+)NA<Z<.+>;+S38V:UVF,_[A2E5*]VM[<9O4R9^-;,T0%H
M=SC0WQ@2*4<[_M-=2<-R**4+5MRUJ9;,#6PY/)#8BN&[1I^;'XN-Q.8%(W.*
MR)LDC>!=&IJSO;`[MBM4UA)4%B*+4A)&(:90E4A*4%$2'4?9K-$8C((K6?(>
MWJQ0HVU:\,2V+-U?%N\9N9VJU;2;O<T<6GQ4069T.K!V6($;.G++:&E0:6I0
ME)QIDX2R);-$U432%40ZJTKJE>D4-0J6U"X(XRRQ$DU&8XK%J<&V1@++;RU!
M1:K03E&^NI6G:&I4&&*#3#!$6V\(C"*.,CFO(^UGZXIJKY(.D;V^VSR&JE0Q
MM=`\4GE']&];7Q95=Q:&+WF8TA(I5)&1+'XV1WPMT7K>^G#,&+\+HRP>YW"G
M=_>'=JTS%Y+=-N9V$N#'L#:A[FZ`8G$:`-9.E:-WJXEYW![PW6)M8K5UO`\!
MI<UY<:L:[20\#63J`7H40N2S:Y-3RW<NID@=V%@#%6-U1<>N&J5R9HN`99@(
MVU+B./1:IN8`F%!%I&2("?6PZWU.G6LDW\D-UOTU[^LC^I4?_G!O+^AL_P"S
M)]8EI\`;8O67VQR9KBXKD>KE;:_C''V30YUD<,K*(.[.=8OTQ)Y*WB^C&&PM
MN<D)HX,B,)VI(-.*%LS6C.J+HUI/B)NO8;IYN/'8YTKH76[7DR.:XU+WM-"U
MK!2C1V.WI6W-P]Y+[>C#R9"_;$R9MPY@#`0*!K'#QG.-?"/9_`G1<@2FR:N[
M2O6Q3#@T'7V=\@K)UK[7=WQ3OO6N[ON9LKA(:;\6Y.KFI?FK7G%/W,G\]#\\
M)M!7R^II.VN#NE,FSNW,TML"+/9[9!GO1C,CJE%&G"QYXX(W0MK7@KF)I)@W
M#-<RRC=JP*@#1DJ2]Z'NT3MZ,<-K9$AV'N:[P7#9:RFV\U&EK:BI%:@@MJ"%
M7)N"ORX,/-M<YC'"KQI,A<&,%*C;=LN\$TI2CB"L4_7(S6(_)H,CB%BQA[J_
ME)P=*D9LRCS8VM"D<HY2U6M9`,3LTR!^2N)ZMH0A<!$#V0I)0+$AYA80J2NF
M'[_Y9E_N;F+41O9)!'&#6E#69E*$$C4*D:P'-J!4*5;C8]]IO;B[ATD3XYI)
M-G9))&S&ZM00"-)I72"0X`Z"I2N5#5IE\C_<3O>C/V&\X.I<C6HE-).-BMU<
M]G85')%M)`7^O4C%8$8(BY#@-Z$5Q]DTAC;HZ2DP\Q0Q,[.^L:;0$R<I.-6J
M.#HQ3L.@DBNQ@W7S<7@Q"^EHZTC#VAM:_P"5VFDN-:`%O8`J2-/8-0<RVT=D
M\R9F5N6W3RQVU2G^9#7`-[)()TDF@&@=E:X>KAM".F5O"I=>L@;;8?[]N.-L
MZL4'C<,K=[A</O%N:P2"<^&,,A/%'DL$'XBC<=;5>G5\6.):L:T04I[@GZ4N
M0RD9MK>6X<V[=<RBI8UK',;-33751E&L`=M/+AI-#(S[1V-E*)IX+9ILFVT3
MB-MSI`YT)-&:1I+_``WO<-E@:1LZ0POR]F?K6M\T]!#L(=<MD^M!%OI$'6N+
M?&?H"+?V]ZU]G*]\5Z_QU=5-3S4'H6+?'#'W+M?+F]*].>YKE3]1FO:!^7$N
MX;6?P5L6&P.+6"XR&*\N(:H:);('F.($B)4JXR/`W%.L8VIV4G*P',X"]%B+
M"#8#!;ZW3K6M[UX`83)YS>R[M<5+!%.W'N<3+M;.R)HA0;#7&M2.Q2E=*A6_
M6"AS^+BM)Y'Q-9.'U:T.).RX4H2-&E,/_P#/<O;_`'9*6_C3L'_N5ENOY>[Y
M?ZS&_P!$WU:U5_+7'?ZR?]6S^^E0<#NU`L_EQV@7!RH);2]<0-G,O=\E6W^+
M3B62!UTJCW'^\=IT.FYYC;6BVF5^'"[X9W[K@ZNNJ'?3OHTUQVW0WAPVXAR&
M4N+.6V%["S9B$FU5Q=0^$QHH-G3I_`I;N5N;:8+-^O0W$LK^9>W9<QK1X5--
M0XG13M*=+E-5MU&$1A$81&$1A$PGR/73^:\T.2,>/OCD)"HM7S#0***1>LKK
MFM:1EMU)X2_/C\J&TQ9R;DBUR=7((1F*#M#-V$`0:WH(=:S=W"O<W=_>;'7,
M^9AYV6.?9:=N1M`&,-/`>T:W'6"?E6G.)6]N>W=R5M;XB81PR6Y<X;#'5=MD
M5JYKB-`[&A>!^0,MZ-;_`)37,SHWO>M;URMN#>M[UT=/1O4AZ-]'3FU?Y2[C
M'1ZJ:^=G^M6M_P"9V^?^J;^JA_N+8_&9;8$*YJ\?HN&\N0<UBT^@?(?4HB]I
M71-[)CJTZ)-%=.4=7D-,K<5Z5"Y-:IQ4=[4$Z`9U#A@WO8=]&:GXK;G8'=>R
MM9</#S4DDVRX[<CJC8>:>&]P&EHU`'Y5LOAIO9G=XK^Z@R\PEBB@:YH#&-H2
M\`GP6@G1VT_'FE%N!(![4CS#.0?YHAGE,A697!?_`#MC]L@]*Q8W,_\`PUY]
MDF]&Y-<71;+_`%E(Z_;6FM%L_*LFP&Z!)CFR91R/N+8\NZI0I-4`97LO1[PV
M,,6;7)[<CRC2@)&YL.WO>Q[+"*[=[E)\?ZK''"9&S%K-&NI`)H.S1NT\C7LM
M-`3H5.;"QBO(YGOE$9BC+]+200/E&HEQ:QO;<X+Q[+=<9NRN.1"N)('8EE@(
MIU`TCXYE$D(YL0&JF:8))I&"P&#/'$7E%+B]-YYVBQK"2O"0![P<2(7$&6BR
MUC<OA:YK(GE@)IX7@,?M"A-6G;T'L@5&@@GZ38^7'W-LV8M,D@:^@UL_..;L
MN_\`R!;I`U5H=(*?FX<^:)Q7]'"C_)E&,H>-2NJ=:4?G*X4>)R/<DMV<[5+,
MT^/G=/RJD9S6Q^,4K/XX7ET'0(DC;XV6A&C;?##M:+[^:'9976ZPM=&LM7P<
MD?%N4^2-NT]LTI`[9!)I^%5EXK!CM\MF1VS&;:&II6@TU-!KIVDD^+\Z&%W<
M8,BDM:.<(3SAZCS6@<'&PH(X@7-\ZM5ZIJO)/"F\A4E=[%CLHF+`<<><W$:$
MV,YZ1<:$92HL.3*WWN9))#'-$6\Z\#QFZ=N0Q1EOA:0YPKVPTM<1X2BDV[DC
M&2.AE$AC:XD!CQ0LC$KVO-*,<UI``)\)P<T:6IQ_B#W.?P]?_P",Y=Y=(%FG
MN.W3,?Y,_P#@+:W!;H^1\Y#\V1/79H-;O3>/:9227QZ@H2EALWFE?*YAR2X\
MP5ZD->R5RA\L^2TILEI02!L;9*SFD.K3IU0[V2:8G,`9LH0@]/0+>2#=2QML
MGO'9V%XW;M99:.;4BHV7&E6EKAI`U$'Y5@-ZKZZQF[EYD+)VQ=PPES30&AJ!
M6A!!U]D)N/Y!2S_>:YF?\5EP?]X<M)_*3<?_`$A_6S_6JN?\SM]/]4W]5#_<
M6I+\2677=(VQ/HKRBYAI)-"X!)I1'U*SD]:KHC(=V1M.<$!BML<'M0@<4NE!
M`>^$'EC*-!TA&'8=[UF'WAX7[G8_!7E[;6I;<0VLKVGG)C1S8W.!H9"#0@:P
M1VPLI@^(N]UYF;2SN+EKK>6YC8X<U$*M<\`BH8"*@ZP05*#!O>P!WO[.PAWO
M[N]:WE4AJ5ESK7ZSE%&OKMS-9(/<;V0UKWP]EO[FT\$,C4`)CJ]'-?**\UY3
M.V`'O0!N+H8GT01K?<V:8'6\N9PXE=#P]L96M+W-A>0T:S^<?H"J;O\`L$F_
M-]&7!H=.P5.H59&*GY!K*1BC[1)8<N9F<5;L;DY)W:/#GB^.O<^71J/QF3DT
MT<F4$NBZM6X]A6Q\=O#3NSC)"6:-IEK`I3;7Z4*22BOI%OE,XLC?"!+S@#Z$
MD!IYJAJ&:*"327[#6[!:YP<=D?%VZS0UT@E<&;)V`0P.<YO.UT<X:UYJK6LV
MWD/!V:`DO6=GP#O?*#F:7O?3L%:\10;WT;UT]57R4UT]&^C>OL?8WFC^-3MK
M>B!W;L6'_P`V9;BX/^[,WVQ_HXT[EFGUM9-6]I9\[^#GI`V5_-3OO-E<)/?F
MW\U+\U:\XI^YD_GH?GA-H3CBM%)JHDZK<RFC`HF[_9"V7FM7R<4">XE;T:K^
M+6)7W_6[&X:;V5\;ZS:AE+".JYHS@&"+/ZH^KJT%QNS;3O>]LDC#(7!U-FA8
M]K6O9I;H#@QM>S4:"%7*WS4\#6-YN-PC:S9KM:'1N>YC]!%2#([0?!(UA9*3
MP)H@36P^*E"Y8?.><'&2QWQ6XC(,4">)-RNH\D*$D9!)&M-+`RM:)M0`'UC"
MD*,H`ACV'8MQGB#81V.X>6+'.<^4![BXU))ECIJ`U`!H^0!23<2Z?<[Z8S;`
M`CJP`=IL4FGNDDN/RDJ3?E.U:Q?,W6Q%&AUKIWLL>M:_5WL.]:UG!U(-:A:\
M<NTTX'PB@*8ADIY)1=ED\4K&&1F2LYT7LL\YK?&)D1-SLVGG(H0I1'F(7!*,
ML0BC#"A"!TA$+71O+P[L7Q;NWCV^JWSJ64%"VUG<#^:8*M<&$$'L$&A&K0JJ
M9[=#>2XSEY<0VCW0ONI7-.TS2'2.(/C=D%;K#VL79[@T((.5,7`$>M!$$,6M
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MO^(LMA>F_D.[RLT,\ZE+481&$1A$81&$4:[G+`7&SN0'/R$LL:CDH?W]@XKM
MC"GE3>SN;2R.#E!G)J.F@$CZ2>V&NL&:5ZIV1!&$0AJD8``UL0]!W8#A/:R7
MN[%_;0LC?,^Y(&V&D-JR(;8#JBK/&'RA:)XH7++3>C'W$CWLB;;.)V202`]Q
MV:MTT>0&GY"5YF%4(W5G=T>?X*UN+;6[#QJ1TRW(E$G=7!N:-Q:8QA1$FEIC
M2]R/2-FQ1Y`J/6+4R<L:Y4+8E1AAFP=&Z;+#^HY2*:`4M&6HC\<D#9IL@-)/
M8J*@"H`K6@6I+C)/O,>^*X(-TZ[,I\$`G::[:)<!I\(B@)T#4`$INFM;USPX
MF=.MZ_T&Y4_9UO7_`&9JW-4<=B#C[&G^H_PY%L[@Q_\`*7WV9OI`GW,K:K!I
MNSM9GQJC'9W<GY,^J](&.-P]AD+VO$2H4!0L[)/8DZ.BW:=&2H5J-)$"4PSJ
M%%F&CZO0`(A;UK>4P9IF[(@$D7D&@`DG\ZW0`*DD]@`$DZ`*KH96-\V+NH8Q
M61]M*T#MDQN`&G1I)4?63]IEV9,HE4=E#U?R!R<H:*9%1WOU<7EM`07.&C4=
MD0E+9NMO!%YBUBZZ4(C@"V42><$/1HT?3=]\#9WPRW-CDC-"V@!L[J@-*'1S
M5"=8K0]GMJJ\6Z.]\,3XHK4ADFSM>'%7P3M-T[=10Z='9`[2U$U<[NR<IZ!W
M4AIVS8;`]6*QO;J]M46J&X&9K6O+?7!,*92TC>FK).@;$B=H9DY0"2PED`,$
M89T:$8/>^JVRML=;7'[/QU]%SOA.#;*X:/!:UOZ(``-:.T-9UDU[<V[>^U]-
M`Z_ADDYH@`NDC)`+R\U)DJ34G3KU#L!2[.'6MZXC<6-;[F]<<:/UO7]G591C
M6\HJ-2M:=:4=G*X4/+DOVC7%_C1R]YWTM<`[<!)U7(E6\*]P:M'^2MH626\?
M:,)2"2R%J4D@(<M$DF=;0.@Q./J[Z>GHRUW!NQS=QN47V..N[JT=<RMVXA45
M!TBM0:BH6BN(6ZF8R^\W[0L!#S(@B`VWM::MK7P3V.5)--[2CLR3EE4J=H>3
M1:*F&:*,4&CI=5SP,7(1P028Z&'NS$)Q&E=7&-K$9*@A0+J&''DE"4]_T23H
MO8O\,9S:@_\`9LGS5NUH:VAV?`IL:-K^J0".X*ZA2*C='>\-F'^4VKASB]W.
M,VO#\>A[`<"01VB:4J:NQ]D[S.I/F'SQF[A3.YZ)/`>'[FAD/RY@SG"3/")#
M=D44MWBTMR--VXE]Z:C>^B!T:+WU=;_"UFB..UOE(+O'')V<]H7,G+1*`-H5
MA!([A&GNA;+X8;OY#`PWK;_FZROC+=AX=XH?6M-6L*2YF@UM1-M]J)^@^H/3
M`XL^51IR5[B^^&/\^?F/45WY]S\C]G/SFID&_N1EGU+?T?CK"W.LYCQZ2!*4
MM205K@[W+I>QNR*TEEB.AK<O="+3%)6C420;8=LJ,YBZ@%.G(SKC#HJUV9S&
M3Q^7;'".<AV6D1MV7.(/.;1,=1(X@-!:6^"*$.)K5E9\9BK*]QCI92(Y:OK(
M\O#6D&,,%0.;V3M';VSMZ1LC1IP)=I3FWN!'):3V0D4(9BVI^3D0<D9L)D,"
M3H4D6D4H;6-J0,LI0MSVJ2L;$!,A&N/*"<L4)C3#0@.V84#J760N<CN1DYKO
MZ<07C3X+F"@$H:`'`&@;05.L@ZM0[EK9V]COACH;0@P&:T<#MM?4NV"22TD5
M)J:#4"`*C2I?I?N8/_4#^QUE,!J5MSK7[SE<*,Q6<O@"9IM1D?YA!TAHN2?,
MA"Z,SU*(ZD/[PKY5W6`](X-J]P*.`6I2G=`@&`UURQ_8WK>7$X;WV/9N+807
M$D8=S3@6D_\`]'ZPJH<0(+EV^E_)$R0CG6D$-/Z-FD$!>:)J?AV20U)@DU28
M6S+3%R8Q59NEJM:(S<>WX!(EZV9J%TO8"=1%H"2UNYBYL(`U(PEIP!3$Z!(1
M:[LC9\-A+372\FOBZ'5/A-\%O@FHHUHIX+:1\WN=)<?SOA"GB4`\;2T!M&N\
M)WA-HX[3JG2:N"]G"^,S_P`EN9RUD>VA^2AKGB*2:M9G5`\)@J='\D3#"3%3
M>H4DA4!"8$0@;%UM:%K>]=&]97;C+-!/O/"ZW<UT8LFC1J^EET?T46^^$4<D
M6[<K9&N:?7'Z""/ZD?;3P^:C6U%'5]HVO.R>.-%<1[7J59'D$W:.52YI0*I3
M'MREF`AD''2]6UT">S:<V?9YPTAF]%#[^'O8_ON@7V,VYP-PSL_Q&ML8V=UN
MYUO<.VPT/(V(RZFR7-UT[?\`2H[O5C;3+85]C?!YMW/83LNV35KJC30\BBP_
M\XSGW^ZRC/XC1_[0LO+_`"NNOWQ-_MV_7+5G\`[L_P#9<_KA]6MGT+VFG,.\
M^2G%"IK)D53+8/-.7?%-#($L>J84>>CDR/D%7+LG"@>MS-ST@,TN0%;$+O!G
M6!H0>C76Z=:WXN[@7&'X;Y7)OR<L[8H6'FS"UH=6:,4VA(ZFNNHZEFMW=S\#
MC<U;WUHV<7$;B6[4FT*EKAI&P*Z">RK'G*#+;:X%^"+[F_UL_+O%/<14^;<,
M?@@?OQ>[K?\`SM_X<I_LYZX\/W._@/":3_\`$VGH(U`[KI4GG'<I7=ZX_P"W
M%_[6_P#RY+]IW;*^"G4>RU;WO@?>F][WO?\`+,L'N[[N_P!#E#YYG]8LD\7<
ME7]%:_=XU,<1T!G==RE26,TBLDH=OM87P_L]O?.5_P")<>LM!U4??N^]DO\`
M3P+"YSHK?+[Q40_+^*+)S+L8O6M\&?K/G?\`-_N3*\=:#X6.]IVO^(LMA>F_
MD.[RLT,\ZE+481&$1A$81&$5??V_5KV[7W:I6\W5S<%M5NVN%*<=ESBV5Y9,
MRA#<Y+P,\S3@7N"&-/#:F6K@)@!*T<:$1FBPZ#K?5UK67.ZLNZF#W@W7R=SE
M(Y7S1Y%K&ED\\0V3`QVD12,!->R03V*T4.WEL;"[N8GW<$$SQ&0"^-CR!M'0
M"X$@?(F<OY2O*#_>EY-?Q^VK_P!ZLLI_+;=#]#=?[R\^O4<_8V%_T5G^IC_N
MIZ/V?.U+;L+M28`AL>WK7LE`V\=^1"UL;[$L>83=`UKC5=3)SES8CDSPYIT"
MTY/OO8S2@@,$7][O?1W,K-UG-U<)N_N]BI\5'*R66_D:XOGGEJ!"2*"61X&G
ML@`]BM%)-VK&QM+B5UI!!"XQ@$LC:PD5U$M`J.ZI_64V4P35_;=^J<YV_42^
M?&;1D@W2][,5[3M?3QKY3_0/\AW(56I&B%WTSN[]T']O?]MO/8"0GG':3XQY
M5`!J6!DHA?)N1=W?Y`>OM[_R8JSIWA/J4VG_`/3)\PK]-\8=T*V/X>>:1Q:]
M'.D?)G&,\:AJ"V$E&9RBK*.V4]:QSL^MF%^0"F<]%^K!\*F>T[OEC42S73CY
M#>^FU,L*L2I+OLLWGL\F_16COE=2Y2?K<]/P/F+KY\"D>!\67NM[ZG2Y3M2!
M-2=L;8T-J+BE"[.L-W&P0>$<J>+S[*'HML=WH;:UE6TQ)S%(6EA0.CTOV$Y0
M#7>TR<XW?3TZ#T:WO4LW$;(_?'',B8^20W%`UC7/<26/%&L8'.<?D:"5'=[K
M6>^W8OK.U;M7$D!#14"IJ-%20!^$A,H[[7'L[]G`4;O15M244:04IW2=Z[4%
M$G"+&<24?NK^^EDG#*!L8=;T$6PZWO6^C67:/K)=MFPR6T.SZE=_4JLW\#;U
MTIZMH\[#]8M0\A.U*X)3NBK>@\3NI8Y2>8P"3QF.MNZCNIM"XOS^WG-S8D&O
M<JZ1-J/PM>J`'9R@XHD'6ZPQA#K>]8'>LW1W8R(-GD&-]2GJ76ETUH_-/TES
MH0UH&LDD`#22LK@=S-Y;;.6=S/;@0QW43G'G(C1K7M)-`\DT'8`)4V4&MZ`'
M6_LZ"'6_NZUK*+#4K3'6OUG**ISYK1R.K>;7-=4MC[$L5'<Q^4HCE*MG;E*@
MX6KUG@="-/.3#-,%H(=:Z1;WOHUK6>F'`_#8:YX486>YL[22=UO)5SX8G./^
M8F&ESFDG1HTG4H=DI96WT@:YP%1V3V@DT_)*)_N6C7_X!I_^3S:O\/[O_N^Q
M_P!O#_<71YZ;_O?_`$G\:F+^R8M[>VMG:`D-J!"W$"E'&PT1"!&G1$B-%&+7
M"(P128LH`C!!!K6Q;UT[UK7ZF4,ZT5G9V6_]K%90Q0Q'%1$MC8UC2>>GTT:`
M*Z!II70%)\*YSK5Q<23MG6:]@*87E;5F%%Y]JG\T7BQZ7B3R!7EF^>K7\6[/
M['=^A*Q>8Z`[RF\JA!YZ1J()2O"GSV^$_IC\7/+E!<U'QX^$6;^SQ^GB7?Q?
M3X^Z>0JUMSR_4T7`OP1?<W^MGY=XI[B*GP;O@@??UOX^ISUPX?\`N'A/9-IZ
M"-0.ZZ5)YQW*5WLER^"G4^RT^8?>?IF6#Y'*'SS1ZQ7Q=R7FK7[O&ICB>@,[
MKN4J2SFD5DE#M]K"^']GM[YRO_$N/66@ZJ/OW?>R7^G@6%SG16^7WBHA^7\4
M63F78Q>M;X,_6?._YO\`<F5XZT'PL=[3M?\`$66PO3?R'=Y6:&>=2EJ,(C"(
MPB,(C"*NT]HF]:]:?U%<>/BV:Y?'JE^Z&6]J,^[L48SO2(_([Z9(RU:P:?.]
MG&]:G#/1NY"_&-2Y4WK;>[&&]I2^@*SN!^FD\@<JL-,HJI,FK^V[]4WSM^HA
M\^,VC)!NE[V8KVG:^GC7RG^@?Y#N0JM1-]U,]\'^RWGK_)]([RCRJ`C4L#)/
MFW(OS`]?%BK.I>="F\S)\PKEOC#NA6R'#SS2.+7HYTCY,XQGC4-06PDHS.45
M91VRGK6.=GULPOR`4SGHOU8/A4SVG=\L:B6:Z<?(;WTVIEA5B5)=]EF\]GDW
MZ*T=\KJ7*3];GI^!\Q=?/@4CP/BR]UO?4Z7*=J0)A;VDSU6,^^N[C1Y:XAFS
MN"_Q8P'M!OS'KI9'H,OD?B5?/UM_J[_Z=YZGU*A*ZRK>^H3W=_E!I^WO_*J+
M(?Q")_@+-^R;OT#UV+3I4?G&\H5P5GDB-04[1G**J+YF^>GS3],7E+Y=I[GJ
M%P)^$>#^S2?>)E"\GT^3NCD"3CFVET%,"]D^^`]H!^^7C7_!JV<\_NM7\0K3
MV3%Z:=2K!]$=YP\@4P#*R+,J+S[5/YHO%CTO$GD"O+-\]6OXMV?V.[]"5B\Q
MT!WE-Y5"#STC402E>%/GM\)_3'XN>7*"YJ/CQ\(LW]GC]/$N_B^GQ]T\A5K;
MGE^IHN!?@B^YO];/R[Q3W$5/@W?!`^_K?Q]3GKAP_P#</">R;3T$:@=UTJ3S
MCN4KO9+E\%.I]EI\P^\_3,L'R.4/GFCUBOB[DO-6OW>-3'$]`9W7<I4EG-(K
M)*';[6%\/[/;WSE?^)<>LM!U4??N^]DO]/`L+G.BM\OO%1#\OXHLG,NQB]:W
MP9^L^=_S?[DRO'6@^%CO:=K_`(BRV%Z;^0[O*S0SSJ4M1A$81&$1A$815VGM
M$WK7K3^HKCQ\6S7+X]4OW0RWM1GW=BC&=Z1'Y'?3)&6K6#3YWLXWK4X9Z-W(
M7XQJ7*F];;W8PWM*7T!6=P/TTGD#E5AIE%5)DU?VW?JF^=OU$/GQFT9(-TO>
MS%>T[7T\:^4_T#_(=R%5J)ONIGO@_P!EO/7^3Z1WE'E4!&I8&2?-N1?F!Z^+
M%6=2\Z%-YF3YA7+?&'="MD.'GFD<6O1SI'R9QC/&H:@MA)1F<HJRCME/6L<[
M/K9A?D`IG/1?JP?"IGM.[Y8U$LUTX^0WOIM3+"K$J2[[+-Y[/)OT5H[Y74N4
MGZW/3\#YBZ^?`I'@?%E[K>^ITN4[4@3"WM)GJL9_]=W&CRUQ#-G<%_BQ@/:#
M?F/72R/09?(_$J^;/4Y0E=95^`3^<&GXU19$.(7N%F_9-WZ!Z[%ITJ/SC>4*
MX+SR1&H*=HSE%5%\S?/3YI^F+RE\NT]SU"X$_"/!_9I/O$RA>3Z?)W1R!)QS
M;2Z"F!>R??`>T`_?+QK_`(-6SGG]UJ_B%:>R8O33J58/HCO.'D"F`9619E1>
M?:I_-%XL>EXD\@5Y9OGJU_%NS^QW?H2L7F.@.\IO*H0>>D:B"4KPI\]OA/Z8
M_%SRY07-1\>/A%F_L\?IXEW\7T^/NGD*M;<\OU-%P+\$7W-_K9^7>*>XBI\&
M[X('W];^/J<]<.'_`+AX3V3:>@C4#NNE2><=RE=[)<O@IU/LM/F'WGZ9E@^1
MRA\\T>L5\7<EYJU^[QJ8XGH#.Z[E*DLYI%9)0[?:POA_9[>^<K_Q+CUEH.JC
M[]WWLE_IX%A<YT5OE]XJ(?E_%%DYEV,7K6^#/UGSO^;_`')E>.M!\+'>T[7_
M`!%EL+TW\AW>5FAGG4I:C"(PB,(C"(PBKM/:)O6O6G]17'CXMFN7QZI?NAEO
M:C/N[%&,[TB/R.^F2,M6L&GSO9QO6IPST;N0OQC4N5-ZVWNQAO:4OH"L[@?I
MI/('*K#3**J3)J_MN_5-\[?J(?/C-HR0;I>]F*]IVOIXU\I_H'^0[D*K43?=
M3/?!_LMYZ_R?2.\H\J@(U+`R3YMR+\P/7Q8JSJ7G0IO,R?,*Y;XP[H5LAP\\
MTCBUZ.=(^3.,9XU#4%L)*,SE%64=LIZUCG9];,+\@%,YZ+]6#X5,]IW?+&HE
MFNG'R&]]-J9858E27?99O/9Y-^BM'?*ZERD_6YZ?@?,77SX%(\#XLO=;WU.E
MRG:D"86]I,]5C/\`Z[N-'EKB&;.X+_%C`>T&_,>NED>@R^1^)5\V>IRA*ZRK
M\`G\X-/QJBR(<0O<+-^R;OT#UV+3I4?G&\H5P7GDB-04[1G**J+YF^>GS3],
M7E+Y=I[GJ%P)^$>#^S2?>)E"\GT^3NCD"3CFVET%,"]D^^`]H!^^7C7_``:M
MG//[K5_$*T]DQ>FG4JP?1'></(%,`RLBS*B\^U3^:+Q8]+Q)Y`KRS?/5K^+=
MG]CN_0E8O,=`=Y3>50@\](U$$I7A3Y[?"?TQ^+GER@N:CX\?"+-_9X_3Q+OX
MOI\?=/(5:VYY?J:+@7X(ON;_`%L_+O%/<14^#=\$#[^M_'U.>N'#_P!P\)[)
MM/01J!W72I/..Y2N]DN7P4ZGV6GS#[S],RP?(Y0^>:/6*^+N2\U:_=XU,<3T
M!G==RE26<TBLDH@_M3T?=I=,^S3B3`FVM?I7).2L88T>A=3PMYD)W'!G:DW7
MWK>@:/7K"P[%T;ZNM].69ZK=S#9[Y9.\N#LV\.%ED>>TUDL+G'\`!6&S8+K=
MC1K,@'_0J,V]<0K/9WBR8Z4]P%ZDE7-1SR^1QL<9<BD#F@1-_C1T4L+-*H1&
M7(2)M1B+UI:X%-S<X*5!*9N4+5)H"=W7@WSQ4T-K<F.X9;7;PUKW-C+&DG9:
M'NCE>VKC7P6%[V-#G2M8T$J.&W>"X5!<WN]\#_ZU52XNRXIV44_VM7`1#(W&
M*O1;O:-O)$[K#GL;\T%/D+I^[HI-8RI6&H6X8'V)2)&),K"$L:8S0RSDQQY!
MI9HM&]8C-6F:X42R6S9F%F2LB6R-V';,K'R1/`J?`D8=IND.%"US6N!"R>)C
M='?`.H?`=J^301^!6/64!4I1A$81&$1A$815V?M$^]:[5VU-[WT:U17'CIW_
M`/;9KE\>J7[H9;VHS[NQ1C.](C\COIDGN]SN;^^'LH/<W]\;KJ;V5KN=TW6C
M0](?L_?:[G=UEJU@T^=[.-ZU.&_:WKC?R&UO6]=&];"Y5,$6MZWW=;"+6];U
M]K>5-ZVWNQAO:,OH"L[@?II/('*K#3**J3)J_MN_5-\[?J(?/C-HR0;I>]F*
M]IVOIXU\I_H'^0[D*K>4\'F;DUMLB;HI(5[#()K]'C"[HVE8H0/<]&F0KP0Q
MH4%%""Y27:)T2F^!D]<[0%)72']L!T^NEQ?V,5W+;2S1MN(XC,]I<`6Q;3AS
MKA_595KAM'15I[14"#7%H(!H33\/:[J_4^IZTXY7$WE\@@<A9(RQJYC!G=X=
M$Q2).AF$?TH9GZ.&$GG@6&.3*[BTE5!+*&$@_P"\&+0NYF+ES6)N626=O<1/
MNI+-TK6M-28WQN<Q]0*;+F^$VI%1I"_8CD:0X@AH=3\-=2M2.'GFD<6O1SI'
MR9QC/'X:@I^E&9RBK7^U,K:;V[VQG-.O:YCZJ3S!^MF-#;6A*:E3=<AJXWU&
M[.BU4M7'I6]O;VYL1&G'GJ#2RBP`[HNG>M;]".KGD[##<'/VEDY!%91Y.YVG
M&ITN=$UH``))<X@``$DE13+L=)D-A@JXL;WT@:*<>;<F<?A\N:8RE1Q*>!GI
M\9E4FD<:B,=5-]8_)\N</*QVDCLV)FIC95LI0)/#%6RDZE:?M.0(PXLP`-\7
MF\F&LKF:SFE+KRWYH/C8Q\CP9]OFFAK&N+G.$;W;+:EK1M.`!!.,;#(X!P'@
MFM"2!JUZ^ZI!7LPK$\1;GMRWC$A;SVF01KC<AC[ZU*NIX2V/3+=@&QU;U'>A
MF%;.1+TIA0M@$(&Q!WT;WKHWE/>MC<0W<^[MU;.#[>6UN7L<-3FN=`YI'R$$
M%9_!`M$K3K#AWU./RH*SZ86]I,]5C/\`Z[N-'EKB&;.X+_%C`>T&_,>NED>@
MR^1^)5\V>IRA*ZRK\`G\X-/QJBR(<0O<+-^R;OT#UV+3I4?G&\H5P7GDB-04
M[1G**J6Y@H5SAS7YL$MZ%8X'$<N>6;B>4A2*%AI#>V7982YS<#RTQ9HR4#:A
M(&>H.%K19!(!#&((0[WKT_X&21Q\(L&Z1S6M,#P*D"I=<S!H%=9<2`!K)(`T
MJ%Y,$W\M.WW@M3H*CMIV6D-K55-G.;DJ9$4E2MS=7TO7+U4;<CO!FV0ID25G
M-4GL3@H_:R%@`[3'&?>@'O?<S9DF8P\,9EFN[5D0D+"YTT8`>T5<PDNH'@:2
MW6!K"Z8CD)H&NK2NHZE+$]E"+,)2]H(2:`91I,IXW%&E&!$6:4:5'+:`:4:6
M/6AEF%C#L(@[UK8=ZWK?=RAW6J(=Q!M'#2#B(?33J3X/HCO.'D"E^Y659E1>
MO:I];WQ%XL:"$0Q;Y>(]!``(AC&+=!7EK00`!H0QC%ON:UK6][WW-=W-\=6O
MXMV=?]'=^A*Q>8Z`[RF\JBV-?`>RU2?:ATE#$W>"UY%)B^)6ECD<P<(S*)I(
M;-C[16+X@CZ8U4&4-9M4.@GC:0*L2`\&D91"I8$1.KS2\0L6QVS%%(ZMS)&P
MN<R,/CB9`]T["\@<V[UB/F]K9VP=LN8RCE&A:/[)&H'LFA-='=T&O]&M>@H.
MBG&I^8?!!T4RMFDIXN=/&F#3%M:V]W0&P>PFZQ*7FZZ*GJG,DI/(TY+',TX=
M.*/H(&K3*BM!ZA91IT"XP9^/+\*<]$V%\3?4XI8W.+3SL+KP1"0!IJP[<9\!
MVG9<PUJ2&]K'Q&.^B-0?"(/R'9K3Y=:L^,\WE+UP+\$7W-_K9^7>*>XBJL*+
MI*`27C;R`N*3/T8=Y=`(^I>857OTDQZ-/;>EC5FUPEE$BD<6.=$<L?T,L99>
M>T,I"`O>MJ0*3A&:/+1EF^GN[6=R-KA]T\+:QRLL[C'6C99N8>]I+[*0QL9(
M&F-AC=&))2\^*6M`V2\B&31,=)/(XC:#W4%::G"M1KTUH/\`[)7*'CIQRE[_
M`&'%`5[NOG*KV./,EKR)),;CD,/A<E-J&QK)E[_$7(14K0%.D9F;:V1W:>5K
MD[,L1-:Q01OPI5K29)O+O-96]M>>L^LQ7<CW6[#%;,DE9ZQ##&R1OYL[+XG/
MFK;L=*UTC&N\!GA!#"XEM*%HTFIH#0DTUZC0:=&@J1S[+$,9G`B[3#`=[,'S
M'GHS`=W[P8J9H40@=WN_>BWT93/K&`#B_DP-($=M]WC4AQ'0&=UW*5)>S2"R
M2B"^U0O1\;E_9L2-,E0KE,??N3;XG0N91YS8M.:=\<UY:-Q)2J42HU`J&1HL
MX)1Q)NRQ;ZA@!=`M6:ZK4#;G?/)6SBYK9,-*PEM`X!TT(JTD$5%:BH(KK!U+
M#9L[-NP]J0<A4;$OF%*V\\Y9':]@L=<&Z$J:]@CHF=+'<G2#Q5R*E&W9I-6/
M<X</I%;E+I,5SDF2R<+LE;7/1!Z4LOP<L&71.YEI(T,N;FXDC=.)I6EL+6RR
M-YO9=1L0YEP;&UCG0<VY[-IKR=HE1WUAPT@`&E!KT#3\NG7736A2V.S!N-TM
M_M:>`2A7&(Q#D#1;%U.Q;)%/'@F]3*+#J6[9A.Y,H,D+R^+PJY"^J-;"G+.`
MC1)B"2""P`!O8M']8;"18;A1*UDLL\C\C8MVI-BHCA8^.)@V&L%&,&LC:<XN
M<XDG1DL3(9+X:`!L.U=LD$E6.&4$4I1A$81&$1A$810-^V$G=7UCVY,BG]L-
M$B>&.*4WQI>6(,>;H^^::)>C-D1K-)GR.R4TEMDC+&20J%O@&Q;V>M*3[$`X
ML)A!MS>KMC\ME>&F=QV'?$R>;(AK]MSV[49M1M,:]E7,<\T;M]AI=I!(<(]E
MGQLO(GR`D!G_`%VM>G71(:B_(JF&EHFS>IMAQ4MCS:\]DE+EN<.F!$EI%S>U
M]YI8],71J;&]R@XV1(.QT$D->F8PV:#<0$HAD"2MI0-[TN]VLW-/!(RS:)66
M<3+DMDC++IK1:E\;7.<V7:/,OA$4@%L&;4@<'RDK&-FC`(VM!<2W0:M\;3VN
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M0',`;0(F"Q`M/8UR4]S4MJ@E:I4:'H.R$9/XLMT[W%.9<NGB<(+$,D>T2,EG
MYNS-N&2,#^8,8($K7!C7@M:VE=I[N73M?44.EU0-%!5U='9KV-=.166W#SS2
M.+7HYTCY,XQGE*-04X2C,Y15U?:#<BY-QK[8SGE+H[%(),"G.VJO3OK--V$#
MH!:V,-.T=)"&]L=2S"G"/^%.[>F,4#(V()^DY83`#"#6LOIP&W:M=Z.#D=G<
MS7$+FY*]+'1/V:.>UC"7-U/HTN`!U5-""5%\I,Z'(%P`/@-U_P!*2/&.?4U9
MV>%,R^O(8UFP=JE4?9I?4&Q4[8;,Q2&*UM$T2:)R5N02-#&%K4VUL44<>!`?
MIQ3."HLXL)A@CQ;GN^'EC////'<SN$[XWNCN/\S"Y[))Y"9&$L+PYTY(&V-A
MS&$&@V1CVW;@`"!HKI&@Z@-!TTU)Y7V:>7G6#VBO-&>J&EL85$VH+4M4,C*`
MPMI:3Y%>?C8Y`W!-$(WP5,:KV$(A;ZP^CK;Z-[Z,JYUJ+,8YN[6/:]\C8+*X
MC#G>,X,,#07?*:+-81VWSS]57`\JF[Y4=9Y,*>TG"ZO97V`+JB%U;MXTBZH-
M=(A=%U1'?5#K>]:V+?VO[.;.X+:>+&`]H-^8]=+(]!E\C\2B;M_%2HFF$U.\
MQE%&N1\X<8!/')ZBL'M8]Z3V/-T5D4,TK$S4RP%S1RR.,=6P6S7CI!H2=2L6
M,XUZO7@NMI@WTEWNS,U]>0W3I<98-N(FMDEMPTPQ&&[<"YTS3&]T\L$?;:UL
M@C9X?A*,"",-:6T>ZAT`ZS5O:TZ`3_15>!Y<<=:8JFFX^_5MIP<'5%9\/9=S
M52ID1[3.8U)EEB+R53+(E:X^!3U2VDQ9K"J+CJ-N-C1HS4KGM8<H+-*CV3WE
MS>7W<SUOD]EL3L#>NYH!@=$]D,8(<P`2Q!QDDV3,YXG%'Q;#6D'ZLACCFB+-
M?.MTZ=()/X#J&K5V:JSQSS=&H*7HSE%6>S>^J\ICEMVG#/+J]D4B=+4OOG'7
MY,NC,P1L#@ULTFF%VQXF(*VMPBSZ4JC<@E[PVKG0\A0E4Z*;"@=4\H(R#?1/
MACN_DLYPKW6FL[F***T(F,;XR\.<R^<\R!PD91[(VO9&"'-J\FK20X1*]E9%
M?3AP)+M%0>VW5JU5I7N+PJWE3#F$JOG2*26TY%.JS@=W[ATX?&PJ-OA-CVF5
M%R(FYS<]--Y$&:2.O%Q;NY_*`'@A9RDAG+*0`\$$9K8<>Z5[<&YBNXK2/'W5
MQ:\Y$UVVSF8.<,C8@8F<TR8<VSF?"(!F)D.V`NH9VBA:7%[0ZAU:32E=.DC2
M:]S0G_/9/NGP'M`-[$(8MR7C7L0QB$,8Q;C5L[$,8Q[V,8Q;[NQ;WO>]]W?=
MRH?6K^(5I35^R8O33K/X/HCO.'D"F`9659E1@/:GE*A%Q.XGK49YR18BYB-B
MQ&K3&#)4I%:6A[O4)528XO83"5"8\L(RQAWH0!AUO6];UF]^K:UK^+-HQX!8
MZRO`0=((,#@01V01H(6,S&BQ<1KVF\JB2'<U>2;F8T'RRPC;&41Y`TIH\KLY
ML16`L8G:/2B4S*-31K624*Y2GGL;D,U<SD;KL0S@`4]['HPL``AOP-QMV(@]
MMG;"V;(YQ>('&$/:^..-\3@R@,3V1,#H]1V:BA)*BWK,Q\8[5.WI[)(.GLBI
MTK8/&RYIY:/,G@0UR]6T'D,/,WC&XB4-;`V,J^22%5:]2QI7+YFN0$E'RB7*
MX]%&Y&8N4;V,1270MZ[Z8>8;KKC-A,?B>$^?EL@\.DMXFT<]S@Q@NFO$<0)I
M'&'R/<&#15W:#0.YCI'R7T0=303^'P:5/;.A6C.>:JF"X%^"+[F_UL_+O%/<
M14^+;O>DFNC>P]8Y:$75WO76#XP4"ZHNC>NL'K!UOHWW.G6M_:SUPX?^X>$]
MDVGH&*!W72I/..Y2LD%0H`%0`"E0$"P`2E@0J#@A6%`-`>`M8'0]:5%A/+"9
MH)G6UH8="^SK6\ENRTD$@5;JT#1V-':T:-'87P4Z3V6GS#[S],RP?(Y0^>:7
M6*^+N2\U:_=XU,<3T!G==RE26<TBLDH=OM87P_L]O?.5_P")<>LM!U4??N^]
MDO\`3P+"YSHK?+[Q40_+^*+)S+L8O6M\&?K/G?\`-_N3*\=:#X6.]IVO^(LM
MA>F_D.[RLT,\ZE+481&$1A$81&$5=I[1-ZUZT_J*X\?%LUR^/5+]T,M[49]W
M8HQG>D1^1WTR1EJU@T^=[.-ZU.&>C=R%^,:ERIO6V]V,-[2E]`5G<#]-)Y`Y
M58:91529-7]MWZIOG;]1#Y\9M&2#=+WLQ7M.U]/&OE/]`_R'<A5:B;[J9[X/
M]EO/7^3Z1WE'E4!&I8&2?-N1?F!Z^+%6=2\Z%-YF3YA7+?&'="MD.'GFD<6O
M1SI'R9QC/&H:@MA)1F<HJRCME/6L<[/K9A?D`IG/1?JP?"IGM.[Y8U$LUTX^
M0WOIM3+"K$J2[[+-Y[/)OT5H[Y74N4GZW/3\#YBZ^?`I'@?%E[K>^ITN4[4@
M3"WM)GJL9_\`7=QH\M<0S9W!?XL8#V@WYCUTLCT&7R/Q*OH`,98@C+,,+&#K
M=098Q@&#K@$6/J"!O0@]<L6P[Z/LAWO6^YO/4X@$4.D*$KJJA"[PD*ZPME$N
M#;LDK8A;*)V<[(!';)+WOJ%;.$#6Q]76NMO6NGIZ-9#^(7N'FSV3B;JORT@?
M2O<78M.E1^<;RA7!6>20U!3M&<HJHOF;YZ?-/TQ>4OEVGN>H7`GX1X/[-)]X
MF4+R?3Y.Z.0)..;:704P+V3[X#V@'[Y>-?\`!JV<\_NM7\0K3V3%Z:=2K!]$
M=YP\@4P#*R+,J+S[5/YHO%CTO$GD"O+-\]6OXMV?V.[]"5B\QT!WE-Y5"#ST
MC402E>%/GM\)_3'XN>7*"YJ/CQ\(LW]GC]/$N_B^GQ]T\A5K;GE^IHN!?@B^
MYO\`6S\N\4]Q%3X-WP0/OZW\?4YZX</_`'#PGLFT]!&H'==*D\X[E*[V2Y?!
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M_P!`_P`AW(56HF^ZF>^#_9;SU_D^D=Y1Y5`1J6!DGS;D7Y@>OBQ5G4O.A3>9
MD^85RWQAW0K9#AYYI'%KT<Z1\F<8SQJ&H+8249G**LH[93UK'.SZV87Y`*9S
MT7ZL'PJ9[3N^6-1+-=./D-[Z;4RPJQ*DN^RS>>SR;]%:.^5U+E)^MST_`^8N
MOGP*1X'Q9>ZWOJ=+E.U($PM[29ZK&?\`UW<:/+7$,V=P7^+&`]H-^8]=+(]!
ME\C\2KYL]3E"5UE7X!/YP:?C5%D0XA>X6;]DW?H'KL6G2H_.-Y0K@O/)$:@I
MVC.4547S-\]/FGZ8O*7R[3W/4+@3\(\']FD^\3*%Y/I\G='($G'-M+H*8%[)
M]\![0#]\O&O^#5LYY_=:OXA6GLF+TTZE6#Z([SAY`I@&5D6947GVJ?S1>+'I
M>)/(%>6;YZM?Q;L_L=WZ$K%YCH#O*;RJ$'GI&H@E*\*?/;X3^F/Q<\N4%S4?
M'CX19O[/'Z>)=_%]/C[IY"K6W/+]31<"_!%]S?ZV?EWBGN(J?!N^"!]_6_CZ
MG/7#A_[AX3V3:>@C4#NNE2><=RE=[)<O@IU/LM/F'WGZ9E@^1RA\\T>L5\7<
MEYJU^[QJ8XGH#.Z[E*DLYI%9)0[?:POA_9[>^<K_`,2X]9:#JH^_=][)?Z>!
M87.=%;Y?>*B'Y?Q19.9=C%ZUO@S]9\[_`)O]R97CK0?"QWM.U_Q%EL+TW\AW
M>5FAGG4I:C"(PB,(C"(PBKM/:)O6O6G]17'CXMFN7QZI?NAEO:C/N[%&,[TB
M/R.^F2,M6L&GSO9QO6IPST;N0OQC4N5-ZVWNQAO:4OH"L[@?II/('*K#3**J
M3)J_MN_5-\[?J(?/C-HR0;I>]F*]IVOIXU\I_H'^0[D*K43?=3/?!_LMYZ_R
M?2.\H\J@(U+`R3YMR+\P/7Q8JSJ7G0IO,R?,*Y;XP[H5LAP\\TCBUZ.=(^3.
M,9XU#4%L)*,SE%64=LIZUCG9];,+\@%,YZ+]6#X5,]IW?+&HEFNG'R&]]-J9
M858E27?99O/9Y-^BM'?*ZERD_6YZ?@?,77SX%(\#XLO=;WU.ERG:D"86]I,]
M5C/_`*[N-'EKB&;.X+_%C`>T&_,>NED>@R^1^)5\V>IRA*ZRK\`G\X-/QJBR
M(<0O<+-^R;OT#UV+3I4?G&\H5P7GDB-04[1G**J+YF^>GS3],7E+Y=I[GJ%P
M)^$>#^S2?>)E"\GT^3NCD"3CFVET%,"]D^^`]H!^^7C7_!JV<\_NM7\0K3V3
M%Z:=2K!]$=YP\@4P#*R+,J+S[5/YHO%CTO$GD"O+-\]6OXMV?V.[]"5B\QT!
MWE-Y5"#STC402E>%/GM\)_3'XN>7*"YJ/CQ\(LW]GC]/$N_B^GQ]T\A5K;GE
M^IHN!?@B^YO];/R[Q3W$5/@W?!`^_K?Q]3GKAP_]P\)[)M/01J!W72I/..Y2
MN]DN7P4ZGV6GS#[S],RP?(Y0^>:/6*^+N2\U:_=XU,<3T!G==RE26<TBLDH=
MOM87P_L]O?.5_P")<>LM!U4??N^]DO\`3P+"YSHK?+[Q40_+^*+)S+L8O6M\
M&?K/G?\`-_N3*\=:#X6.]IVO^(LMA>F_D.[RLT,\ZE+481&$1A$81&$5=I[1
M-ZUZT_J*X\?%LUR^/5+]T,M[49]W8HQG>D1^1WTR1EJU@T^=[.-ZU.&>C=R%
M^,:ERIO6V]V,-[2E]`5G<#]-)Y`Y58:91529-7]MWZIOG;]1#Y\9M&2#=+WL
MQ7M.U]/&OE/]`_R'<A5:B;[J9[X/]EO/7^3Z1WE'E4!&I8&2?-N1?F!Z^+%6
M=2\Z%-YF3YA7+?&'="MD.'GFD<6O1SI'R9QC/&H:@MA)1F<HJRCME/6L<[/K
M9A?D`IG/1?JP?"IGM.[Y8U$LUTX^0WOIM3+"K$J2[[+-Y[/)OT5H[Y74N4GZ
MW/3\#YBZ^?`I'@?%E[K>^ITN4[4@3"WM)GJL9_\`7=QH\M<0S9W!?XL8#V@W
MYCUTLCT&7R/Q*OFSU.4)765?@$_G!I^-461#B%[A9OV3=^@>NQ:=*C\XWE"N
M"\\D1J"G:,Y151?,WST^:?IB\I?+M/<]0N!/PCP?V:3[Q,H7D^GR=T<@2<<V
MTN@I@7LGWP'M`/WR\:_X-6SGG]UJ_B%:>R8O33J58/HCO.'D"F`9619E1>?:
MI_-%XL>EXD\@5Y9OGJU_%NS^QW?H2L7F.@.\IO*H0>>D:B"4KPI\]OA/Z8_%
MSRY07-1\>/A%F_L\?IXEW\7T^/NGD*M;<\OU-%P+\$7W-_K9^7>*>XBI\&[X
M('W];^/J<]<.'_N'A/9-IZ"-0.ZZ5)YQW*5WLER^"G4^RT^8?>?IF6#Y'*'S
MS1ZQ7Q=R7FK7[O&ICB>@,[KN4J2SFD5DE#M]K"^']GM[YRO_`!+CUEH.JC[]
MWWLE_IX%A<YT5OE]XJ(?E_%%DYEV,7K6^#/UGSO^;_<F5XZT'PL=[3M?\19;
M"]-_(=WE9H9YU*6HPB,(C"(PB1,*_N3<KL&Y(S47&NL9+$ZBL8FM!2NQ.1\D
MK1WD[L&O8#/E[HW15JXXV,D3L1`9X6B).\:G#/.2&BV`ON!PBCH=I'V*W:+<
M]^7$KY.M"+B56"&2P&N(4"&.U]VA*5R,V!)7Q.<XC>D/&EG3'%.>WC6P%Z3A
M$5HO?2(73W+`<(.-EKPNPUYBKC&RWKKJZ$P<V9L0;2,,V2'1OKJK6H[5%BLA
MC77LC7AX;LMIJKV:]M(7_JR/:4_NRX<_QMVY_1\S;?\`RYQO[AN/]VSZA=#]
M@O\`TH_LG\:7KV:78P=HKV?_`"R9>3#PW<2[21-%96-7VX<T7[:$56GG3Q3$
M%!3KIY7\:'E,`EL^2^]#*[QL1G?M;T+75WK>H.,/&FUXI8JRQMOCI;)UI<OE
M+G3-E#@Z/8V0&QLI376I[5%D,?CG63W/+P[:;353LU[:?RLOD?S3JYIC;N]<
M0J/<R)/9%:UFD)8N8,R7*$CK9\T9H.T.J\!G#].$EB:G)[*/7G:V(9*4`QA`
M/>NKO0:RBTGSHJWGOS'XB7[Q?;Z#XT0!;=<`7PI+,W#EK/9`ACIJU4C4:<5+
M*EXCMBEQ*+TEWK98#RA;ZWV=9D</?#%Y>TRCFE[;:ZBF+0:%PBD:_9!TTVMF
ME:&E:T*_$C=N-S-6TTC^D4488?LR7:4B&(7RRX<ZZPA"Z/I;MSN=.][_`-WS
M+ENZW>-<XN_8-QI/^K9]0H]^P7_I1_9/XUCW/V87M*7!L<F_4VX<%;7MZU#H
MW=LVX/16U:4U/HS8-<?0[%HO9G3T=.NGHSXS=;7'30/A&"N`7L<VOK3-&T"*
M_0=BJY&!>"#SHU_]I_&I>%,G<\*HJ"J*L/XS\;WPZM:V@L`.>R>8<X0D.YL.
MB[7'370E$9P^4FHR5XV[9H2A&#$6$>@[%O>NG*4#0**1K[5GR-YJVDPO$@9N
M(-'-:9EL"S:Z4)G[F%,42TYUJRP)'73RY)BBN("D!C,ZNL9.4(#=BT,Y&86,
M0`"%L&N44;7FMV"_:.<MN6U^<FVX_B+!4-U2]DE":'.%XVH_+HZ!HKV%082-
M2\I.-[:F<1J#(B)3H8""M!"?H'1O8=BW93A7Q]L^'&Z3=V9\7->2"ZFFYQL[
M8Q279\'9,3SX.SKKIKJ6'OL6Z\GYX/#1L@4I75^%)A_JR/:4_NRX<_QMVY_1
M\S8__+G&_N&X_P!VSZA=/]@O_2C^R?QIS_LH.R@[1#LU+RM*X7N-<4;@3V-4
MS;69#`R\B+,ARAI/03(J5">#W!QXQ/I2L@TLKO&B0E`%H6^MUMZ[F:,XQ<6+
M;BG<8^>WL9+$64<S2'2MEV^=<PU&RQFSL['9K6O8HLGC[$V(>"X.VB.Q357Y
M4]3,^1O-6$26J(NX\0:.6K+=G+E`F-4U\PIBI0,[DV5U.;*.<)$<9Q`)$A:3
M6B`JDQ9I83AB6GD%[!H(]C#I=9%)![37C1S][0CB=(N-+337&*JESY.JOF()
M@[<J;!EB),77<X9Y@<@&SH>)S*I-,=2VK:<!FC]:*$9U]Z%K75W*=R-XV;H;
MW8_>B2%UQ'8W(E,8<&%]`X;(<0X-UZR#W%\+F$W%N^$&A<*54=7^K(]I3^[+
MAS_&W;G]'S+9?\N<;^X;C_=L^H6"_8+_`-*/[)_&OF;[,;VE)NB]?+/AR'J*
M49^]_2U;F^G2560JV'7_`(?.YL>B>KK?VNGIS"[Q]:3'YW=^^PC,)/$^\LYH
M`\W+'!AEC<S:+1"*AM:TJ*]M?6'"/BE;)S@.RX'Q3V#7MJ9@&Q.=6]ZUOBIQ
MS#K>]:V+?,V;;UK7ZN]!X;[WT:_L:RGHT"BSZUQ4/)'FG<M802U6#B#1[.RS
M^-M\F;6F2\P9BWR!N2.1>S2DCPB)X@*R$R\L'X8`&F!UO?1UMYRBBS7;[.CV
MD5N7A=]OIGWA^PIK?NBU[93,"FYK8<%+`GLJ?2":DL:AP)XZI27`]G+?-)QG
M@**"<(O8]`#K?5U:O<#K(V.Y6YUANM+B)KF2SB<PR-N&,#]J1\E0TQ.(IMT\
M8ZJK!W6'=<W#IQ(`''52O8`[:UG_`%9'M*?W9<.?XV[<_H^9,/\`ESC?W#<?
M[MGU"Z_[!?\`I1_9/XT\OV1?9U]H3V82?D.2^0+BO<PKS=*Q<4HF3DI9$+U&
M@UXUR]N.*5:<N+3_`+<Q.HI0$8-@[UHK1.];T+K:WJNW%OB-#Q-WCAST%H^S
M9%9L@V'2"0DM?(_:V@Q@`.W2E.QKTK+V%H;*$Q%VT2ZM:4[7XDZ@]\C^:3%9
MU>U6JXB4:<]V-&;'E#4YI>8,R-86U'6AT'(=4KTMWP_`:E7NHYXF\!``LS1N
MDY^QB+Z@>MJU=U-X=K-PB[03M,:<JBJV2L.+E.J*TN,FU#GMZY/6+,D[P057
ML[@_B0E"W<5&$U&>(R9A4]_$8,.@I]@ZG2/0@[`X8;[1</-\(=Z9K9UW'%#-
M'S;7B,GG6%E=HM<!LUK39T_(NK>VQN[<P`[))!K2NHIB?^K(]I3^[+AS_&W;
MG]'S+-_\N<;^X;C_`';/J%A?V"_]*/[)_&MGT=[.IVD5/WI1MQ*7WA^_IJ>N
MFJK94Q]-<UL-ZE_3UM.V&9G,2=P.X[*B6\]W+9=IP'C*-"2(S0]@%K71N'<0
M.LA8[[;G7VZL6(FMI+R-K1*ZX8\,V9&/J6B)I-=FGC#75=BUQ#K:X;.9`0TZ
MJ4[%.VI6,\O/FW7T&FL]=>)-"+FN#Q&2S%Q0M/,69JW9<AC#*N>U2%J2BX>$
MEJ'-80A$4G`(8`".$'0A!UO8M556<7>C%R<X)9&(Y*4'$WC\F12>/LTA2)E_
M,B:$+TJ9[;$SF0E7$:X=C"2M3%JM`-"$0@A,#O6A"UT;WP14410ZD_LQ?:4I
MRM%?+3AR+H,/'K?TM6YKN'*#3]:W_P"'S[(=&=']GHRX>[O6EQ^"W?L<(_"3
MROL[.&`O%RQH>8HVL+@TPD@.V:TJ:5I4J/RX1\LKI.<`VG$^*>R:]M??^K(]
MI3^[+AS_`!MVY_1\S,_\N<;^X;C_`';/J%\_V"_]*/[)_&G[NRBX;=H'V:M`
M3VDWJJN+MP*II=<BMPN1LO*&Q(<E;T[["X!$P,)C:X\4WTY0H2CA(C]J-&A`
M,*G0=`UL&]BJ]Q)WQBW^WQNMZH;=UK'<,B`B<\2%O-QMCTN#6@UV:^**5HLW
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M;2Y_E`FDUT0H%QK"R*N);*D=G)(G5B.+3FK4@#N]]39Q?3UM5L683@6$1A$8
M1&$1A$81(;B7-&2S:<2Z%L7"KE[LF"6RX5#*Y<YH..;+&6QT;CV@TR5DDNW(
MQ'*W:!K(Z_(WE&X(FM0):V*`B(*&?H:<)$N3"(PB,(D:\D>3D\IVQ*TK.M*:
M06_*YS#[)L03"XV:W5F]R*.56?#P22'TT0\1MZ:+*NA4W2W;BC85JZ/H-M[<
MH-4.:8/5%A%G.(O+&'<P8A9$]@*`U+$X/<LNJ5L6J35Y;@\FQ!HC"UT5O+$[
M,[(\0Z0MCP_*&MR95I/AC8O;SB3]Z-",L!$J["(PBZ#JX`:6MR=3$JY:!L0+
M'`:)L2C7.2L").8I$E;T17[8L7*-%]0HH/WQAF]!UW=X1-853VBUI6`^T6\2
M+C3&(335\S&'P2#S)/R%99I-9F[6)#G"=L3S6L$9H`E;IG'J\9T.TE@Z&\H5
MT7<B'#O!#DA;#%QY$Z]A$81&$3=7.7GI(.%B=2XG<9+'LN([K&8S9';".<5'
M!*C12V*-SNXE5=*Y/.9JTNL:EC^E;RC6WOC<80Z]^\&;QJW$/@0B)9]0S606
M-6,'G<J@3K5\@ED>0/CE`7QZCDB=8P:N+[\6@5O<2<WB.N(A$;`:$Q,H'KJ&
M!T/0#-#`$BV-A$81:HOBSQTG2-OW(7&7":#JBLIU8X8@TG#3N<H^149<Y'M@
M;U!2%S,(6.VF[O!8PIS]A&/6]%CZ.KLB0_1':'ZO>ZXU&HO&*K=Z-M"P+QK"
MHI_#;O23&SGE\X\M9KA/)K+*L10Y,S,-4N*@D*5`YHI&YJDYSDS>&I4^WDD!
M!$YOA$81&$35'(+F9R'A]Z2RA()!8[7/BAPD<N9+VM^DN0MA5`ZT_`^/,8M6
M1G)%=;%1AD?)H\6"X.["20DD6E+:0R'&;;EZL](D/(G$:?F+_8E35C/I5$5\
M`D\WKZ'2V105T\)TXPY\D4>;W=UC"W2Y&W+]*6-<K&F'I0F3*-"+Z#22C.L6
M$BV-A$81:-Y'W@U<<:C>;??FH3LP1R25JTR#7C#34F96&=6;#X`]S%S<1(G`
MM&QP-KE!KVO&,O0-(F\WK&%!Z30$24^)'.]VY-3UH9E$(K=I@]HUA-KNI)]@
M-RE69+AUC"[.2586KNJ))H8P-U<O4Q=E1A[1IM=9"W'FMSHAVKTI;3-FD3CV
M$1A$81,\VCVJAD8G5Q5[!ZWK!5)>-A%WS:\6FV+[+J]U2U+3LG@D59W6"-Q-
M<RI4\S>WUD\3CCR-R"U,H]Z)*$ZB-6%:`1.\-BX+HVM[F%*M1!<4*1<%$Y)A
MHG%(%6G+4:2N",S>QI%J?1G4-*%W2S-;#O[&$7>PB,(C"(PB,(C"(PBC_2=K
MN.&VU(6R235T0VA![UK`4VY;ZYJ\EG"O(?&[CMH3I74;E/$1!#E5&QX$GA`B
MV#Y+*=%1]O\`#$BQ6[)]+$BXXBD`X1&$1A$VIV@L;F)RVG9>("F;5<C=ED`7
MTVT<DK5XLR256[9K_#X[5,@8IM3[0X2>;*D`?&C6*/GJ4"$LIV&XFC,"D%WH
MBV5P#"_%4_,DTCDA3HY(+NL]J'$5$YF]IR6HM-+DC;#:LFMJ6='(K8]D25B5
M)#%GC9Y2#.-0."4I*J7MY2-<I(EPX1&$70="%RIL<4S6O"U.:A`K(;G0:0MP
M`VKCDYA:1>)`:844M"C4""9LD0PA,T'J[WK6^G")A"E6&PHG=M)M[\ZGQ.;P
MF^TU.W#R'<.:W(^^(+<-BDP%7*9[5[-2DT@B6GX=)+71K"SBBM"84\8<!^`-
MQZAP2A;CR)_["(PB,(FFN>D`EDFM:%-TFBJB^*HMZ,(JCA/']#RSN7C$(VS$
M(IY-9N\O#!5#$N06\R2.`H4NSS7Q6!+&R&`S9:<>W`PS1$KGA"XN[KQ:J5<^
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M@RMFF+%#VB'*)5)$#J44B7Q60*7YV4["L/*+`<@(GB*(97F.4A3L?D3Q+Y`_
MLE70%I>WRP4Q:*>.[LWQ5J2N#C-$9;M(`I94K5E#&X%^,%^P*MCUM2HWK9PR
M+:V$1A%HCDU%+'FU&3Z-5/*00Z<KT;0<WO(Y6Z0'OS2V2-G=I;'06"QM+Z^U
MV=,8@A7M!<A0HE2YA&NTO3EC.3@ULB:W[.*=$2N_WHR*PZR*(@3M3+X[ML!L
M^[.3]ZI.0Q8)I$#F.\J>E'(B#LK1J`0M*\JTYRV..ZOQS\K4BE6C(*\!5*B)
M[_"(PB,(F!>7,:LF/6G?PI,K<9),T\?>+JKZ]&[F9R6KAFXQTNK=&Z.PN12[
MC-5]>R:`G,-9RYI-4G%F)G@,P"T+%[@(H@E?XO(GYV79HF=I$H=$[X>)L0;.
M>TI)*=*\&[2E;,=$R=,:>G(3N`^DT`"QC`$(]:"+>M:WA%D\(C"(PB,(C"(P
MB,(H[O,URD9':)M\-0P:<+F^;E5._DTZP,W)9?`N5#K"Y?29:&;6*[5])DE)
M-B:+L+D_M(O';?LM`"&)5<@,6-`D"()%(BPB,(C")NSM3%;JV</9H^LC,X'.
ML;?XI(D$[945C.C]2ZQG<MK4=O,;143U'++=7&,+"RT_>6I<FUHE<88NV8V`
M6DF$7[[,=0M<>-ZQ]61Z3HPR6R91(T<[FZ2T$$UN5*\-<;5_25*4MRK%UA;<
M@*1FQXM0J&!"N1L!*IL)3M1Z).41.(81&$1A%';"Y2,SM47J#!@DW-;$MW0V
MQ$M$D,_)8VJDX51<G:7_`)3N4A)DP^.!<E-;T[9*DPAMQ*`EQ+&@$2=*5&EY
M)%(DPB,(C")I;M?I"]PRC:WFS"EE$?716U"'`-R09+;*Z9U;HZ*R)$)O9$]*
MO#-+T_TK%J!1DU8MVKCR+:\!JY(I-TD!HB5KP91*&_BW6*53%7&(B`9.S"$[
MT@G[4^R=`HLF8*&RT)"U6LXN]G-<BN1N-*EK@FD"I0\IUCV:6L,&>$8MD2M,
M(C"+RD\G$5K*$3"R)T[EL$*@$7?IG+WTY.M6$LL8C#6J>GUV.2MR98X*2FYK
M1&G"`02::+0-Z`$0NC6R*/5P>?4]J\Y(9<-<\AG^]H%-3[BF#A-?I$YDJ(,\
M-R_5KDL[%&JOFE5LO'9KTZ1M_B"\D25W(!&CV%R0(P+O#R3PD4D#"(PB,(FD
M^U%IQMM3Z'5XXW;CU((JALXAA<JEXS#Y#KF4R0I(F%22[FIYI"5431NIK4G_
M`&C2H`'71&PC&7X.$>B)P3C>AF#7QYHELL)A*BL\;:=K-OFD9)$2,J/RI%#&
M5*_LH-IE[JFUIL="C2>J6K5EAZG0$\X.M&"(MT81&$71<]#$VN`2T6G(P2%7
MHMNV843I>/9!F@HMG*.D@K2H7WG6']X'K=.^YTX11PNS*KIQF]_LFY.U\DV0
M?'^*RUE0('*:\_8#$J2(2K:-D$=H<]/>=JOD`M.,.;HZ/;*M0ITXRU0*Z3KM
MDEMBQ"F)(I)>$1A$811^NUD=Y"T<@JS;&EFL%M1V)3T@A2@FOV'E(_`Y-JDS
M%=DC9J$F1?'F5,+61&8_-&YD0FE.1)CBJ36,J$D4)D29T"H(G[H^`9;"R%F,
MQ$<,+:&T!D>2FI3DS",*,D(V9.<B`4B.(:Q:[P`1(0E""#6P:T'HUA%E\(C"
M(PB,(C"(PB,(H[+9Q&Y/HVEL`#@E!4G*(')%NM!TY[E\@*Y'9"U-KD01,'F0
M*G$+9JT%L374WWYBU$C5(FS36(+3X-I($(=$4B;"(PB,(FP.;]*V395XT7+=
M<4H?S.I6#UU;2)TIZ>6+"8I%F.W9._UGN(V.X1*PV]SB4U7M,+9GYN0G*$YQ
M[1MR.$GT`2DP>$6VN`%96I4]032,697J:GVY5=MDR.I:=13U!8Z"J:CD*EM<
M8]"6V0M0`-:9H0O9KFH1-B7^]&E&I*1IP@()++`1+EPB,(O/2XA^5123IHLH
M+1R=1'GHB.*SMAT2E?C6U26T*#=C`8#19#@(L0ND(M=&N[K>$3#?'_B;R!A#
MQPT$T\"H30-H5;.((Y\B.5S/R`KN2SJV6(4.>6J\AV`J8VXN?V\*UG]Q$LV2
M_*5G47")6_M1Z4D0"*0+A$81&$327*ZA;#G'*I=8<CX/P'G'48:(@4*KEDL6
MSZY962IIN5-+0=+9=6RO[/:G=CW()VQN<6*V^)"@KM)VC27OH"P]41$KS@Y!
M+4K+BW5T#N=O/99W&PS-$..*IN99*F)P\RPI8KK&&'SPT0S92;#*R4,[6)6(
M0Q&;2=T8]ZZVR)6.$1A%X^POE]\@IK]%/R/^D_Y*2'Z.OI"\=?(+4Y\4J_DI
MN:_)O_2'<4T^]X\8:0]"S:3OG>=Z,ZN\(FK.)'#OEQ`>2*?D#R344.KD3DPR
M=OE*GC;:,_K&O%"Q\2!&68KX[,E#P9CM-8!P!H)#O/I;*'9I+WLQ$8`S>];(
MG@\(C"(PB1?R$X$<7.09LZF,JX^\=WZ[99&#F5NMRSJ2C5FN;:YI&/;)%W5Y
M2JE4?>9&CC199/>D@75"(11.BP'E=P6B)15/5[]$E2UA57RGD$U^C6OH;`OE
MC*U/ADGE7R0CS<P?**1*]=.E+V]>+_"50^G?6.,%O"+8V$1A$FCE_!++LKCS
M/(;4JAP!,711"U`VMHG#G63S+X>S3V+OED5XRV,SB+<X&\V573:ZL"5W),)$
M@/<@G=^(T'9Q9$D/B%QXY(0+D(JMNU6Y='S)Y5EG2&\5>[A=9['I?:5H7,UR
MNFJPB$14.*E`TL/#ZEF`V*`>](VH+H)WV%(4H)":?HB=3PB,(C"*/C>'$OD/
M)W#F0>9P+A5SW7:=A6>]<?\`F.X<A*^C-C5@T&-:=%QY4PIT=V\=D58DIXU"
MC-"W,JI*0-2G//ZAIBQ1LTB?Z8P.A;(SEOAI1[V!K;P/!Q`0!).=`I"0N!I(
M2P@`$HQ7H>PZ#K6M:WW-:PBRF$1A$81&$1A$81&$1A$81&$70=3S4K6Y*2-Z
M"<F0+#R1;#H6@FDIS#"][#O6]"UH8==S?<WGY<:-)&L!%`3[-;MONT<Y`<X.
M&M2VERN9)O!K?MMFBT]@Q%64$T&.;*XQ*4.JQ`0X1>"-DG;!I%S<4+1B=06:
M'1?0+>];%K=HM_>#VY.[7"J'?3%W-T_.2163BQ\T3F5N`SG*,;&'BFT=GPO!
M[-5A;7(7,U\;=X:(@7::&NC5IJGXX=?7:(-CTUV_'5,@E<$E?,&Z^/3H1?<M
MJ$NEG!E?^7$MX]TPMJF'U+`M7E'EE:;2)%#B)]<4Y+F@0*B][./6)E22KZS2
MVS8':JV="9WR=C1M/UXW-%%[L9H;UTTL=FC*U&LK29U+#AV!8;*C?GZ=,%5S
M[5FB<FY=\G22DC:2D-TJ7Z7"VE(N9%VK,PC+A5;(9&J?DC@[V>.'2QSC,D>]
MQNQX8;R9BG'5#9%&O+TH:6MQ8S#I`K6G$IU4F<"'!I4HA)M(NH]"(L4DY^W)
M(YIQEKQJ=85!293<5#-<K3320%KKAMJ*V-8EPLTC,KAG#%V]E<H5&$M=DH'1
M86F*4E'C5:[\E$B+VX$3Z>$1A$81&$1A$81&$1A$81&$1A$G_EC.I+5_%CDM
M9<,<BV:85WQ_N2=11X-2(EY35)8E74C?V)R,0N1"EN6EH71O*-V2H+,(,T#J
MC"(.]ZW^FC:<&G42%PXD-)&L!-'<8^2UY./*;BU!GCF4\7K%K92VBGFL(=V;
MC9LH(8Y3CO-FAW1*JIK&(2EN.0R!O+UO>U>TYA8]EC`+>];UMSB#N/N]NQB8
M+W$27#[B2<,=SCVN&R6/=H`C9IJT::G0=796J]Q-\\[O'E9K+*11,@CA+P6L
M<T[0>UNDN<X$4)T+6G'KE)SQA4"XT7)9LK*15ER-KM.UR.Q>9MBTJWU.PVNY
MQ5PM.-3J)[HN%1^1P&!OL8A;NQEMDF<RE![J]M("R@G)5`5NH5M5>XFG:N76
MYV50D+9(Q5E,M=K33A^<OW-753+)0T16W`TM)[,9I6E0')#Z[5:;+-.:FX^1
MM3"F4%`2K$"]6L7:;$1%N"2]J1)HM)[Z;ES/2"MIKE_OJ',J1EF,M>Y97SW3
MU\5W2$8>;^:6]B-!%6&VUEC%J6K8=HTJ<Q%H!Z[210I7M1%@(7VFEBRMF99,
M?'Z^BZQ]&P0!VD\KF19%`P5V(Y4\F**=+-D2]DT]*$#&_-])H]H@@D:I&8YO
M[<ATK[WK:]01.&\#[,FMR</N/MI6*^(9+-YU7K=(9(_M6D_BEV<5JA7L2UH,
M2MC,2H:#B@AVE-TD3;.3]08BPB%O6B)6V$1A$81&$1A$81&$1A$81&$1A$81
M&$1A$81&$7R/]P.]R]R,]W]P_`W[M_<O[;^QA$R3QW_3O77J1/G,H\W?]._Y
M/<_T=?ZS?^\_Q?OV<=E$]&'X&3^1_P`J;_!^!_E0SW'_`#I^K_C73G*)*'+7
MQ3]%=L^._H(\6>"5+X1])_RT\!Z_TG,7@OR]^CW_`$N\4^%][\2>#?M?C/H\
M(_O;OV$6^3/^POZ,?R:Z^Z?_``B+YB_YM_PO^Y=[PBRIGS@CWS&_)SM[I\X/
MRDV_-[_-W^%_XSWG"+W.$1A$81&$1A$81&$1A$81&$1A%XRQ_P!'D\^9GS,E
M'Z1_T>?D-=\_/]3/\J?XCWW")J;AC^G)C]3G\VY)YF/Z<O@)7Y#_`-6_\I?W
M#JX7)_"G5Y)\S3?F5[DU_.3YF_#D?NO]R_P7^[][PN%AY#\X'?\`1E\W&3YP
M_.#YQ_\`U?\`U<_P+_..$6@J"\5?)7D+XH^@'O/TT<A?"_DM\LO%GC7Z6;#\
M:_2Y\M_[_P#'?A_?/'G@7_4WC'P[Q=_>?><(E"+OFLZ?HX_(P/AWS6]U%^5/
M\S?VO_I].$7N6_X$F^!>YZ_)_P`"^SOX-_<_U,(N[A$81&$1A$81&$1A$81?
"_]D_
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>12
<FILENAME>g7960452.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 g7960452.jpg
M_]C_X``02D9)1@`!`@``9`!D``#_[``11'5C:WD``0`$````9```_^X`#D%D
M;V)E`&3``````?_;`(0``0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!
M`0$!`0$!`0$!`0$!`0("`@("`@("`@("`P,#`P,#`P,#`P$!`0$!`0$"`0$"
M`@(!`@(#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#
M`P,#`P,#`P,#_\``$0@`M`$^`P$1``(1`0,1`?_$`.$```$$`@,!`0``````
M```````("0H+!@<#!`4"`0$!``(#`0$!`0````````````8(!0<)!`,!`A``
M``8!`@$'!0<."P8$!P```@,$!08'`0`($1(3%!46%PDA&'@Y"C$B-G:WN!E!
M4;(S<R0E=;4FMG<X6&%Q,G(CL[0UU2>71)341977@5+6F$)B0U8W5X<1``$#
M`@,#!`P)"P,#`P4```$``@,1!"$2!3$&!R(3-`A!47&Q,G*R,W.S=3=A@<$C
MTQ2T%3:1H='24Y-4=%46%T)2DH)#-?%BE,)C)&0G_]H`#`,!``(1`Q$`/P"1
MI6-TV#(=[%Y-DMN)UZA@FYZ9PZ,0T_=C7D/2%1UAK*).[#%R=LQ\!-F,O2+7
MIS,Q@9;T6<L$=D_&<`+P#-_][-Q-VM-X"[OW>C:'#]XZCNE:W,]R-WKVY<9I
MKZXCFN#KHO!;6SFQ1MJ'6KFQ!HC(S.+E%H+J9^J2MDE.1D[@&\ZT8!H('-9<
MQQ/^[':LRK'?SN2?UE7N<WA5'EQB:M>RJ2/"")CGO:%(U;V&Z8$,#0UK7=P,
M;AN=9/42P>K5&D9*?$JS)!:=O,(P>HP>]G5RX6:=!J]KH%_O`=6L)MZ((GW`
MM.9=)NL^V,TDC8V!XCOXK@LCC:_-:21\X^2Y;)S<7T@U>]>8W2MBYMP@)IFK
M2<&@%<*M(Q/^H&E!2ITP+Q.;C<8O35AG(*TEQ)M>1_<8_,E!2%R=HXY,\RVA
M[O;((V]3MW=R9"M12R+RVGFUV.7I2R#C$6,B$WE83\%DZ'5.W'M=6US=EDFJ
MV4@U.;189=8A9'.R6VWCW;L3K-I'&86OMY[;4I[=L,CGM;+0"Y?SOS'F^_;E
MT<4Q#'#()"(R2"'0S.YMQ-<06`U'8[&&.]%WB(VK%'!]CKA'*9M<XR3(J6KJ
MQJ==Y$?6\\W'VA7\$GU%U^`U2X2$;8UKBW=Z2OB@"Y4,DE(WJP\QE>)(GU[;
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M8=7%>*)`&6*('##Y4%24L#)3HNQFR`*PDO!1*H+R-")QPI**#@(1\YR@AQPQ
MGAK.LWHWFBTW[FCU&^;I!86\P+B40Y2:EO-!^3*3B1EH3BOD8(2_G"QO.=N@
MK^7:O7-C4>.3#2"96L!`TR-'@)*%,3DM,VEFE-A1(RB@"(PU@/'T;D9QT?E9
MYOD\=>)FJZDR43">8R![G8O<:N>09":G'G"!SE?#H,U5_61A%*"GZ-GY.PL1
MK.H*WJ"$Q2O:]B3/'XO"VIG:6)*2D*.5@+8X\FBB%>N<CPF.#H]B8$H$QZY0
M88K4%\<&&"Y6>.:WKWVWIWVUZ\WEWEO9[G5K^:625Q<0TF69UP]C&"C(XN><
M7MB8UL;#3*T4"^<%M!;1-AA:!&T`#XA3;V33"IQ7D.]#5>\/=8/!D=+;DU02
M-\F,*BS"><P0A/,'QM4M0I2[0]G$C8'Y]:4S@K$W'JR#LH5"PY05R3Q!,#[;
M+B)O;8V&K63;HRRZW:Q6UU<3`371MHGMD^KQW,F::&*1S(Q,R-S1*R-D;ZQ@
MM/\`+K2!SHW9:"-Q<T#!M2*5(&!(QI7823M6P,Q&*"<7IW%&(]EVDK>4TR-T
MRRMN7%_:R"AIR6UZ6Y3=)=6\D@P0`DGB,+"`6<8QPSG&HV-:U@6T%D+NY^IV
MLADACYU^2&0D$OB;FRQO)`)<P!Q(!K5?;FX\Q=E;F<*$T%2.T>VNHF@4&19C
M>4<+B:3,,+4$P_*:.,Y&8H4K+YE65&\E(P=1%J2O>F!2\U@8?)GCC7VEWBW@
MG^M">_O'B^+3<YII#]8+35IGJ[YTM.+3)FH<0OP0Q#+1K>3LP&'<[7Q++-89
M?1&B(T1&B(T1&B(T1&B(T1&B(T1&B(T1&B(T1&B(T1&B(T1&B(T1&B(T1&B(
MT1&B(T1&B(T1&B(T1&B(T1&B(T1&B)*N]*KI?;VWJ71&!+)BGF!;G$)`P)(5
M,%4(<'A;'96SNO5+D\)'-FRICYY*<8UB$U26F7EE<P?@PD9A1A$F:$QW>/6.
MYC=9:D]C4=F+);D5JR%T0HC5C3&6Q!@>&ZSKN:*\9I#7RB$QM17D8C,-E#,Y
MSYW;QN9QRE0H4)A+`!+3(")&S1M<WJM>(FX69"GB>6A&-S5PV)$7!%.HG;]+
M/S]/G';H\$SBUD=@(ZREL*@Z90P2X,>+C3<-5&4'.)220"$B)5D3@6RRM;`@
M5D;EW-WKV<5K7$Q=X`X1&-3N0MCZO)FC81,&^RW!O<6Z?V"IFZ21F=5NADL<
MC6]U>35N4IR7`&TH6B)PK1$ABQ=\3/!2MR9B>G['<0;87.,$S=S?UD*KN-KX
MV^0]ZFKC834^3:2M8<05D0Q]2A`K-)`:Y.N2BD9)J<T*O1%ZT^WK0J%2[;3%
M`1ER48W),**6-SU(GV.0AIA$<<WJN8^UXD:E^78)4REX=K+1IT+2E&8H5J"#
MB2Q9-R2`TBU=+O$E@48$2096$]:E0[^L"BU&;&61BK6UJ3UM%XS*GVRWYVE#
MKA+'(:YH9>W]6!<>BKE(50##24X.5D)$Y%HB;SL[>M84)CFZ:0,NW-S<P[6;
M"3,,@1/,V#APE5=BIYGM/%AL33744LYY`HD2]Y(9VII$G&>7@\#@[&-28M2$
M@B[5[;](U1<_K)G?V*.IJXFT>JB2N=A2&>%,N36VWK-05@A'7*)NCTACD_!6
MQ[HE?9D<)Z;4S-'%:=848J";P"1)V5^+E%\QA=83=6;:"N6FP+293Y`]66G3
MN$CA->!I=<QJ8.U,<3D*=UMNRXG<Q,B9X<N5MJD+(U*C%*HDTLXM.1/%Z(L"
MM*02V*5Q.)+`X\T2R9,,8>'6-1R0/Q\78G=W1(C3T:1XD*5I?E30V",!Q/.)
M1*S@EXSR"ACX!R1-[T[XBJ2U-Q>W#;UT&#-SY9FVLJV+*")[7IW]NLUVK*J+
M99X57D=6A"I>8J@A,Z4KG%U/$,`<C2IB<C/*<.CD6"OF^O<HX+%;-6U8P"4O
MLU?Y,KK9I1(C5[]#8'6]X694D\-GC#([9K9!.I:M:J^`Z-R5M=F(19YZQ((E
M0!M,5*")0-%;LY7:%XQB%K<P![JJUZ*6W+4DXB#5)FI0LPPGUDE<(X_&O[VO
M"*:JT<^$ZNC!T%"?$DO04YBQW-5G&HR)?VB+5EX6*ZU%3UF6BR09WLMUK^$R
M&6H8(Q.T?87.3',;:>OPVE/<H<&QC:2!!)R,]0<:+))`!B+*/-P`@PB3=6>^
M.$VEN-BFW6/M",;NZ4`XV_+'X$M:30129I"Z7>`5`4P9()>GE^3PNYD3RN6\
MA.G2)AI@<DPT\X*4BU9-M]MJ0TJ\,GT1`314FL8CGU<*^@&LB,$D+F9D>JYW
M<&>M7A0JW*RG+$Q`;X:P$/\`[^9->#UI0AEA4D6SMO&]$5[WQ:],**U6PH-?
MI9(L:75R=7(]Q=<0N>J*XE"-P3JHLU1-<M1/Y.!&"BSY*DC9R\)'8]N<<@1C
M(ETZ(C1$V-9_B4L%21RQU<VJU7&9O$]S2:@HG7<CL2$-SS,(JG:*7E,GNE8X
MIE3BT1Z)QN'7"G<3$8#5ZW(LHD8^:7.`4Y!$H.\MQLSIJU:FAA=3DR:&6PZ9
MAC/,0R]0T+A62MC\V>V:-="-B:R(,C6<IBR!`)<^O[.8M7/Z8AK3."@DXG1%
MH!FWZ6(M)CP7&B(^E=2=PX]N4Z84MHO`)*HFACI!@%IJ?B$BJV-S*P!M<.EZ
MN3.*AU;HTU%QYA4N*=:I;E"5<,B<UT1:EOFRW2FJ7M&UV6"NUF.E=P>13!'!
M&1W8(^X20QA;5#B)"%\DZ]N9&A*$H@1BA0:,8RDY8Q%$J#L%IS2)/M;;W(1:
M.Y5MVWQQK1'N8*+66K*Y&7+6@T$=FJ4RIEYU1$1SFBWQU?&R(6V@=W!;R"$R
M,D].3R3#C#PI2)/5D^)/*JMETMJZ4T0C;K5:Y&F#'(\*6V*[M#A!S:^M.S5<
MA=W")47)G\Q6UQFKA`6*(^U2*,(UKH`@YY"-O=,)2+=FW7?"VWS=4BJ`<2:(
M\J*BT_F\6$V3,<H?P1>N;$8:Z6J[$9RHRU-,//G7:IKD,4Z"YO2=[BZ\I=@T
MH(@!,(EZZ(DU71N,34G8E.QF2Q$\FO;&%9QLRN=TDT;8875B&M:GFMKGF/2-
M:L&_NASDSP=8(1A:8E`A2DF''J@CP40<1:&A^^Y=9FUNR=QE9TL_2YWB=P/5
M4Q2KVMX7R20R0HFS&*#QV4ON*YB4]>XV2MC,C2R5S;TS6ZKF9MYPLT(S2A\"
M+&(_XC[!-YY#:FK6*PZQ+&?Z,L2R9"4U6H1&(M%;+A0(6I2TPX*9]$8K.4+U
MEGDRIS?#W*/-BJ-H$(.D(3%*D"8!$L#;?<2R^*D9++6QY%'A.SM+6Q*)D>E4
MDB4F;8S*WF-MDZ@4D7LD9<)#`)TA:BW5F7'-R/*MO5%&@`,H19QI%O71$:(C
M1$G&]MVVWK;0X1)HNNPRH<[3M)('")M1,:F,J<WAOBAK&GD3@4WPR/2%6G0-
M*B2H"S3C@%%8,5EAP+(A<->NTL+[4'F.PAEGD:*D1L<\@;*D-!(%<*KS75[9
MV+!)>RQ0QDT!>YK`3MH"X@$TQHM&?2D;&?\`]S.?^CMZ?]L]>_\`MO>+^`O?
MW$OZJ\/W_H/\;:?OH_UE[<7\2?97,97$X2Q7,(R23B3,L-BJ)TKBVH\F=I1(
MUI;:PLI;O(8&U,R9:[N)P"$^#U!6##AA!C/*%C&?A<:)K-G";B[M+J*W;2KG
MQ2-:*F@JYS0!4X#':OM!K&DW4H@MKJWDG=L:V1CG&F)H`XDT&*7-K&+(HT1)
MYG6VB"3ESFDA`_61")7.U\(<7B5UW/'J)O9:B`,[]'F0I-T0PUL-;SV*3KDR
MM(J3*4JG!P31%X/)(-*(L2<-F-1.#;7T:RZ6:D@E;)8TS,E;I+'D88`OB4+.
MA"Z'0N0QL]0H3/,?C+O7K<K3",SA?D?2235)J1:K3'$7:GNSRIK!(E:1R<;)
M96^P)?*978C5$[&DL>:+`(G,1BL&FD0E[2B5]7.L0DD9AB!.:1S0%*7D&"2'
MIQ'GY,(E3@``L`2RPA`6`(0```.`@``.,!"$(0XP$(0AQPQC'DQC1%H>?[9*
M1LW,A,F$-/4JI7)$4M?W-EEDTB+RX/J*!'5;A1E[B$B8G=,D75RI-9%J0DXM
M&X-IQA"HHX!@\"(O+'M/H]6Y,3F\QAQD&8NZ*G"/,[Q*I2=$&Q)EWR^,,;'`
MTSNEA#O$H&Y9P;&FUP;E:6.CQ@;>%./B+1%YN=EVUX!HQM]/QV/)E,T5S]V:
M(BK?H;')+)EX(:%:=,8Q%7=GCLT9U0Z\9#!M3LE6-0CFP@W*;G`\K)$J#1%Q
M'D$*B#DRDDI0F4%&$*"#@!-)/(.!DLTDTL>,@,*,+%D(@YQG&<9X9T1:[D-/
MU?*(N1#'F"QL^-HH:[5XV-J=K3-X&2#OK<@9WB+1\]`!,J8&5P:VI*G,(1C(
M!DI.4'W"P<"+$WO;!MQDH)J7(**J9Y#8[\V2F>]90*-*\RZ2LPUYK4_/PCFX
M0G%W0'.RP9:@S.30F+%`N5RCSLC(LKC=-5)#9B]V%$JS@D8G4D:T3(_RY@BK
M*TR%V:&XAN3(FQ<ZH49"L]$0F9T9>"\BY.0(DX<XS@@K`"+96B+R7YC:9.QO
M4:?D1;DQR%I<6-Z;CA&`)7M+LC.0.*(T9(RC@EJD:@8!9`((L8%Y,XSY=$6D
M'3:O1"YU;I,W5^T1.<LT-45^S6-#`9C5AM<06'PHU:SI9DW<V]F!5DUZTIA'
M'&FJ,)$V20F!+-.",BUACP]MJ($J%$1"9RB2M-E/5QL9#;?VX9L+CMHR,4N&
M_3F,8;[53=F9"\&3MV&H/0='R:-:(0N(@EY`1;L@FWJH:TF+U/89%#&J4/Q#
MXE4K5$CE;VC;4TJD!4MEY$79'Y\<V*&%367$@=WP+0F0X>G4`5BWGU(<&X(M
MT:(C1$FFSZ1VI2@B3,EPPJIW@N?29-/WY%/Q,YZAUDB-LA<>*D"/KQ5TIO,R
MV5PRIC.A9(*-"VEX&$6>7ROPD#:OT`G8L,=J:VA2:0`E$R>HS-GH*U\5G#E=
MMN#JT.13M)YG+6YN?XJ*5E1&4-T&<[`=0Q@MS0*\QLA3R&X2?AC.OS,WMA?N
M5W:*\:);2MEY<ZALOA9!BBQX0%R,CLA8]PUM+Y>:D78AP'1-('!-:*AUFK2:
MV5\Q-YB9X$X)<-#2D;^1A"06GQ^@@["OP@C:$N+7ZOQ>-(H^S2V/OL5D2`IT
MC\F9G./OK8>(T!+BS/*(]N<T!PR#"CP%*T2D98L@$$>,"\F<9\NB)OZ<2SPQ
MV"<N?7=X[5ZJN:',3G4SG)FJ\*RKZY(BUEN41-?8BY/@)0AEC:XX/@38F5!5
MYZ:62ER1D00C,"+^Q'(X5:UQ'<*_DO8#0N:#W0M:KUW@\.1;L!3N`VNA,=W`
MY=E:CWAH6UU9$RD$V)61F&O#=;Z5U@4!<$]DR`E3&V0YO8%)#VM*-1B+4FA$
MYJ7_`&N_(?T+\YR/_<W\H2J-N(=E[]*9O+MKTYJ2?R`E`WM4I%65NH[.009C
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MQ+^JOS[_`-!_C;3]]'^LG,-K4SHF<TXR.NW&6NDRJU`ZR6.MCF]O]C21X1NT
M??5S7(6)Q7VPK6SP@]B=TYJ;"5:/&$A982B0@)"6'&*G@FMI76]PQT<[#1S7
M`M<T]H@T(/P$+)PS0W$39X'-?"X5:YI!:1VP14$=Q*'U\E]$:(C1$QEXHUIM
M]/;G-L\S?&.5.<:1[>-S9<E=HR2SG@B32?:FTQ)F0/9+J^LJI4W%K%916$[<
M!>Y'F#P$A*:+R:V[P=OH=/UN\GG8YT/U,5(R\D<ZS$AQ!/<:'./8:5JSBQ9O
MOM'M((G,$QNSE#J\H\T_DB@(!^%V5H[)"1Y(=Y,:C[%:+V*M[J=#:>=F9OG4
M>;6Z!%2AM22<IP%$70+,]66S&X42Q0@"0A9#1%2<9JQ%D;8`"Q.,=B9=XK&*
M*:7ZO(YT)`<T"/-1P):0"\5S4&5GG.4VK`'`G0D6@S2RPQ\]`T3M)8XE^4EM
M,PJ(SX-:E_F\'<LEIITTFXF'W!9=50V+D2/"N!;T-HB9[6N1T;,;Q.#;NBB,
M7>FOHS/)WE[:5[1(VI4EP%T1(`+\)S#T`E28//:A7$;4[2_W.U**W91T/-@G
MD[?K$;2*-)<"'-(Y0;FI5F9N*F.X.EW%CO;I\\Q;2024`S5H8'.!J6@$%I!Y
M).6M'93@I3FJG*SJ-$2!+1\12H:MM6?U`=6NXJ>26L5\>:)BXUG4#G+(NVO$
MEAL=GS<TEOP'!$G5K@1>5H%!P2PB"5E1@&1<K`L8S^E[K;P:U;F[TNU?-;!Y
M:7!S!R@`2.4YIP!'8IBL#J>]&[^C7`M-4NHX+DL#@UP=7*20#@TC$@_D6%?2
MCU1^[[O*_P#;XZ?XYK)?X^WR_@)/^<7TBQW]_;F_U"'\C_U%M>B=^%57[:0*
M>98)><!FBJ#26PVHBV*N<H0VO<<B#Y$(_(QM+H>L6IE*]K<)VV<L@60#R6HY
M8>.`BX8C5MW=;T)L;]7MW0-E)#:EAJ6T)\%SM@(VT66TK>'1=<<]NDW#)W1@
M%V4.Y(=4"N8#;0I;.L*LRO%DDA9XC'7V5R!4)"PQIG<G]Z6@2K%PTC4T(SG!
MP4%HF].K<%IA*5.,022"C3C<XP$`!"S@.2*,!5'BD[C+2A\'EBW=G!(6Z3D]
M3UG%SMF4ARAK!4KDA;$RM,^?'J>HLP]$XK7-"C;5[UT(IU./"(G.<9%R=RZ-
MPWT#4M-M;R>^N(YIXVN<T,%&.<&X./-G*"YV5A<0'8%I-5J'5^(6\&G:C<VD
M-C;O@@D<&N,AS2-;7%H!Y3@T$O:T$MH:@+8B'Q!]Q2Z.LDI%O/AC4SR>PH;5
MT8'(MDSO'%LFF-AY;QPE-'FM[L%"XO#3(T3F4K)<2"AH"T>##CC2@DF\C*LX
M3[NOC9*=0NFLDF9&S-'ES.?3)0&($AP<"#X-*FM`2,:[B?O&V5T/W?:N>R)T
MCLLI<&M97/F(<0"T@@M.-:``U"="V!7?=UK*=R43N^81>>.U06C#HW')/&H$
M&N\JV*5TW7U@&I'5C)DTH2G*T#S)5)8%!9Q?+(Y&!`Y0<B%J[?+=Z+=?7GZ1
M#(Z6-D;79G4KRJ]H`=CM+9.Y^OS;RZ&S5IXV12.D>W*TDBC30&IQQ3B>HLI.
MD0>)%+I5!=C^X>4PF5/\(D[=$&\MLED5=E+#(V'K.4Q]I6+V9[1C+5M#@6WK
MC<%J2A!,)SGEASC.,9Q[M+ABN=4MK:<5ADN(FN&RK7/:"*C'83LQ7BU*62#3
MKB>$TF9!(YII6CFL<1AV<0,$S\!=%EIC0)KWO[BEZ:4/SA'(F8AWV6.L*DSZ
MW'\RL8HZ:1/S0OCRB&,(34J;)J@L0@X$'&18XVGBX=<.)(XW\U'60T'STV+N
MRT?.[0=HVCL["JT'B!Q`;F#Y7@L:'.K;LY+3L<[YO`'MG!<*1WAI_+4>?/N$
M&@1RE%#'%4'?E8>4J.6+3AEIXFL4AL'FDLF4Y),P6@&(*L60"X%^]SP_'\.^
M&XC=(R*(EKLGGYO#[#,)?"/:VK]._P!Q!&'.OS%A>/\`\=G@C_4/F_!^'8GB
M/#>E<MF^R+;[)9U*)%-)6MBSLF=I3+754^29Z&T2^1LR18^O*X0UKHY90-Y0
M35!PA&FB#RAYR+.<ZJUJL$=KJMU;0BD,=S*QHVT:U[F@5.)H!V<59;39I+C3
M;>XE-99+>-SCLJ7,:2:#`5)2WM>!>U,T^+^]05L(V<(;3?U#-6[U?4X1R%("
M0RMB3/[@3MZMI3%6DU/#5Z%\D"X<B`0-$@)P>8<K`#("A"#CA-^'EKIEYO/'
M!J[&26)B>2UX:X$X4HUU07;:"A/:Q4,W^N-4M=VY)M'?)'?"6.CF&A#:G-CV
M&TVDD"FU-QK8CLE;D*-R6/,=)0N-?CM9O/#<-H']/K<+LSL&)FB)33LY0J9#
MWZ0(D!(P`$-0N5`3E!&=G(,60=NOPY8`3;66,7.#D15+,,0,N-<PIVZBFU5_
M;O)OZ]Q8V[OLPEYL\IV#Z$Y3VC1I)[0!)P6K;K8ML+73LCD%5R%*DL-973M9
MM8G,%P69B5&-L-DK"W.<N:6E1.!+RDD;?5Q"14-0G"$A8/*<T.#<#+QA-Y-V
M=QX]WKN;3K:T%Z+&:5F5D8<`QAY0H*C*XM!IBTT!HLON_O#OG)K]K#?75X;3
MZ[#'('.);RW>`3L.9H)`[(QV*8)JJ:LXC1%'.W^'[;A>(K)&J^&ZI75X=]JV
MV5%!TMEQ6/R=2#"NY-T+:M$W&/;.[!86M4\N3<E.5&B2HQK%"8D1F3C"@9WI
MP:^Y3%?,U5D+Y'2PAF<-)%0\$XXAN8M%=F8@;2%ICBU]["2R?IKIVQMCE+^;
M<YNPM(K0BIH'$#$T!.P%)\F*?P^J^2R-?,H5MA8T,/DRR&2Y894$+<$L4E;<
MQM$F<&"2J&>%N)3"XH6!_1*C@JLE8++5%X%G`L\G&[+ANYUK&Z:2&UYICRQQ
M#&$-<&M>0XC`<EP./;6GK=V]%TYC()+QSI&![1SCP7-)+06U<*@N:0*=HK9>
MVQNVT`WV[1@4G$:I:)5%+?NV+S%=`*Y9XJM0&E;7MP"5P8%;\V1IH(<@IGEF
M&6I3$*5`2527DFA"8#&,:MXN1:*W=T?=D43)H[YC'%K0/]$U6U':(H1V"*'$
M+9/"U^L'>!WWA),Z%]DYS0]Y<#RXR#E+C3`U!(%0<,"I-.JXK?Z-$450B^J8
MK^6[F6N<E/+>\->[_=N<26?5\M<39?EWW>2N*IR(`K3QM258"Q'()DU(U9+6
M-48B-6E\[@(<#$&V?#36-/M-R;.&X+Q*QC\,CSFS7#FC)1IS\I[0<F:A.-%6
M'B!I=]=;XW<EOE,;BS_6T9:0-=RZNY`+6N(S4J!@MBRF^*$A)JE'*EJ5F>$5
M4YNMPC2F#/`I2VU[E_9(JG<7*.D,1KJ@>'"2R)*A2M1I87-4I$,)1`N:,R'8
M$^N:3;.YN9Y;+S/.Y<K\P;4#8&UK4@!M,Q-0`2"!!X=*U&X`="W-&9N:#L[<
MI?0NH'5H0&M)+O!`H2<0E>^'`Z-#]NEW!R!D:G!G;WK;#M<7$(GB-KXD\`+%
M:&ZLL&7)@=43>Z-YX@@Y00GE`'DO(18]Z+&<USXV2LGUNQFC#@UUD?"#FGSK
M]H<`1\86_.$,;XM'O8GEI<V\I4.#AYMFP@D'XBGJ=:86VDF[>3CCM!W5XXXQ
MQVW7ECB+CR<?Y82CRYX8SGAC^+1%'/C^\AEC50-[VKJ6_%!L%A--"D,;(9(&
MDEJ=HLB.I$U;NY3`]V8T*1GSES391(6;.<20*LPD![<2$\H0[NP;P6<&GF7Z
MM*XQ-9F:!'FH^H::%X-2[D9/.!U`YC:BM-WZ#++><V)[<"1\F5U7EM8SRQ41
MGP!B7>;I6CS0K;+QNFB#:[3:-H8_:$BEL(FL8KT^*M48Z$[2252>'/\`/<)H
M>=)W>.L[ZU,D9BCF:L<L*RVW)J$TE,>I,Y(1>Y^O6#9I+=D$KKAD@9E#`,Q+
M<_)+B&D9036M"&FA)%%Y(]&N'LCF<^%L$D;GYBZH:UK@SE90X@ESF@-IFQ!(
M`3E7A*29HFNV.93./K!.#!+MS>Y"3L:X99I!BMG?K,=G1M4&D*`@/3G&(U0,
MC+,Q@98N(18QG&=4\WU?')O7?21$&)TH((V4+&$=H[.V`?@5K=S(GP;JV,$H
MI*R#*1VB'.!_.G/M1=29&B(T1,#>++#(5*]WNR)SFUG9K(F"53N7F4?5J7.N
MDC,\R5NGVUXMO3NC=9S%(8X[G-8#1JD8@$!6H%(<*4QA1Q8#`[5X20V<NO3O
MO)S`V.W#FFK*%PD;2H>UP-,2"`'-/*!!`*UGQ3N+B#0X66\//&2<M<*/J&F-
MU:&,M<*[#C1PP((P20&Z`[;T[^MDKSN+:9<ZJYG6DOZ1([;JD9@RJ@DDCF%?
M1UW4-29K52IO8Y))3%&5SL8M>E`4:(HQ;DI*`.;"L@T`2.?+>EY<^-V+V_\`
M:<YT8J&@D-+J@DEV`JXT"T(^ZU8QB*.U+&".1O)CD_[K6M>X5)#26MI1M&BK
MB&U*Q]G@-!0ZYJ,D5?VK'I(]R'>/MV3Q^&(YQ7+JGC*2Q-X$)MJQ$T<11M,F
ME#R6_3;EN(Q.BES,0%`R4F$21RPYA/$*/2(=T[]]G<-DED`RMJWDY[J.5^6@
M!.9]7',74IR<HJ%,]P[G4I]Z;&*ZA<R-F;,\M>,Q9;OB9F+JM&5G)Y(;7::F
MBEL:JVK*(T10SK%W(2A=O4W^=0[G87FK![LX9!I?:Z2/P%O<ZP>H]M\1-SFF
M9XV^I7DA'"F)ZK]F@9K_`"#"]*\O0#3&XP)IH\AL#PIO[FVW?DB;.V"S-Z<S
M^071UC)S4((:UQ:QE7@@N-&4()6C>)EE;SZ['*87378LZM:,X:\"0#+4$5<T
M.>^C""&BKL*+63-NVW+20Z3)7690JM%SQ&HR60*5"BD?;JG=2Y5MT:'QYE3:
MJ@4QDM5I7I!/)(%L=)<6]LSV8:C/2D(24AN#I\S>#69GR,DE;`_FV'E``1\J
M!KLU8WN94.DRE^<..0@,;4.@[]$TF(,<R-\S`]W@YB9!EG(#2'M;)0LCS-BR
M.8,P)<2*.T^'C,%M@;G=K\S<</&5\@V7[GU2PY^$SF.:Y21;.U!`:["4QYEC
M;$O0/(DG2T*I&W($ZM">2>!.3@SFPZ\XQW3KS1='N'Y\Q?-7-2IY$6(+6M!!
MV@AH!!J`-BGO"B!MKJ^K0,RY6MBIEK08O-.47$$;""XD$$5-*J0KK0:W:L9F
MK5(WV'2MDA\JS!I8\1QZ:XS-<,B&2BB#\O;5*5IDX(ZZ&%-;Z8PKS2U04BD6
M$Z@16"S.(!"QDBAR[7=F1,@VQ5$W/MA!&R2Z`L+5;:)C@:-E<;-:XW:CQ:;*
MO6/@I&XJ&:;K9LX+S7EX++/PY)5G,DI47,$C#;S=/=R.[W7L'.D:V*2UAYQH
M!Y0%)6XEQRNS.=G(P<#@&G$56WFUU]OO+?98RZ:*[EYMSG5RN(YMQRY0"W*!
ME;AE(J2ZI"V>Q^'1"VQ'&LGV;.VUYAS_`%FXQTRN$Z:LXB0U5FMK,\LM?`6Q
M6ZLB^:3A/5J#M!(L#*6+E`Q#"644$*?.:@W+MXF,!G>'1R,<,A+6T8Z,^#4C
M,_FQF=V=C0UH#1B9-ZKA[GTAC,<C)`[/RW5D$FQY`(:SG#D9L`VDG%/,^&QG
M.;$WU9SC`<BNNHQ<G&.&,<=L-/YX8Q]3'UM5TXMX;[3#;\S'_P#4M\\*OP=%
MZ>7RDZQK6BV,FZO%K2G+O#DW7H4S4U/RE;729&G8GX\:9A>U"N5QU.0S/JDI
M(O-3LCJ:9@A6,)!X@)S!YP69G'(S[]*:7ZK:L:UKG&YB`:[P22]N!P.!V'`X
M=@[%X=3(;IMRXN<T"WD-6[1R'8C$8C:,1CV0F!FW;C>QJZ*@E]94E@<@L,N;
M;@7J-3X#>\NPHTY5FH@<*J_`*>(*A501ON\;A'M"<93NY%QY`6<Y\ZJ6J=7`
MAT357\TZ6.#*^4/E<U[LQ#3%D:RL51&`P<DFIYN.IS%[C5)^JZ:&OYB6XY,6
M2$.94#,),[Y/G>5*[.ZCB,K<[B&T#6K!,;'[QR7'TS*Y1UC9HXVR>*1ROQV]
M*9&QM3_,V%$TNUS8D<EKAQ=7-D.=&U.:?`E:<U$K1"4E&*_OH\DWSR;NZNR-
MIC+611!S0SG'O:"YH#I*N;4UIYHC(16IH2#Z?[ATZKC('.D>6N<_FFM)#7$B
M+*UX`-":3`AP-"!@"))/A9X&'8)MQ"8/!I@8U)0F&A*P0$TP-@2[!AH2`B&$
MD)@\9S@&,YP'&>''/#53-<_\W>UV_6YO6.5H='_\1:=KZK%ZMJ<`UBUD4REX
MR4;LN6AV5,%1S%B@$W6W[8?1)@^-:US$RM)>VNXLR`V/"0#PI99<K:,FIVYT
M"`[+8>=T@)0S"P8Q.^'%O<W>],=O:N:V5\,@J17#"M,10D85-0`3R7;%!^(L
MMI!NO)+>L=);B:+D@@5.8Y<U=K0<7-PS4I4)M2)[-Y17TX+LV"V@W,[\&GW2
MMR8"[11%(JS8SC%53F,+1'G829IMDN!,B:N%(B0*GQ0ZDNCN<Y!4"4C4X46@
M@W8N;687=O-2;ZL8\A#2P'YK*`0&ORCFS@7DYG%Q)J0ZND^O0W-O]4N(2Z/G
MQ)G#BV0^<S%PJ8\YYP;&!N5H92E*8%;&VK%9;<U#L8ZL*ARK.H[VCB[JUK<C
M#5C;;-@QF8,D=025_<7.6NC!7F4:A*0>\*EJ]?D\2HX83S3N5A]X-$=I^ZMU
M,]]9(],NV'L^<!D`J231N(J:EWA$U)66T'5_KF\UM&&N#);^U<*D8&/D%Q:`
M&ASZ@D-`#:4&`"F*ZIXK6HT11M_$.JRR[0\1AX2QJ2PEMKEHVP;7'*R(G(FI
M_$ZSE2WW5N?=HBGP_,:D&<QN,.#>:Y#95!>4+LZE(\K>=1D')%&[>$&FW6H,
MN^:,?U:.>%SPX8D@/+2#6E&T)RT.8D!W)JUVF^*][:6<EF962&Z=%,&.:11@
M):'8$>$X$#,#5K<V6CB'#0]<[-7&O&YYBQMO22=0J1;@Z[NJ1()@P1@A\DK;
M`(:RIS(])G.),D;22!WEUH1ALD+LO5IS>FX2B+,+$8>>:9N^#=9T+3"ZY>^W
M=<ME(<&5.5C1BYH95QD8'.<1RL01B2=.W6OMN7-F$#8YVVKXFEI=1I>\FK0X
MNRAL;G,:`<*@@T``SW:W1+Y5?B`;7).J>8V6R2VW+YZ'&X<CF#:WNKD\49NF
MGJN>S%ND\IDC:38!@)/U8::TA3IE))0SAXQ@PE,DU9Q8TJ>PT%T\D@,4M^PA
MC11O*$[RX@D\HUH3V<3L+6LV7POU*.\UPPM:_G&6;JN<6D@#F6!C2UK3DY.8
M!U2,!V"72@]5V6^T:(HCZ';(ZS:S-W<R<YW$7K$HWF;E#HTRV)3++9[;#F^#
M;JY\Y)X<%')I7U,L@KN[)5;@J3($+,YC=%8%0G`8TI`<6GX;:%)>;EV\SY(W
M-E:[*'QY\H;._D8NIE)!=R`Q^8AW.<D*M?$#6&6^]MQ`R-[<A;F+)3&7%\+1
MFJUM<X!`!<7-R@MRT<4-/A]0>-C)61^RYZJ<.[8<#<6^PD[+9U?OBLM?4BQN
M=G6MY.0)C$PMB:H$*1.QDC*2HTYO%&:E.(*.U-&;G0Q$/CF<Y_,EE'@2,)^:
MH2UU10"(`-%``>3E-'"(OWHN)1EEAC#>=S@LK&\"DE0'MQJ3*27FI)\*H)"<
M1\*^N$E2[@KZ@2)P"Z$M.W2@'`:I.U)F!L`KE%Z[PI8O0Q^.(CE*.,Q=L7/A
MB9K;2C30(&\HDC!@^1RQ:#XPV(T[5;"T!!RV;C@*"KIY'$`=AHK1HQRM`%32
MJW=PINS?:9>W+A0NNVC$YC1L,;07..+G$"KG85<2:"J?/UJ!;42;MY.>3M"W
M5"X8SPVW7EG@+&,ASPK&49X9QGR9QGZVAV(%'BH':U&X75E9MCC85D6"6CDU
M<WH)=-AP,3T\V`U14>$Z^6/<8@L:<Y@5A8XIU(,N1BD]*-I;RDQA"9,$C-Y=
M,W=MF6<0EEFE`D$G++*N>!2KBV-I=B`16M,K0"`T!4SU#69I[F1S(HHB8WQ4
M9GH&$[&ASW!N`(Y-`<SB02ZJVO-J!CDR>W^5D2B9Q&8O+Y"9$CE,95L.7"-N
ML&ATL@"$UD2/\??&D9+K$)NYI%I:Q.K`+GPFE8*,++$'WW.A03SNNHY)8[@N
M#@6EN!`<VH!:14M<X8@X$TH:$>2WU26"-L#F1OMVM<TM<'4<'N:\U(<#@YC2
M*$;*&H)3BWA'QAFA.U^70N.IQI(_$-S.XZ+L24TXQ2<0SL%F.S4VE'J3<Y-4
MJ`I$@.<-%[XP?$6?+G5,]]HV0[UWT,8I&R4-`^`,8!MJK8[FS/N-UK&XE-97
MPYCW2YQ*=!U%U)D:(C1%##]K);V]QF^P`IQ;T+B47&]U!A92]&F6EEF=/V\!
MYP!:DHT`!\G.<<<8QGAGAJT'55M+6[WRU-EW%%*P:74![&O`//QX@.!`/PK"
MZVYS;=A:2#G[!IV"HCG9>+__`&Q&_P#H+3_P>KU?<NB_P5G^XB_44:YZ7_>[
M\I_2EB>'2PL*+Q$M@JE$Q,B-27O&H'FU*1H;TJ@OE3IN`+FSR$Q9H.4`6<9X
M9QQQGA[FM.<?=,TRWX3ZI-;VUM',#;T<V*-KA6YB!HYK01488'8LAI<DCKY@
M<YQ&/9/:*M6]<V%+T:(H9^_WQ,(=LX\1/>U53W1$VLE4\3BE)D)]C,G@K&W`
M3.NU:B$);4H12,XI<<H3GLHCA#X9*SS@>'OL9U;3@9H&\VJ;GS7&CVT$UH+^
M1I+YFQG,(XB1E.-`",?A(6G-_P#="?7M;9>Q7$<36V[64<UY-0YYK5N'9[J3
M`+QY*Y'D[(]IEMCRI+P2IR.PJH'E22$(PA*49$KSD\H(318P$?$.,"SCAY<Z
MW-_:&_?\!:8__LQJ#?XTN_XV'#_V2?H3A_A$>(!'=[GB(M;:Q5',JP%7&T+<
M`X*3I7)8F_EO());6UQ(20@!&3SAI!H<M&1#R=P"+!F,!\N,ZKUQ_P!'W@TJ
MTTHZW;PP,?+/DR2MDK1L>:H;LIA3MK97#G=>7=V:[?+/'-SK(QR6N%,I<<<W
M;KV%+`U6I;21HBJ7S+\W#L;C(F9AW';AX^R-4SG:!H8F&\;/9F-G;DLVD!21
MM:&AME"9O;&Y(2'`"B""P%%@QC`0XQCAKICP[W!W7OMP=%O;F*X-Q+IEN]Q%
MU=-!<Z-I-&MF#6BO8:`!V`M;ZAI6DRW\TDMI:ND=(XDNAC)))Q)):22>V4><
MAN=_>EW._P#N$MS_`-7ZF/\`C?=']C<__,O/IUX_N;1OX*S_`'$7ZJF2>RZR
MR837;GO`?YU,IA/9$=NK;$I\CG4H?)A(CTB/;W3)2-(<^2)<XNAJ1$5GDDEB
M-R`H/D#C&-4(ZP>DV.B<39]/TYKVVHL[9P#I))#5S"3RY'/?M[&:@[`"G>@0
M6]MIK8K:..*(/<<K&AK:DXFC0!CV5)\UI19E-A>-$YN3)X5^^%[9EQ[6\LU'
M/CNT.:7!653:ZMCBU+FYP384%'D94(EA`#0<X`8.6''*"+''&<SNY"VYWBT^
MV>7!DE];M)::$!TS`2#0T(K@:''L%?"Z8R2UECD%8W1N!';!:01\85?N=X@F
M_01QHA;PKER(1IF19RFJWCG.19SG.>%:8QY<ZZ=.X4[N-<6MN-2#0:#YZ/Z%
M:F&ZV[-.@P?ED^D03X@F_0)Q0@[PKEP()A>0YPFJWCC.!8SC..-:9QY,Z_&\
M*=W'.#77&I%I-//1_0H=UMV:=!@_+)](K`7P671R?/"NV0/;TN/='EZI)H=W
M=S58)PJ<G5S=7A:XN"G"<HA/A2N6'C-,YLL`.6//)"''#&.8^\D#;;>/4+9A
M<61W]PT%QJ2&S/`)-!4D#$T&/8"VS:L9':Q1Q@-C;&T`#L`-``^()T#6%7W4
M9_VFJSK)J"@MGLWJ:=/U<31)NH=VY+*8T!F&ZIV]TV\72G<T187YI>VW)"\C
M'(,Y2<0^'\D0<^76YN`>B6F\'$B#3+UTK+=UI<NK&X-=5C`10EKA2NW#\BP6
M\=G:7^E.MKZ-LMN7M):ZM*@X'DD'#NJ(M]('OS_?!N3_`':K?^VNKU_XJW>_
MB=3_`'S/H5KS^UMV?X&#\LGTBZ*_>_O1F06V)2[=-:TEBLEDL-9)''G-/7(6
MY\97*7L29Q:UPD%?H5V$BU,8(L?,G%&<G.>2,.?+J(<0.&VA:?N+K%_#/J#I
MH--N'M#I6%I+8W$9@(@2#L(!&'97MTW=S=^WU&">"SA9,R5I:X&2H(.!%7D8
M?""%:KZYNK::-$4$SVDNS+2K[Q((457%K6E6I+KLQJ0UW)KBQ9A!"G@U)<^X
MT",UW+BKPU`<S40#S`DB/P,103!8#G&!9XVZZK^[.C[P66M/U5DKW136P;DF
MFBH'-EK7FI&9M@\*M.Q2I43WFLK*[?";N"&8M#J<XQKZ5(K3,#2O9IM3"7G(
M;G?WI=SO_N$MS_U?JU'^-]T?V-S_`/,O/IU%_N;1OX*S_<1?JIU;P.;;N.>>
M+#M*:+!NBX[$9DZ3<$O3LE@VG.ILRIG$O;Q9!!3BG:I,^N:`AQ*(/,+">$O!
MH2S!AP+DB%C-?.LENEH6@[C6UWID<S9W:G&PE]Q<2C*89CX,LKV@U`Q`KV*T
M)6?W<T_3[6^=):V]O%(8R*LC8PTJ,*M`-/@V*Q*U2!35&B*L_P!Y6\3=Q5^]
MG>_!:TW)69`X0Q;R]S@62*,!$!&T-(5]P2IS782">8.[N6<*W)8<>/G5!G](
M8+D\D/`..@'!?A]HNM<--,U.ZFOF7$HFJ(Y6-8,MQ*T4!B<1@,<3C5:VU[0=
M#O=6EN;RTBDN79:N)?4T:`*T>!L`&Q)V^D#WY_O@W)_NU6_]M=;1_P`5;O?Q
M.I_OF?0K$?VMNS_`P?ED^D4F'V9.Z;CO"UM],ANFSY3:;\S0+:TRM#Q*RX\6
ML;6?+]N.79;$N(XPQ]+E+E:H,-XF%&&<L>??\GAC%-^LEN[9;M;U:?:6,EQ)
M')IQ>3*\/(///;0%K&4%!LH<>RISNMIUAIUG+%I\+(8G2U(;FH3E`KRBX[,%
M+HU792=)OWD?LA;JN/EQYM]X^3_^8RC7X=B*LIB^_P"WW$1>,D$;O;B)(3QQ
MB(()`FJ_D$D$M20HDH'*K80N046#`<<<YSPQY<YSKJ7:\*]WC:Q.^L:D*Q,.
M$S-I:"?^SVRM0OW7W:+R38PDDGLR=OTB]WZ0/?G^^#<G^[5;_P!M=??_`!5N
M]_$ZG^^9]"OY_M;=G^!@_+)](IP_L\LPEE@>&I$YM/)&Y2^92:]=S+K))0\A
M0!=7QS-NR8%F+UX6M"VMP5`RR@AS@E.2#@''`./+KG9Q3T^#2>(NLZ9;%[K>
M"]<QI>07$!K:9B`T$]P#N+9VCP06NEP6]LP,MV1@-:*T`J<!4D_E)3X6H"LD
MC1$:(H9WM7OP[V!?%C=/^4=N^K3]4W\:ZI[*'VB-837>C,\?Y"HEVKZJ+I7G
MAY>L+V#^F-M__3QMUICK!^Z/5>[;?:85D=*Z>SX_)*M1M<RE,D:(JVSQY/6Z
M;P?YFWOYM-3:Z#]5?W<7'M:;U4"BFM]+'HQWRFD-656'4AGV8KUDL_\`0PM;
MY9]NVJ>=;KH&@^GN_(A4@T'PI>XWY5/IU292-&B*H+=_A%,/C[87Z<R'76+A
M?[M]!]DVWJFJ"WO3)?2.[ZZ.ITO,IM/LJ/[+N[OTL4GS?J8US@ZS'O9N?Y"T
M]65+]&Z`/&=WU*9UH)91-:>-MZIO?GZ/LJ_KV_6?W4_%6E^TK7U\:^4_F'^(
M[O%5IAOVTS[H/[+.NP#_``SW2H"-B"OMI?W0'V6-&>&.Z$.Q65_@B^J:V&_J
M!C?]L<]<@-[?Q7JGM*Z]?(I]!YAGB-[P3I^H^OJHM'M5W[+>T7TM%/S?;JUO
MWJS^]FV_D;OU:Q>L]!/C-[ZA*:Z/J(+N-?\`?T3^/,!_3:/Z@W$[W<:][)N?
M5.7ILNF1>D;WU;[:Y.*=(T10&/:=_625YZ%U6?+3N)U=GJB]`U[T]IY$RCFO
M>%%W'?(H\FKAJ/IWKP$?6X[4/Q5N%^;[8>JS]:KW>VGM:/U$ZS.A]+=Z,]\*
MR(US[4J1HBJL_$#]8%OS],S<C\J<BUTYX`>Z/2/%N/M4RAFJ]/D^+R0DDZW&
ML>I9_LH?P_W]_%3:S^5-Q&J%=;+\:Z7[*/VB12C0NC/\?Y`IF>JL+-I-^\C]
MD/=3Z-]X_)C*-?AV(JG2.?!V/?B%F_)J;796SZ'#Z&/R`M>N\(]TKV=>A?BL
M'O9M_56UQ^N?<K\M\SUROXS>];7_`&B_R6*;Z=T&+Q$_)K6:]B-$1HBAG>U>
M_#O8%\6-T_Y1V[ZM/U3?QKJGLH?:(UA-=Z,SQ_D*B7:OJHNE>>'EZPO8/Z8V
MW_\`3QMUICK!^Z/5>[;?:85D=*Z>SX_)*M1M<RE,D:(JVSQY/6Z;P?YFWOYM
M-3:Z#]5?W<7'M:;U4"BFM]+'HQWRFD-656'4AGV8KUDL_P#0PM;Y9]NVJ>=;
MKH&@^GN_(A4@T'PI>XWY5/IU292-&B*H+=_A%,/C[87Z<R'76+A?[M]!]DVW
MJFJ"WO3)?2.[ZZ.ITO,IM/LJ/[+N[OTL4GS?J8US@ZS'O9N?Y"T]65+]&Z`/
M&=WU*9UH)91-:>-MZIO?GZ/LJ_KV_6?W4_%6E^TK7U\:^4_F'^([O%5IAOVT
MS[H/[+.NP#_#/=*@(V(*^VE_=`?98T9X8[H0[%97^"+ZIK8;^H&-_P!L<]<@
M-[?Q7JGM*Z]?(I]!YAGB-[P3I^H^OJHM'M5W[+>T7TM%/S?;JUOWJS^]FV_D
M;OU:Q>L]!/C-[ZA*:Z/J(+N-?]_1/X\P']-H_J#<3O=QKWLFY]4Y>FRZ9%Z1
MO?5OMKDXITC1%`8]IW]9)7GH759\M.XG5V>J+T#7O3VGD3*.:]X47<=\BCR:
MN&H^G>O`1];CM0_%6X7YOMAZK/UJO=[:>UH_43K,Z'TMWHSWPK(C7/M2I&B*
MJS\0/U@6_/TS-R/RIR+73G@![H](\6X^U3*&:KT^3XO)"23K<:QZEG^RA_#_
M`']_%3:S^5-Q&J%=;+\:Z7[*/VB12C0NC/\`'^0*9GJK"S:3?O(_9#W4^C?>
M/R8RC7X=B*ITCGP=CWXA9OR:FUV5L^AP^AC\@+7KO"/=*]G7H7XK![V;?U5M
M<?KGW*_+?,]<K^,WO6U_VB_R6*;Z=T&+Q$_)K6:]B-$1HBAG>U>_#O8%\6-T
M_P"4=N^K3]4W\:ZI[*'VB-837>C,\?Y"HEVKZJ+I7GAY>L+V#^F-M_\`T\;=
M:8ZP?NCU7NVWVF%9'2NGL^/R2K4;7,I3)&B*ML\>3UNF\'^9M[^;34VN@_57
M]W%Q[6F]5`HIK?2QZ,=\II#5E5AU(9]F*]9+/_0PM;Y9]NVJ>=;KH&@^GN_(
MA4@T'PI>XWY5/IU292-&B*H+=_A%,/C[87Z<R'76+A?[M]!]DVWJFJ"WO3)?
M2.[ZZ.ITO,IM/LJ/[+N[OTL4GS?J8US@ZS'O9N?Y"T]65+]&Z`/&=WU*9UH)
M91-:>-MZIO?GZ/LJ_KV_6?W4_%6E^TK7U\:^4_F'^([O%5IAOVTS[H/[+.NP
M#_#/=*@(V(*^VE_=`?98T9X8[H0[%97^"+ZIK8;^H&-_VQSUR`WM_%>J>TKK
MU\BGT'F&>(WO!.GZCZ^JBT>U7?LM[1?2T4_-]NK6_>K/[V;;^1N_5K%ZST$^
M,WOJ$IKH^H@NXU_W]$_CS`?TVC^H-Q.]W&O>R;GU3EZ;+ID7I&]]6^VN3BG2
M-$4!CVG?UDE>>A=5GRT[B=79ZHO0->]/:>1,HYKWA1=QWR*/)JX:CZ=Z\!'U
MN.U#\5;A?F^V'JL_6J]WMI[6C]1.LSH?2W>C/?"LB-<^U*D:(JK/Q`_6!;\_
M3,W(_*G(M=.>`'NCTCQ;C[5,H9JO3Y/B\D)).MQK'J6?[*'\/]_?Q4VL_E3<
M1JA76R_&NE^RC]HD4HT+HS_'^0*9GJK"S:3?O(_9#W4^C?>/R8RC7X=B*ITC
MGP=CWXA9OR:FUV5L^AP^AC\@+7KO"/=*]G7H7XK![V;?U5M<?KGW*_+?,]<K
M^,WO6U_VB_R6*;Z=T&+Q$_)K6:]B-$1HBAG>U?9X3K8)G/DP&+[I\BS]0..L
M=N_E%GW`XS_#JT_5-_&NI^RA]HC6$UWHS/'^0J)D(DX`S2QDG`,3B`!0`1)@
M1IQFCP64`\`@X$2,T><!#@7#(A9X8\NKZ`@@$$4.S';W.VHNE@^'HC6!\0O8
M7RD:L&"MXNW\1N1)CPX*#F>-O`1F1%XP6'/U\\,:TOU@G,/"/5:$&IMNR/XF
M%9'2NGL^/R2K3W7,Q3)&B*ML\>3UNF\'^9M[^;34VN@_57]W%Q[6F]5`HIK?
M2QZ,=\II#5E5AU(9]F*]9+/_`$,+6^6?;MJGG6ZZ!H/I[OR(5(-!\*7N-^53
MZ=4F4C1HBJ"G<0>T,O\`+CRSZP\8\N/+G$YD7'&/KYQPSKK%PP'_`/-]!]DV
MWJFJ"WO3)?2.[Z\[G2O)GG"^`AY+#GEA]\/'N@QY?*/'UO=U.Z'M+S*;7[*>
M((MKN[SDBP+ANS2ASPSC/`6-O],8SC/#W,XUS?ZS((XLW%?X"T]65+]&Z`/&
M=WU*;UH)91-:>-MZIO?GZ/LJ_KV_6?W4_%6E^TK7U\:^4_F'^([O%5IAOVTS
M[H/[+.NP#_#/=*@(V(*^VE_=`?98T9X8[H0[%97^"+ZIK8;^H&-_VQSUR`WM
M_%>J>TKKU\BGT'F&>(WO!.GZCZ^JBT>U7?LM[1?2T4_-]NK6_>K/[V;;^1N_
M5K%ZST$^,WOJ$IKH^H@NXU_W]$_CS`?TVC^H-Q.]W&O>R;GU3EZ;+ID7I&]]
M6^VN3BG2-$4!CVGC./I):[QQ\N=EU6<,?5SPNG<1QX?Q<=79ZHO0->]/:>1,
MHYKWA1=QWR*/#RP<0XY8>(L9R''*QQ%@/\K(<<>.<!^K];5Q*%1].\^`>:4/
MQ<MIV`&EBR)JW#<,!&$6<\G;[87*X<,YX\GCY?K:K/UJVD</;2H/_EH_43K,
MZ'TMWHSWPK(S7/I2I&B*JR\03./I`M^GEQY-YNY'&?+CW<VG(>&/X\\==.>`
M'NCTCQ;C[5,H9JO3Y/B\D)(V32L8%G)A>,!%@`LY&'&`CS[@19X^06?K>[K<
ME#VBL>I:7LH><=O]_>....(IM9SG''RXQETW$<,\/X>&J$];+\::7[*/VB12
MC0NC/\?Y`IFFJL+-I-^\C]D/=3Z-]X_)C*-?AV(JG2.?!V/?B%F_)J;796SZ
M'#Z&/R`M>N\(]TKV=>A?BL'O9M_56UQ^N?<K\M\SUROXS>];7_:+_)8IOIW0
M8O$3\FM9KV(T1&B*+K[2)9K%&,;/(`\SK%=J9?/E$R9Y=F%9F8(F56<QKLR2
M303>G;5JUR,BC9+"U)+7@7(<C>`,`$,&!`L5U:;6>XWQU)\,'UEK-#N`8N<$
M?.%[XFMCSDC+G/)+J\D&JQ.L.`MV`FGSHQI6E*X_$H[,[W+UH)HG#:R6XM?T
MS3&IPP(@B066[2?<&W.M)%0.GUMBS&312-'.%A5G9A1\@6JG0E&A:P*B<,IA
MXTA8=6XT_=;5!-!+/9MC<^6)YQ@:RS<VZYVY$,;)'@0SP4A:V,N?(6GGPT/)
M6!?.RA`=7`]NKN305)`Q!QQV=A;ZV/[PG%9XCNW`I/:5BS"/ESO;%MZJ=ME+
MO+U:2;X?9_&VFR9]/TJ]?GK!\RDD4O=D'6O.]%7NJ;!&`]$)"#6_&K=DZ9PC
MNIXK2TAO)+T3W+FLCK$U\S6QQ0T')%!!&2RE6L<75+B5Z].FSW[07.+0V@VX
MX8D_G./;5AMJ@JE*-$4#[QDZ.IN7>,*W)Y0[66@27])(%$;%&P`C2E04_1^L
M*2B<1(AO6&""69E5-CZERYJUG3U!1P3QD)AXYHO-VNKIK6IV'"S79M/9`Z>Q
MO72LYS,&T=;L<_-EJ7$!G(:,H)VN`Q4<U>-CKZ(/K1S:8=W#OIKAKVGL,>H>
MG+IF+;+9N?.IH_!E3-`)3'AL<<@YM6K9Q$NM%4<:Y_-&E6R!:CWB8*"F=4H:
M67/1B4N5I1HL;_EWON+G>"]T.R=#`VW@9S;IHWYWR\^(I,H>Z&)P=F$=L#(U
MLDO*<[(0%BA;@1-E=4U.-#L%*CMGX3A@/A3]_@94+!J"\2:;1V/-4\D"YXVF
M7N^MMCN3PE[+)(6GW.5A%HU$#V)/%$HC9.X,D>0NYJP]<B5%X5"(-;2!XR$J
MIW6*W@O-XM'T6[NN:9S<TK#&T',)#;VTDKR2YW)+WEC`*M^;+A)(#59W28FP
MR2-;4U`Q^"I`_3\>P*8SJJZS:-$58'8-E4F^6ON_!AFJ!LCU@,-=`B[\S0/&
M!1N6,,^I0-B,E<LS<)`C9.66BDQSN4D)(6..49Q6%>`FF8.Z6\-;'6CPWW3N
M(W7/.PV[B^,2!K'1O@N>:=)4&H!,(CJ2UF8.R5`(AUXZ/ZY.#2A.VG9JVM/S
MU[:5W(;,V?K7B;K,+:62F/D><HXXI$:VOW=,T5_E\W`FL#ZU.R"IFAKL`X#1
M(8H$J"-*5CER`E`VE'OQIB-0+'FM]+WSCA@9EOG".1KP2)FETV2TSL<TW#G0
MC,RXK=R.EMWE\I;;@/:%_1?;DD\G$4[&SE?!CV.2*'9C@I*7L_DIC\JV\7H?
M%T];)&-JN:),;6FK*4MDD:P(6K;S3*4DY[(3U[7SY'Y2K-+,-<$CP4K<ND#$
M:,[(#`<:<\<[>>VXBW,=T;AUR88W.,S<KZN+W;.<E!8`0(RQY864RAO@B0:8
M0ZT!;2E3L_\`0?&G[]:A7O2(O$@!!SMD&XA-9C+')#7JV&)&^:-$N<%S3&%<
M:<9,Q(7C+ZY-SHRJD;:F1*!FFCPJ)!@)?])GF^5C/OTI]Q'JEK):9OK3;F(L
MRXNSB1I;E&-3FI04Q*_E]"QP=X-#7\BKKZI1U6[1RB$`V&JV*7J-S,RA]B3&
MP3BI8E<ZS<XI$E9,BD41D#BECS:Q1!.J7]4@))**/<RA#-.--%@!75?6Y-7A
MO=2DYR\DLQID<D,<(YLMG;)("QDC&EY?(0SG*DD,(`:T"I@\8C+6"C0[.02<
M<*#L?!V/A6\P]P-AU>ILV.5W2%5OTFGZ!!7,3>62,.+0@G#_`+AVQC:4<F4*
MK%&_E5PPT`O,&[,*YA2MQ:A`-XPJQE43RL`P;QZ=K+-*N+J_NX(H"9I&O>'&
M)EF7.+`(<G//NP.;E9*YY#Q#DY#E]3S+X\X:UI)P&&W-V<=F7:*?"IYGAC/,
M#?\`8+M;<JP84$:KW-8HD,0:VLE.E;A,C0YN;0C=D:-&`"-O(D(4/6&$Q..9
M3=*YHO.0`QG/,S7'3/UN]?<M+;@WDQ>TDN+7&5Q<"XT+B#4$D5)%5,HJ<VVF
MS*.\EW:Q:_M1VO:44\&5;)8N"7-<=5O::Q!N-;.;RO4I'-DFR=@7)S#XFE`Y
M)$3H^K8<M=TXR3R%F0H3%!I98!%\Z#=W5U?.SBYIH@S971W(?3_9S#R<W:;F
M#:GMT6-U:GU!]>V/RU"B1%R&D(TOD<R::LI!1%$.SRO9."NI,6*?K5UV/A)<
M$0(&M]>G44C(?T\BDP9+)0IN0>-.T"*"2F)R`(+U&WUVZCBL9KN_%V[6IH^>
M9\T!:M/.DN8UN0L+&<Q!FJ`9`<SG5K&:Q-)<&MR\V#0X\K9\M3W%OY0AVPP"
M?TW*,0NF75G2GRN:2"OW-HACB<[5;&$]/+J<C25]:;!G*9WM276:X.3<.4XZ
M&[N#=TD_",.$Q>"M:;ZWN\4O#[7Q=NO)6-LPP'/*QIF?]8%R7-=#&66S(0Q_
M,<J-CLK<]7$GV6S81=Q9<HY7P;,*=DXDUQV_`K(37/)2Q&B*$O[2E-X@W;FR
M(LOBE>.,X24GM2FD<4NS,M.E\JCR*R]YR.615:^)G%*K*@"14!K$I0HC4!AQ
MZ_G##31!(RGMYU4;6[FU#5)8WS,LN:#'N:ZC6O>&F-V4U:9`!)D<6NH`X;"0
M<#KCFAC`:%U:CY?BV53;9]C;5'-JOL1XZ8(0S&TGZ0)4J5O9XXW-;>6W46J@
MK1&8:@@#],WB++'5HDJ1.KCJYN)B)1ZTY:B=`G$DF;\;IF]T4NGY?KQD@M&,
M))<]SCFNA*Y\AF9$V0-=`XMF8\W!$;621%I<,5G@(?X-"[N?[:4%*TV[*4QJ
M"G'_``E+!K61^*]7RE+/H>2\26N+`4-U:ULEK:30S%@99[?.$GBMB-530MT'
M"XG2[06L4I46$:@MU>TR52<H"F,(*TAQ[LKJRX;6,5U;W-6ZN&LFEYUDA9]5
MS.,T3YY@'OFSM:ZO*;&7-#0[E9+2W-=>.+2/-X@4(KF[!`&%*?E4VW5-E(4:
M(JY7Q"+(J7'B.[VLY8:G.3.4+W,URZKAQ,@K,=NMO!;:!"X-!"<LAO3VN]R8
MEK*5/9Y"I48H4B-"<6:8(['0O@?8ZG-P@T9T3[AKH]7,@:QU`^`7H#P_LF(-
M$CBP$`D','#`Q34G,&H25IC'3N'+A3X=F*Y3I=MY<I)7+C#;"VYQ!%!(N\B<
M"'TBL#G*S(6@0TF*.09@72>O$D<IYSG<G:'PAT;Y(&0/[&S'O*CIZW*U*D-D
M3;+>2.UN8[ZVU.9]Q,W*6&<-@E)NL\KPR8ON6Q,=$8WP\S#+*(&\W'D>\?'-
M"7-+2P`#X,1R:#$4%36M:D"N)JI"_LY$CVW+:MW"QFF3V44[9)3!GFT"`PD,
M=DY9LJ9WA6E`.1Y?)".55NV2I&^-L2P$X@M,U(>6(C"E0I-.J]UEH]7;O?8O
MUCSKM//-_.9_F6S/;&2,C,DC@,\PY597.H<H:!FM',?U=W-[,^.'9ICV3AVO
M@4D[5<UEUIK<8-I*V]WN8_M[>[,1=-6>-Z:W90K2-;DT@A#X)R;W)4@6-ZY,
MWK$>!EG&$J"#0%BSD!@!8P+'\OKD--M"@VJMHJ]@VT.<GD4;=HK7"-E:-[,&
M0,[^KF:LM&\T*K[YN5!8^0H?D;"DA`"XXS$X<1'\E2H6H\+%Y"7.!9ZH75QO
M+#I-K<6DMR7/W=<<C8P<ER&VN65QRN>9*/D(90D-:\LC<]0EHA,C@X#SVVO^
MGE8=S9^E;=>JZIQ>=:J-LKJDBDBJ(5VX1[+M*Z[BLBCEYC9JC4N5;V#B/VJ<
MEK1HECEEW2ITT-RO8^GNZT"Y6F):\90XZ#4];C;:/FN;\O$TP?ECFD8^US7`
M;/#GMP9W1MYMQ=<Y)<D;#&QSI?G/Z+(SF`:W8.R!1V&!QPKCLPQ-=F$TKP8H
MPDANP^&1E.5`0J&FRKO3NQ]6,C"PUPM>16M*3G)1"4K!)),0OC@#S,DIG!28
ME7N@"NEJ4B8XX10>?'$FX%WO[JMTT7`;)=DCGS6:A:VG.D@?.':X4Y)Y(P"E
M=F,MJQN&#>QL^+X$ZKJ$KTHT1&B*&=[5[\.]@7Q8W3_E';OJT_5-_&NJ>RA]
MHC6$UWHS/'^0J)=J^JBZ5YX>7K"]@_IC;?\`]/&W6F.L'[H]5[MM]IA61TKI
M[/C\DJU&US*4R1HBK??'=>'A-XNVZP29W=4PF(V@%;&).XK"!,BL[;A4*HY4
MSB*/!EK4G*B`&C,(YL8C`!%G.18QG'0/JLPPOX;W0>QI#]5F#J@',.9@%'5&
M(Q.!J,2HKK9/UQOP,'?*:69)#((TK1+XV_/D=7-CGUTVK6!W<696WO/1\H\O
M"%2VJ4QR-URCSDG*DL03LDYY'*Y/DU9.>WM[ICH[J..6-S,K@]H<"VM<I#@0
M6UQRG"N-*K#@EN+205(G]F6F<R<O$/LI@<I=*7)A7[4+<EJYD<9$\+FA;*U%
MQ;?2%,H5MJM:<B42122I,`:N&#*HP)@L",SC.=4[ZVMM;0V6@OACC8_G+EE6
MM:TY&LARLJ`.2VIRMV-J:`54@T)Q+I:D[!\JGB:I:I$C1%4%N_PBF'Q]L+].
M9#KK%PO]V^@^R;;U35!;WIDOI'=]='4Z7F4VGV5']EW=WZ6*3YOU,:YP=9CW
MLW/\A:>K*E^C=`'C.[ZE,ZT$LHFL_&WQC/A-[],9QC.,[?95C.,^7&<9.0<<
M9Q]7&=9_=3\5:7[2M?7QKY3^8?XCN\56EFA#DTWB'&>(Q8SY,>7&!YSC&?X,
M9UV`?X9[I4!&Q?A8`9.`+(`Y%D0`9%R<<K(.5C/)SGAQR'C]3W-(R<[1V,P0
MJRR\$7U36PW]0,;_`+8YZY`;V_BO5/:5UZ^13Z#S#/$;W@G3]1]?519_:KL<
M=K>T7C]3=HISC^#/F^W5CC_'Y=;]ZL_O9MOY&[]6%B]9Z"?&;WU"4Y(?K8]W
M(O<Q_*SCAG/\><:Z/J(+M-(`!?HGR0!#QG<!'G@'&.(\S:/\1YX8_E9^O[NH
M/Q/)/#C7J_TFY]4Y>FRZ9%Z1O?5OSKDVITC1%`8]IW]9)7GH759\M.XG5V>J
M+T#7O3VGD3*.:]X47<=\BCR:N&H^G>O`1];CM0_%6X7YOMAZK/UJO=[:>UH_
M43K,Z'TMWHSWPK(C7/M2I&B*JS\0/U@6_/TS-R/RIR+73G@![H](\6X^U3*&
M:KT^3XO)"23K<:QZEG^RA_#_`']_%3:S^5-Q&J%=;+\:Z7[*/VB12C0NC/\`
M'^0*9GJK"S:3?O(_9#W4^C?>/R8RC7X=B*ISC@0]G(]CDXX=0,X>'#'\G+:E
MXA_BSP]S796SZ'#Z&/R`M>N\(]TKUN9*][CFB^``Y`#W@?>!%_*"'R>]"+ZN
M,>3.O34]LXK\5A#[-J$(/"LK<(`A"'%S[EN`0XP'&/\`.^9^YC'#&N5W&;'B
MMK]?ZB_R6*;Z=T&+Q$_+K6:]B-$1HBAG>U>_#O8%\6-T_P"4=N^K3]4W\:ZI
M[*'VB-837>C,\?Y"HEVKZJ+I7GAY>L+V#^F-M_\`T\;=:8ZP?NCU7NVWVF%9
M'2NGL^/R2K4;7,I3)&B*ML\>3UNF\'^9M[^;34VN@_57]W%Q[6F]5`HIK?2Q
MZ,=\II#5E5AU(9]F*]9+/_0PM;Y9]NVJ>=;KH&@^GN_(A4@T'PI>XWY5/IU2
M92-&B*H+=_A%,/C[87Z<R'76+A?[M]!]DVWJFJ"WO3)?2.[ZZ.ITO,IM/LJ/
M[+N[OTL4GS?J8US@ZS'O9N?Y"T]65+]&Z`/&=WU*9UH)91-:>-MZIO?GZ/LJ
M_KV_6?W4_%6E^TK7U\:^4_F'^([O%5IAOVTS[H/[+.NP#_#/=*@(V(*^VE_=
M`?98T9X8[H0[%97^"+ZIK8;^H&-_VQSUR`WM_%>J>TKKU\BGT'F&>(WO!.GZ
MCZ^JBT>U7?LM[1?2T4_-]NK6_>K/[V;;^1N_5K%ZST$^,WOJ$IKH^H@NXU_W
M]$_CS`?TVC^H-Q.]W&O>R;GU3EZ;+ID7I&]]6^VN3BG2-$4!CVG?UDE>>A=5
MGRT[B=79ZHO0->]/:>1,HYKWA1=QWR*/)JX:CZ=Z\!'UN.U#\5;A?F^V'JL_
M6J]WMI[6C]1.LSH?2W>C/?"LB-<^U*D:(JK/Q`_6!;\_3,W(_*G(M=.>`'NC
MTCQ;C[5,H9JO3Y/B\D)).MQK'J6?[*'\/]_?Q4VL_E3<1JA76R_&NE^RC]HD
M4HT+HS_'^0*9GJK"S:3?O(_9#W4^C?>/R8RC7X=B*ITCGP=CWXA9OR:FUV5L
M^AP^AC\@+7KO"/=*]G7H7XK![V;?U5M<?KGW*_+?,]<K^,WO6U_VB_R6*;Z=
MT&+Q$_)K6:]B-$1HBAG>U>_#O8%\6-T_Y1V[ZM/U3?QKJGLH?:(UA-=Z,SQ_
MD*B7:OJHNE>>'EZPO8/Z8VW_`/3QMUICK!^Z/5>[;?:85D=*Z>SX_)*M1M<R
ME,D:(JVSQY/6Z;P?YFWOYM-3:Z#]5?W<7'M:;U4"BFM]+'HQWRFD-656'4AG
MV8KUDL_]#"UOEGV[:IYUNN@:#Z>[\B%2#0?"E[C?E4^G5)E(T:(J@MW^$4P^
M/MA?IS(==8N%_NWT'V3;>J:H+>],E]([OKHZG2\RFT^RH_LN[N_2Q2?-^IC7
M.#K,>]FY_D+3U94OT;H`\9W?4IG6@EE$UIXVWJF]^?H^RK^O;]9_=3\5:7[2
MM?7QKY3^8?XCN\56F&_;3/N@_LLZ[`/\,]TJ`C8@K[:7]T!]EC1GACNA#L5E
M?X(OJFMAOZ@8W_;'/7(#>W\5ZI[2NO7R*?0>89XC>\$Z?J/KZJ+1[5=^RWM%
M]+13\WVZM;]ZL_O9MOY&[]6L7K/03XS>^H2FNCZB"[C7_?T3^/,!_3:/Z@W$
M[W<:][)N?5.7ILNF1>D;WU;[:Y.*=(T10&/:=_625YZ%U6?+3N)U=GJB]`U[
MT]IY$RCFO>%%W'?(H\FKAJ/IWKP$?6X[4/Q5N%^;[8>JS]:KW>VGM:/U$ZS.
MA]+=Z,]\*R(US[4J1HBJL_$#]8%OS],S<C\J<BUTYX`>Z/2/%N/M4RAFJ]/D
M^+R0DDZW&L>I9_LH?P_W]_%3:S^5-Q&J%=;+\:Z7[*/VB12C0NC/\?Y`IF>J
ML+-I-^\C]D/=3Z-]X_)C*-?AV(JG2.?!V/?B%F_)J;796SZ'#Z&/R`M>N\(]
MTKV=>A?BL'O9M_56UQ^N?<K\M\SUROXS>];7_:+_`"6*;Z=T&+Q$_)K6:]B-
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M94OT;H`\9W?4IG6@EE$UIXVWJF]^?H^RK^O;]9_=3\5:7[2M?7QKY3^8?XCN
M\56F&_;3/N@_LLZ[`/\`#/=*@(V(*^VE_=`?98T9X8[H0[%97^"+ZIK8;^H&
M-_VQSUR`WM_%>J>TKKU\BGT'F&>(WO!.GZCZ^JBT>U7?LM[1?2T4_-]NK6_>
MK/[V;;^1N_5K%ZST$^,WOJ$IKH^H@NXU_P!_1/X\P']-H_J#<3O=QKWLFY]4
MY>FRZ9%Z1O?5OMKDXITC1%`8]IW]9)7GH759\M.XG5V>J+T#7O3VGD3*.:]X
M47<=\BCR:N&H^G>O`1];CM0_%6X7YOMAZK/UJO=[:>UH_43K,Z'TMWHSWPK(
MC7/M2I&B*JS\0/U@6_/TS-R/RIR+73G@![H](\6X^U3*&:KT^3XO)"23K<:Q
MZEG^RA_#_?W\5-K/Y4W$:H5ULOQKI?LH_:)%*-"Z,_Q_D"F9ZJPLVDW[R/V0
M]U/HWWC\F,HU^'8BJ=(Y\'8]^(6;\FIM=E;/H</H8_("UZ[PCW2O9UZ%^*P>
M]FW]5;7'ZY]RORWS/7*_C-[UM?\`:+_)8IOIW08O$3\FM9KV(T1>6:\H"CCB
M,B5&&$#P6=T=N<50`&9++-YO)J9(:5D>"S0YSC`N../ET112O:4]MVXK<C+M
ME3CM]H6X;H1PEAW&)9>?7%=R>3AC2B2KJ/,CY3SA`W#$B$\`CZW)'*QP'T8S
MA[FK"]7'>W=O<_>K4+[>:[CL[273N;8YX<0Y_/,=E&1KC7*"<13#:L3J\$UQ
M`QL+2YP?7\Q49CZ-SQ#OW&=UW^A\Z_PG5P_\W\)_ZY:?\9OHE@/NV^_9N_-^
ME*DV+>'_`+[(;OFV6S68;-]R\4AT+W34M+)=*9#3TS:V&-QIAF*%>\/CRY*F
ML"="W-R0H1AI@\X"$...M6\:.*?#W>/AMJ.C:'JMO<ZI,8,D;1*'.RW$;W4S
M1@8-:3B1L7MTZRNX;QDDK"&"N.':/PJQUZ\0?^5Q_P"C/'_`:H2I0O@N0-IQ
M99Q65YA1H`&EF`9W@0!EF!P,`PBP@X9"(.<9QGZN-$4"3QG=DN\NX?$ZW/V?
M4VU'<+9-=2PJD!1J;0NIY@_1MZZBH.MHX\A0.B-K&G/&V/K2I2G8QGB`XD0<
M^YJZ75YXC;C[I;CSZ9O)J4%I?NU*60,>)"2QT<(#N2QPH2UPVUP4=U:TN9[D
M/A87-R`5PVU*;$^C<\0[]QG==_H?.O\`"=;V_P`W\)_ZY:?\9OHEC/NV^_9N
M_-^E/E^ST;2-U>W[?K.+!O3;5>E0PA5M2L:)))3858RR-,JN3NMK4>[MS"E6
MKVP!9SFK;(\M/`5CWV2DP\_4U6/K*;];H[Y6>CQ[KW\-X^WFN#(&!XR![8@T
MG.UNTM-*5V+,Z/;3V[I#,TM!`I6GPJ:69(&PH'+-RO+!RBP<H3.\8QRS3`$E
M!XY0>Z8:8$./KYSC54UG%R!>D(A8#@+AQ%G&,<IG=PAXYSPQQ$)#@(<?PYSC
M&-$57H\>&YXAG:"6#!L=W4G%'S:<JTYY%)S@Y.I2+9@^+$:I.<!JR`U.J2'@
M,+%C/`0!8SCW==&MP.+_``TTG<;1],U'6+:*_M]-@CD86RU8]D8#FFD9%013
M`D?"HC=6%Y)<R/9&2PO)!PV5[JZ'T;GB'?N,[KO]#YU_A.I=_F_A/_7+3_C-
M]$OA]VWW[-WYOTJ71[-U1MW;;]N6YMBO^G+1II]E6Y9/)8XRV)!))&G1YCQ=
M*54Q">F]$N;@'*&W#PSJDW.XQR>=(&'W<:HWQYWAT3>GB//K&[]PRZTQUG;,
M$C`X`N8PAPY0:<#@<%)=+BD@LQ'*"U^8X?&I%PI`V!,+*%E?@P[!F2@99WC`
MC,$X"(W(`]`XBP7@>,Y^MQUIM9!-W>+=$9A</AJ;SZSJR'2Z?6%,J/DC-$X9
M&(P^.<BDCNH.0Y3M;,VE(.?7KS\`SR"@8R(7#/D\F=9C=VX@M-X=/N[EP9;1
M7UN][CL:QDS'.<:5-``3@*KYS`NB>T;2TC\RK_#/#=\0W)@\XV,[KN&1BSC_
M`"/G7N9SG./^4ZZ9/XW\)R\D:Y:4J?\`3-]$H;]VWW[)WYOTH+\-WQ#<&`SG
M8SNNX8&'.?\`(^=>YC.,Y_Y3HSC?PG#P3KEI2H_TS?1)]VWW[)WYOTJP`\(Z
M(3&G?#2V8UE:<.ET!L*&TG'V>60R3QA\;)%&W<E4X"/;'EM.0<^@7DA'CEE#
MQ@6../J9QKF=O)<P7F\>H7EJX/MI;ZX>QPV.8^9[FN%:&A!!%17%3*$%L+&N
MVAH'YDXH&0-@C#"@Y7Y,)P7DT&&=XY1>#L"R5D0>@<<8,P#/#Z_#6&7T4=/V
MD2C;MW(;;]LK#0%.VC<K[%=S!TED;)7<%DDE=6:/#I.UV$+TO1(6X9Q#;UP\
MI4W.YQR>=/`'W<ZW)P&WBT3=;B/!K&\%PRUTQMI<M,CPXM#GLHT<D..)P&"Q
M^J123V9CB!<_,,/C417Z-SQ#OW&=UW^A\Z_PG5Y/\W\)_P"N6G_&;Z)1K[MO
MOV;OS?I7=:?#;\0SKZ+"'L<W5$E$S*$JE!Y])S@HA,E1RYD5JU2@T;5@!2=*
ME(&88+.>`0!SG/N:B6_W%_AGJNXVL:9IVL6TM_<:;/'&P-EJ][XW!K16,"I)
MIB0/A7WM;"\9<QO?&0T/!)PV5[JM#1/2$(LAR%PXASG&>2SNX@\<9X9X""AR
M$6/X<9SC.N<BERXRY`V'`YPK*\P'*,!R@,[P+'+),&2:'CA!_*+-+$'./J9Q
MG&B*%M[0SM(W5[@=^D#L&B]M=YV_"$FU"O(BLE->UC+)*RHY.U6Q>#NX,*I:
M@;!EDN:5KD*(\96??8*4@S]75K.K7OUNCN;9ZQ'O1?16;[B6W,8>'G.&-E#B
M,C7;"X5K3:L'K%M/<.C,+2X`&M*?`F,OHW/$._<9W7?Z'SK_``G5G/\`-_"?
M^N6G_&;Z)8;[MOOV;OS?I3HG@L[)]Y-.>)QMNLZVMJ6X2M*ZBS5>&)%-IK5$
MO8(VSC?*4F["S%KG-:V%D$FN;RX$IB0\>(S3`AQ[NM#=8?B-N1O=N5;:;NWJ
M,%W?,U%DCF,$@(8(IFEW*8T4!<T;:X[%D])M+F"Y+YF%K<A'8[84](R0-I)9
MAQN5Y910!FF&#9W@(`%EAR,8Q"R@X8"$.,YSGZF-4P4B7WUX@_\`*X_]&>/^
M`T15PF^#P_M]LQWN[S9G$-FVYB4Q"9[JKWET2D[!3LT<F.1QF16&]NK&^,[@
MG:A$+6YS;U(#2C`9S@0!8SJ_/!KBIP\W=X;:;H^MZK;VVIPB;/&X2ES<UQ*]
MM<L9&+7`X'LJ+ZA8W<MX^2-A+#2AP[0^%)A^C<\0[]QG==_H?.O\)UL__-_"
M?^N6G_&;Z)>+[MOOV;OS?I4F7V:W;=N*VW3'>HX[@J%N*ET4UCNW5'$%%CUW
M)XP&2J8TX7@:_E,V%[<`2T307($63^3CWG20<?=U3SK';V[M[X;U:??;LW<=
MY:1:=S;W,#@&OYY[LISM::Y2#@*8K/Z1!-;P/;,TM<7U_,%*Q'(&PO)>#,KP
M9-,P25@3.\8R8:((QX+!Q0>^'D!8L\/K8SJO2RRT9NE)6R_;'N-BD8:GQ[DD
MFH:X&"/LJ!B>3E[N]O%>R)O:FM"1A#C)ZUP7*"R22\>^&8/`<>7.-?AV(JTA
MC\-;Q$TS&RIC]BV[`L].SM:<XL5'SK`BSB4*<HTL6.J?Y0!ASC/\6NH=MQLX
M4LM8F/UNU#VQ,!&6;`AH!'FNVH6=-OBXGFW;?@_2O4^C<\0[]QG==_H?.O\`
M"=?;_-_"?^N6G_&;Z)?GW;??LW?F_2IP7@)UE9E!^'!`*ZNVMY_54^26K?KP
MLALXA[^Q2-&UR"W)4\L:Y4UJD&%*=.ZM2PI00(6,<LH>,XUSTXHZII^M\1=8
MU?296SZ;<7KGQR-J`]I:T`C,`:8':`I79,?':1QR"CPW$)YD#T@'SN`B5X&2
M6`X90FUR`?DHPWF0F%)QI`G'@P9Y!9`$7)^KPQJ!+U+U=$7$4043DX10,`R>
M;D\[../](;D`"\CSQSGRY`6''_AHBY=$6JY!>M(Q-X51V4W'5<:D"(TLA:Q2
M"PHBS/"0\XHD\DE4V.+NF6IS32%)8PA&#&1!,#G'D%CB1;3QG`L8$'.,XSC&
M<9QGCC.,^7&<9QY,XSC1%^Z(N,DDM.2402#!9)!8"2BP\>`"RPX`6#''.<\`
MA#C&B+DT1)U@F[?;39W-X@%T065#.G+=6Y!#4[8-4J)B]M3T^Q]M3I3"RU*A
M+)F2.+UC4N``3>Z)49IJ0\X`,BP1**T1<1Q)1X.;.!@P&#"C>3GCPYP@T!Y0
MO)G'E`:6$6/X<:(N71%B<YG4.K*(OT]L&2L\/AL70#<G^2/RTIO:FM&$8"L&
M*%)PL!Y9R@T!118>48<<8`LL(AB"')%JFE]U6WC<2Y25II.UXQ8RR)D(ECMV
M?,6F(SFQ>J7-R=[C[DJ1IFV6Q[#LUJD!KBTG+4)#BE/2&&@4DF%!(E!:(N(1
M!0S2CQ@P(TC!@2AYX\08.P'!F,>7A[_`,<?XM$7+HBUK9%ST]3:=F5V]:]:U
M4DD2U0VQ]59$ZB\'3OKBC2#7JT#,=)W1K+<UJ5"6(XPHC(Q@*#D8L8#C.=$7
MS4=SU+?D);[(I2QX9:D"=#E*9#+(+(&V2,AJM&((5B$2UL//+(7HQ##@T@SD
M'%<K'*#CCC1%LS1%Q!(*`::>`&`FGX+":/''B/!.!8+QGR\/>8'GA_'HBY=$
M2?;:W4[?:-"X8M"SF6.K6MRCS0M94Z5YDDE*<)4TR%_8B`1:*MCW(U&%<>B+
MJXC&4E&6G;FU4J.$6G(-,"1;M8GQFD[(SR6..K>^QZ0M3>^,+XT+"'!J>69V
M2$KVMU;%Z49J9<WN*%0`XDXL0BS2QA$'.<9QG1%ZNB+B))*(!S9(,%@R8:;R
M<<>'.'FC/-%Y<Y\HS3!"S_#G1%RZ(DTG[Q=LB>>0JM,W'%#YE81V4L5;T.7)
MR0JUADKD$#0(7*1-[>IC<<7OLWB;FSM9#DK2'.SHWJ$J()YY(P!(E+:(N,XD
MM02:0<#!A)Y8R32Q<>`RS`Y`8#/#.,\!!%G&B+DT1>!*I3'(/&G^93![;HW%
M(LT.#_(Y`\*BT34RLK4E,6N3HXK#LA*2HD*0D9AI@LX"``<YSHBU/"=S=#V/
M:$QIF$V0RO\`94#$[ER2-ID[L3S9L<<4;-*B6=X6-R9AE)\.>G!.A>RVI4M&
MRKCRTZ[!!PP@R1;WT1<1A!1V2A&@P/)!N#RLYX^\-P`9>!XX9QY<`,%C_P`=
M$7+HBP^96#!J\2-R^=RV/P]`[K5[<VKI&ZI&A$K6M<9D$T<DY:I::2GP-OB4
M3<W$[(A8P6C0GFBS@!8LX(L*I/<'3NXJ.N,IIJ;(YFSM#D6T.V0-KXQ.;6N4
M-Z-X0!<6"3-;*_(DSNRN*=<@/-3!(7H5!2A,,T@P!F2+<NB+BY@KG^D\C'/\
MUS'.>7E<UD>#.1[O#AR\<=$7+HB-$1HB8MW%65'H+N;O>1D;8]MZ^PQ'P)F3
MQ*R*;N*:7;NX11.)I%T6=ZXE,3@DAKEJ5F'2=7'&Y7A,^*"3&T`'@Y&G3E$H
MR)\Q.,1B<@8TYB08R2AB2FY)R:F$(`<B3F93&GI\F$YSR<Y+&,'''O19QPSH
MBYM$1HBX5(0#3G@,3]+`(DT(TG))%TH`@"P)/R5`RTXN>QGD\!B"#/'WV<8X
MYT11Y:`PP3V\-ES8XUBUY?Z5?G%HCE<QI3NA;KVVS0U%%)ZH:(GN)F]A1MMK
M^VZ[J]4YY:4+>[DMQ+>O4$'1]4L%G@O(I$&B(T1&B)+6]7`,;9+//%`GJR#4
M!,4=4<>CSO-V%X;W-HG48<VJ=I'>M&UYL1#W6.:0J3F#8D:MWR4SBPD)-/R6
M`1$DW8_-"K&O>Q9()BK^68:JECS`TVY2K#<$&IZ+HU,V?'QXJAL@-FMJ=A;9
MH_/*SKUV<&-:M4+\$DX="D>24&%)$ZOHB-$1HB;;\2F:QZ*5U7B::Q2MTT,7
M30]U<;]MQ'8)D(VYOD:;LKHK,"GJJTQ<WADU?W11E`SO!3HP)$QF32C5_.GI
MT2TBR?PT9.U/>U:.1R.)&L^*51)9-4,8G#"KD"IBM5O@2A.VK[!;PRR.163)
M%2J1#7-KF2L2<0/+8LYDU0FR0>81+]T1&B(T1,<[VSFB*;N3IXB2HJ:F[34Z
M`M@M652'=H<W7*KDL9LV`*H_`XM1B5UKQ#-JZC\F5$IW-2B=90G6NJ4\AN&4
MG2&'D3L&W-`C:]O](-K?7SI4R%!4M=I$E7OBU8YO=>D)XDTE%PQX<W$!;FY.
ML;"'HBA0K`!6><4(9X`&B&'!%N;1$:(C1%'5AJ:-L>X)WC#-69S47.=V=>'R
MS:J&6[OW.SDJ6LKWF4@B=J'N4D2.M)ME9M,AFJRR%[*A"AAB]*4G)`ZG9)(`
M>12*M$1HB-$6D]RB!`Z[>;R;72MW*XFY=4EA)5U4,R]R:G:R$I\5=2SX2VN;
M)GKQN6R4L64A1Z#`UQ0S<"3`&=@L`B)JW8*>U'7C"8XVEH[3:(37-Z/33,XN
M_;K'!NH^0VO94<G<Z8;#-W)HS1RF;65('10%"N-7)Y`@2-:@CJPI*>I-`1/?
M:(C1$:(FYO%!:(<\;;T:>>Q3K6*AGB<M[L!7+;CA<=HED=(+/H_);>F+U1`R
MK$Q$D<6>%S$L++-3MF0OV!.2A,@"H4%D7A^&_.V"S`;AY>TJ(].%X9W`XL[W
M?"I%8[O!K$!&*KBZ=DCL9:+2*#)(F"`,:LCI:4@YP;UBQU,<0+#E*U6601.:
MZ(C1$:(C1$:(F8_$SOR1U5:%4L2:1R!$H[$2RPZ4Q!!0P8(!?L3;I6#%G[D>
MV!1O1=N2&L%+P4?T0"HXXHAW,+2F+DC>H1D3R2(PTY$D-/,2G'&I4YAQJ(0A
M(C31E`$88D$,0AB2C'G.2\YSG.09QQSHB[6B(T1&B)E=-?LF,\3);7@9,Y]L
MD%AM]?.CN$<1QMV-VVO=726:1BI@JQ\9R/=$39T<<G/("2PE`"$PA0K$D&D0
M8(GJ-$1HB-$72<C5!+<O.2FHB%12)4:F.<A#"W$J"R#!$FKQ%B`8%$69C&3<
MA%@6`8SPSC.B)G+PP;Y?K:G5FILR&1JT;A$&>96J3/A0POMSN.)>.P]B6GMS
M*B18%9^W-Z1QE,!.)QPGQC`VQ0E2$!6J#UA$\UHB-$1HB0WXD;F>Q[+[ED2/
M)R9RBX8#+6=^+)-7)X0]Q.SH7(V2RG5C):)`9*V&L'5K)D+@RX0J\/2)L-0B
M+Y)^1!(M:^%/))!/=M#I:,JR\/4BMJR5]DO%D.L9/@Y%MN$E@=>&*IHQP<R*
M0U+&&5I.(%&0!2HQI'(^/FN9:E7A=E2:1.7:(C1$:(FKO$ZW#2>CT="L[17"
MNYV&=SHA:_57%UU@L-B.KU7L]J:45A)(S)8+`+#+2,S9:66AH=6]<D(+=\2!
M.0`WCRRC")PNG["(MNIJRM-,WX:$]D0"'SLIIPK&OZJ!+(^WOH6T2TQ$V&JA
MH.G<T(P:9,,609R(HL7$`2+8VB(T1&B)KZRKAL'._B&Q8,=;HNQURDC\*C,@
M>ZKW13(-AQV]S8>ZV&M:)?7<4Q1<:6,J^#(FU,)^<5!K4>0<J5]&2JR^61.@
MZ(C1$:(C1$R?MDWNIW;>%8$5E+3A.[W7,9G')C$XS56Y94^T/-:8D3!5%:,%
MBRYWC3E6*Y/9L24@<<N+>6PMI`@!4!,7(S@K<$3V&B(T1&B)-V\1$D<MJ>XE
M"NCJ^6(U--V"6HCS6Z#97!T*[-.&1$I'$I(X&DG`X<Y@($JP9O(YL*90(6"#
M")!7@_6!,KGKJV[MGT@<+1E5C2""Y<KYQ!U571>R112'`B_4D3K\R'0Q"E0P
M$UO&4-T3%KL+L+BTQJL1Z`U.F(GAM$1HB-$1HB-$487Q#)Y5UKV[>L[LO<96
M]3S/9N_R"(5[M:$.=QN6[IX@TU*V29XB=H2J'69%)$\L-O"LQ^CT<2MS=S#8
M4N/R/K+"U<D$12;&P9)C:WF)TO04YB%(,A%S0">B$B(+$4EYDO&"RNC@S@')
M#Y`\.&/)HB[VB(T1=1>JZ"A6K>9,4=#2*%7,$XXG']')&;S)6/JF&\CDA_AS
MHBC'[;)M5$_W?[7MU"C<165M6_N@E+$58FS^!ES:/Q^@I&\U!8TO;9\VQDNR
MW=J>9[4ZPDQDD*]^91%KECDI<B"VIPP4`9%)[T1&B(T1):WI7&Z4+MKL.S68
M<22KVY5`XR%YGS<N>(+%$MCV1$*V<9S,V=L6MBUYBD";I::].","M'TM(@,*
MRH3A'DX!$U]X6$=IBL=QESUK45_,.[9I=:G9;'16RU.4I/'4H%TX5L#Q2"%F
M<)S-8C'XDY";F]S:BFX+<NRG0<PNRM+2(322)^;1$:(C1$@_>1M_LNYYAM^D
ML.K^A;FBU4NUB/,GI[<9*Y+&H`]R"1QMN8X1-R"&6J+A;7B1P/'68$A:YK`$
M@+H8<0<6<`.=$66;*Z3L&BX%8\?GS!5L&)E=TS*P815]+2212>LZMATE:8N'
M,1BZV1P6MC4A"N6M[L\G)4K,C0IU+L8$D.??"R1+$T1&B(T1,I>)M+;";YFV
M1YY8=FMH5$MA)Q+-6$GAEA69O3R_/V7!MEBRJZLB=P58LG3&YH4R'HH&1<A=
MTZY+@P&332DYA)$Z]2*%"VTQ4C>V1XN)-R*LX(E014F&.=<EQI&3%VLM.PAK
MYZ<WIY@V&@H.$_4ZM8K5-O-]'-.-,+$,1%L_1$:(C1$PYNMJS>(JW54M;\BI
MK:4BK97N<VZQ=HEU63W=).]W!K$S6<WK<+DC"17T1HQN:,15`H4R,MZ$-I;(
M^%QSE6L4%I,&D3\>B(T1&B+4.X&PI'4U&6_:$/B1\[E5?5M,YC'8:G"M&9)'
MF.L"]T;F@0&Q.L=#"5:I,$)@4I)ZH1?*P248;D`!$3#'ANPR0-.^%3.DT\CE
MCUM:3+NFF=>%1BN>QTG11M"_T#!%UZS>:Y>'1TG587G8L2D"2%DN9"14L1LA
M3H-8^*.DJD9%)%T1&B(T1(SWK4;/;WA]3-$(BE1V.D@UW1^QYM5-Z220QFL+
M-BS)"Y^THH_(U,>@%G9<!,<Y?V:0)4BUF5(35C,4(?(,`4/!%XNS:AK.IA\O
M]YF\(HVHXU:4RATHAU/;>I5(Y-7<47-$$:XO,9&`#Y5M0H69\G3FU$*5A"!I
MYDT2<)YIIJ@TT62)<VB(T1&B(T1&B(T1&B)D[Q6/&01^&)/J4@(]N+M>BNXH
M=.Y@%>AM%KKI/&TL(>XFR#2&E+X;*QNISF=*0C"(.2<%!)SC/*Y6.&Q.'7#3
M7>)E[=6&A2VL4UI"V1YG<]H+7NR`-R,>2:[:@8=E>2[O(K-K72AQ#C3#_P!0
ML0@WBW6-N&VS[0[YJ*I":N<-RMVWS53W&'JO+/W</,32TA&[8<35S)#J*65Q
M*Y(.1NU<E!$H"$"=N3*A9-`/(<"U%MY=!O-UMX+S=S4'1OO;*<Q/,9)87"A)
M:7!I(Q[+0?@7WAE;/$V9E<KA452D)+XG5?4<UD)[Y;Y,ZO:NQI_5;>]0"N%$
M98G.:557$-M6=LN8]*K#D,C85+=6;H^2H.7`T@.&J.+T>>+J6D2N&$7T6.O_
M`(L42=Z8G\RJ*C;?E5GQJNK>L)LKUW;H4@(31FL*IC5F#G3T_G6$V1IUBH<3
MQC0+&]G=%DA*<%!Z4*/G$XAZ(M]V5N_=Z\MJJ8&X-+,6P6#7U3RE2[)VQP>'
M(J06-=T&JSJ=*G%(&),D:,H94::%89D\U,<``Q$*`X$2(BU`I\6FGFZ&QN2O
M=/W?'WV>%U<[UU`7=/6&)+,H9;U5S>Y(E,25K99;G%F%%V+K9ZZ4B<G!(YD.
M"8M-E/D2DD0B)4-W;EC(;M"<=T-:LY;L!;!8%/(BS3AN=V,1S;/7",!0$R1H
MY:)Z9W!.V2+`CTP\EGIU`,ECQQ"+&B)+S_XH\<*8D3_'Z-LU*W&3BE@GK)NM
M@#*2NI*SK>FM22&X6,IDF\B4B!$'.NW0[J=>%"Z*R3$AI1(@'&8)(NY#?%=J
M"?QV.OL2J"\W51*'PHAM9\M4"0&@AAU02>]<V&J>'*?(XUU0BKN'KQK&XA:H
M?D;F66B-0X,/)$81=%W\6VF(]%&=ZD-1W@QRJ2.#09'*T6M]='R]YASU3*2^
MD<W(5-=B.,23HLP!867EM-<@/.7D8$(4HLC";HBRR0;]GW%%;P+9C55J@N%)
M3N-5S0C([F*7!UOR2V-3U*6!5[2V0IF&&9I9G+Y/<Z-H2QP\I`M/4B((,.2C
M&H,2D7N4GOS8ISM!@NX9\0)9I-I).&2G5=>5.4D2NQUU26=I(,QULO:IC*<-
ME;SA&K=T?:=G>'XX$/<`KD"M>H-0C-,(M,R3Q-)J?<-7U]6.V.;S%KF2Z-,C
M\A4/]=MD];9N;(]X<#L&MB$#I83/$$;W`YIM6/"8[&NI[(L1B4B3G&\I&(\B
MR=/XNFVU<YJ$[7%;?=&=!5**T'5_0Q=D.(:#7+;F9NG10MQ;0R?K5.^#JC!6
M3%N2LL1+PK3H!KL&F\0D6[:JWRQBR;Q:=OSQ4UGU7/G>!))VG26.LK%O"H3K
M(^URP+>R)F:PWIQFV$C`\D],7Q\EU:V]P*4(E2@E0G&')$N+1$W9N8WM6-3%
M[H:,K2@8]:Z_ND8[8>Y#)[K%52-M1R*:2J&-C,@0D598I[LJZ1$E!YQHC$H"
MP#`'`1YSG.)?NIN7J>^#IVZ=)#&8`W-SA>*Y\U*9&/V9#6M.Q2JBF\^]^F[I
MMA=J#)GB<N#>;#33)EK7,YO^X4VI)YK[6^])[VW3,C:'M7C>XW<<P;EFB8V/
M=T*1W@*&P39S9AM8.<+1O3$GJ66V?U]-Y8G4M"4UR9TC<V&N"H11AI>"3H[J
M5A+I>H3Z;.6F>"5T;BVM"6$M-*@&E1A4`_`I!I][%J-C#J$`<(9XFO:'8$!P
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M4-0SDUTN`B*[<&VHGYD5R25U>B66]%I;/K*'.I#%F".AC+Y0CR^G=%4C&*+R
M./"*3FJ5)G$B6'3N^2OK8:[-D#G"YS4$7K:DZ[W(YEUJFPM!&9'1-JH;+=X9
M8Z!=$)=,EC,WB9*L<5CDC=4R%R:RA%8.3\YD8`$29]LGB&V#<.TO==;T^AL3
MAE\[;(M.9>[TBM:I+$I1%$3;5BB=0M':4&?7UXDT9(DSXSNA;.M,5)3)/&$Z
M-])1MH'$").18S6?B3V8Q5\\V+>E<#F,/6L%/JJ^F$$J>=;6RI/.9Y%K&E\Y
MK1NB.\"=,*^7'U_'H,D6`>F5Q5)7,3V0D*3!/)/S@BW`]>*)5J&'/EAL]36R
M^09M%6B-GDJARIJ()I>^V50$<W-)H[&VZ;6O'WU6[Q^J96@,6%B2`YQT/Z&E
MRHR`TPLBY7GQ0Z<:4@96EJZZ'JLCXZ^N(+2;6J`EL.9'&=J"[><XP10RN-@H
M)N0^XIHDOF5`FSJH;R?T+I6,EFF!(LCOGQ):9V_BF':>*3MW*K^>2.%R\30J
MKI&J1I8?7-06A*)*RL\DGK$^RY`V1JZFO@E:TJI>,Y.KQDD``$C/(N5PW]Q)
M3;4'K6,QI\-,)N-TJ&[RGI`F3+:Q<'*>3"HJO4FJ$;V>2)59L_C9"]G3\R;A
M;$U(W$0TXRRR#B)PG1$:(C1$:(C1$:(C1$:(C1$:(HP7C^?1A]Z^V+S]//)[
M<=W=K=V?FK]E.@=D^TL`[6=L^U'O>E]<]7="YGR\CGN5Y.&ML\)?\H_>-[_B
MW-]X?5V?6*?5_-9^1TCD^'_MQ[>"\-_]2R-^N^!7#;MI\"6OX2_T?'FB;3_-
MH[Q^Q7>ON1\W;SD^K^^OO)ZTL[OJYCJ3\%<]U3U]R.;][U1_\VH5OC_</]U7
M_P#=M?[F^LN^LUR5YV@S>:^;V4\#D]I>BWYKF&\QYFF&W9\>*47;WT9W7,V[
M[.XWK7K66=L.W'+Y'7_;FDNW'-=/^\^ONV_8'K3H7WUR^J^>_HN:U&U]EJ20
M_1%]RH.UO=SW2]II/SO:7O/ZT_\`Q8U=JNM>MOS[[HNY#JWI'2OS-[)=`_Y=
MT31$LRQ/-*[9P?O([O\`MOU%`.PG7/.]:=0=Y4;[O.JN3Y.A]Y_5G0^/^W<W
MQ\G'1%H2>?1L=@V'M-V`[+]C:`['=DNVW:CL9V!LSN$[#]WWY^="[JNU_1^J
M_?\`9OK7IGWCTK1%M4/FF]A+GZWZ!W*]$I_M9U]UEW.=F>PD"[K^[SF_S=[)
M]2=4\GJO^BZ;]L\O#1%@<D^CF[(MW7W=/V5ZGIWJCF.M>5U+YP#OW.]6=5_A
M/HOG`=8=$YK_`&SI//?>W/:(O*J?Z-GJ1-W9=W'5/6LKZHZ;VMZ1S'<B]=8]
MF^UWX2[N?-^Z?U%T#\V^SG.=4?>_'1%U;,^C0[+$=N.[OJ?FZUZ%V<[9]H^K
MNY5T[#=7=@?SP[.^;WT[I_,?>'9/I/6?WCSVB+.99Y@_9/<?VC[ONQ7:2EN_
MCH/:'J#M[V1K?N%ZAZA^].\?LSV0[/=EOPUSO4_,??/0M$6(0;Z-;S8+/[O>
MZ[S:.]$GO,[.=I.B]_G6<)X](Z+^>?G!]M^I>D]$_.WMEPY[\.<]HB[E?_1O
M]Y.W;NZ[K>\GL4;W`]2=?=/[.];6?TCC_L/:CM%VVYSKO\.]8]?<K[XZRT18
MJ'Z+?K=!S/=5^S^GYKH7:OL1W,=Q#WU;UQT3\P^TWFT=8=!Z=^=78GG^C_@W
MEZ(MV,WF5>=*AZH[(><SU$5U1Q[2_P`KNY9^/4O2OS`[S.YKH/2.C?G3V0YG
MG?P7R=$2T]$3)6__`+DO.IC_`%GY\W?)YOD=ZV\U'N)[,=V7>5..RW:OOI_Y
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MUV+CG>-W,]B.4IZLX=INJ^J.X^CNM>T74/E[O^Y+N[ZQZV_`/,=1=)^^NAZ(
MLIE/T9/>E$.T7=GWD]L4G4G1>UW,=N_.IF79?M9U-^;/:/SN^T79CKW^G[4=
M9]4>_P"EZ(MC6?YNGFZT)V*X]WO>51?FY]V7-<OKCM*B[/\`9KI_]!V;[&=:
M]<<OW_9OI_-?TW-Z(N?'F%]IMAG-=TO:GLQ)/H_.B\YT[LCW2-_:?NGZ/[SJ
M/NDZ)TCGOZ'HW,?_`%N;T1-Q;`?,<YW=)UYUKR^:I'M_WG]UG=QW1]3[@^Z+
MIW<U_EIV;ZF[<]>]+_-OH_)YG\']'T1+,H3Z,;LYN)[D.[?JSND;O.DY[MGV
MC[GNS<G[+=\7;7\[NS_8'K'L]UG[[LQR.K?P9T?1%NG<1YFO=M4/?[V8[`]<
M(NYCD]J>G]+[NY)TGLIV)_.KJ+NCZXZ\Y/X-[,]-ZS^\.?T1:1DWT7_=7$>M
M.ZWNS[71;L;V8[6<YU[YKD5ZLZK[&_G)V<\SWJOK?_DW8?AUI]X\YHB1`X?1
M^^?3"^TW-=V/<V]=V_*[G>XCLGYBQW7W:?JS\^NP/F<]-YKM#]]<S]N_!74N
MB)0KA]#=V&3=<]VO9/I5I]?===ZW7'-=E*>[W^^/K+\[.S74/8+KCM?^#.F=
M1\Y]^]!T1<T*\WKSI[3[8=KN]SS_`"*=Y?678#H/;/S9CO,V[0=D/OONY[L^
;'9_IWX<[8<CK/WW-:(GC=$1HB-$1HB-$7__9
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>13
<FILENAME>g7960471.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 g7960471.jpg
M_]C_X``02D9)1@`!`@``9`!D``#_[``11'5C:WD``0`$````9```_^X`#D%D
M;V)E`&3``````?_;`(0``0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!
M`0$!`0$!`0$!`0$!`0("`@("`@("`@("`P,#`P,#`P,#`P$!`0$!`0$"`0$"
M`@(!`@(#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#
M`P,#`P,#`P,#_\``$0@`L@$.`P$1``(1`0,1`?_$`-T``0`!!`,!`0$`````
M```````(!@<)"P,%"@($`0$!```'`0$```````````````($!08'"`D!`Q``
M``8"`0$"!@@.$`4%`0```@,$!08'``$($1()(1,4%;=X,;(6-I<X.0I1D3-S
MTS15E;66UG=8&D$B,M(C5-0U95:V%]<8&5ECU78W5V%Q@B1(*1$``0,#`@("
M"@L,"@(#`0```0`"`Q$$!1(&(0<Q$T%QL2(R<C.3%`A18;+2LS14=!4U%X&1
MT4)24W/3E%46&*&2(\/C)+34=39B5O""0R?_V@`,`P$``A$#$0`_`/5*^KKA
MO&<<TY63RZE7%AGXH3\NOZ^:6IIK-17+`DCM&5M<;U;W(%!-HXN=IQ%I,KGQ
MX#$8'9C0I8XW:$F.(7#-7@V_QUOLCE_M_8>'?LNSW??;RQIO+R222^;>S.FR
MU]C(L;AWVL[([2X@;9L+93;W<LE[-26.2W#+=U`>;FZENI!<NMVV[]+0`W2*
M1M>7R:A5P.KHJT!HX$'BOQ3_`+QYZ@EW)8&EAL&GM?>[9'5RN60EYL9W<"96
MXT6[W&VOSP^M=;O%*P]&O5-/D`(RNEYDH\@4%N6B1!&6F,F-M^J]8[AV"_<4
MU]D,=N7T!U^VWNHK*-AMV9:/&/ACBDOHLI<N8V3KC?18T6'7,?:]8"'2M\FS
M3HKKJ0UCX=6FK2X\3&7@DAI8.BFDOU4[ZG85N7?O`+V6M---DIK&+5S/[FB]
M'756:.!VL.5QD,2MJ.V`'4*MMU?:F+5C4Q22LC?M=IE3%ENZ95L2-:1M&:%1
M<]EZMW+V"\SMWB,M=Y3;>"N\KB[YUWCQ;S^DXZ:S_P`UCHXLB6AMQ!+-U7I3
MW.MGQ@3P2"=AC^#LQ=EL39(VLFE:Q[=+ZBCP[O7DL[!`KI'$'@13C^"N>\KM
MMNB_%!%/H;74U?)U".#Z>ZG.'/5C/4@;Y5RX70F-)),I*B-/+*QJI&TJIL@=
M0MTL>6%0]EG'DMI82@(SULSN?U5MEW.6WC/MR^REAC\?D-U.Q<=S%910OM]N
M,NIW0--SDFW^0=(VUFMS-CK:[9:EL;[IQ>Z>.#R'-W#8[<3-8Y[V0:RTN)K-
MI%>#-+*:@:/<W5Q#>P3_`"=\A.0CGW<_#NPV><6<HMBY+PX_P.:/]2I*E;[3
ME#'-;+7,<E:H;_>:W)JJ:'QU:D^B@'KP)4Q0`BWXPL>]"QM[EIRUM/6>WOMF
M]Q^);LW![?S%W:PY%V1?C[>6UL62P27/H+W9"2*.1Q<6PF1[B0-+AP26\O'8
M6VF:^3TB66-KBS1K(<ZA#=0T`D>S0*NICRPGO!?CD1=5P0GDM-HTX6X9")"U
M\F[#XS([F8U$FC!2&LUD(*H\HJLWB`O5AE)T+MM:X$.C$A4K7DX!B!`:#5O8
M/DYMSU@^:#MA[)O]JV&5BPHNH9,%99UV,E;!.7WS;HY4F^BO(K(OEMQ%"ZWN
MY606+'-N;AA7UER$V*LO2KEL[F&321*Z+6*CO=.CO2TNH#4U:"7'@%4,B[P.
MV*T6SV66Q24$:J8I^X8E0=EOT*M!XEL],GDHI2`VBHD$*B:V`QUN>(6P2:=D
M,.PJ5R5R7)]"<P%%%E^3&4W&>K;L[=5OCL-LW/Y&;?6;PEQE[&&ZL(K>S%I;
MY2\L&PW5PV\F?'=306C[NK(I((GTM'/>YW6MC?F+B`ODN(F"VCD$;BUQ+M18
MUU6C2`6@NT\2"?"]I4%#N\ON^7)*];4_&=O0RFZ7VCT];+W]==D&KMI;;J33
M)4>U2V4V+0T15O\`+*\0QE.M.]S:1S:WQ*K%Y,J3[)T(VXLYZJFP,+-D[J3=
M<DF(P-OE77S(68N[O9'XMULT26UO99>Y;#;WKYWQ-].D@GM)(QUL,FLAGRCS
MEU(&-$`$DI9IKK:T!^K@2Z,5+:5[T$.!X$45&6YWA')J7T5R+_NBK2OX/8W'
M:L)DZW/*U-DK%1$>DS/>=U48C5TJE>*V/131.5NAGJ0[\^DM@=DGHV[LB4&&
M'E5W9?JU<J,+S"VQ_&N5R60VON?+6T>,MVV+6F:"7$XO+.;E'1WP=:D_2]K9
MCT1TYU,FNJB-K(W_`"N,Q?26DWHS&,FAC<7G5T$2/C[RK>^\FYW?4[#>GBN_
MCW.Z[&.[IVG6,K7**5851,32M#]*4P9V5-IAWH<\X;$OQ:]GK-K;MQ9BC*`L
MY"VC-$<4E1$DG*%2DP];NFY+U>-A9#8..D@GFM-^7##<.DAMW>B&UMMA6FYC
M"62WTC_2)9WN;+.&AKI)9'LCBB;'`HV9:Z9=/!`=:CA0GOM1NG0UX-`H!T#V
M``234JZ\Y[Q.8QZR++BK)3\:71"C"N5<VMN5.=@.9#N15/$]EH!ZE"J$QAOA
M:X#_`#^7`O/1*!O4K4*).-L%LY7OQVM`L_;_`*LF#R>UL5F+_-W4>:W`[;]K
MCK>.SC,9R&X9<Q%`VZG?=,,-G;?1.J::.*65XG`9#WA+IB7,RLG?&R-ICBZU
MSR7&NB(1DZ0&\7'K.`)`%.)XJWJ7O*+Z/A*QU,XKO.WDTFJ9.6_-$+Y0O,,A
M\$LI'.%+LJD$=/XZ,EP3]YKE;$4:9>*&1][0*4SZG<?')4B99HJY9O58Y=1Y
MYEFW=\'H(=D(##)=8&*ZN;NQ=:MC;#,,U+C;.*];<R/A&3O+69C[26UT2S2P
M:_B,W=F(N]'.KO#4-E+0UVJM1U8>XMH`=#7`AP=4`%9.J$M1)=],5K;2,V+&
ME3V)M<@-]Q,G,F45)6JB>PXHV23*&:.+'9&A<"S2>VI;F]6`1>P*$R<X)A0-
M3>8VT)M@[ZRNS)Q>!^.O9(1Z5`+:X+6GO'2P"6=L;GL+749--&00Z.62,M>Z
MN6EP+JV9<#3W[0>].H>W0T%?N@'V0"L6T^YU6%5D05WXK1/D\;I#8W/)=":Q
M3R)FA4=+A_%%.^5M%8@^J5L*E#OHZ5OE>*GLU82>G,1.+N9XS2I*24F#MUMS
MU>]M;OS;.7,,EOCKFVQ>T675^Z&6ZF-SN%T5]<7,36W5O'2WBO8[5L;F/;+#
M;-TF&:1\IH,V6FMXS=D%[7/GTMJ&BD56@'O2>):75[!/9`HI6-O)&UG6!\WH
M[.(S$H-;7%^..BA*[UW)7*8Q-U)D=(D6I#7IN/E<3C+BG=F8Q>)(L3J$1B<P
MU($X`M@/V25AZZY6[/L]Q;`R>`N[W(;,W;=1AT=[`RVN(S!E3C[F)XM[B=AC
ME#!)&]DK7ALA8X!T?6/J#;VX=#=,E:UEQ`T\6DN!JS6TBH!J.@@CL5[-%B-L
M3GORV:>&%!LC;:1J+DM5K]'G;E=8B:,Q`2^2UX6YULQU^J,8%3(J8&(V_P!J
MON+OA9R5*1V"VYR+3:!HL79W1VQZN?)F\YZ[CO[K$"3E7E[::/;UDZ>YT07I
MCOI;QHF;*V:48>3$7]H6R2/J9K5TM=0K;LV7R+<9"ULE+Z,@RNH.+:M#>%*#
MK!(UW`=AU%=:+\T^4#Q57!6M%-CB%>L7Y"T@S<SIH5'8P!7-:I>K1IZ!1,I0
MS^:1M$=WR-CG("//H5"`E(842@<2TFRO%[V&SLOR(Y2V6\.86ZHL7_\`SV[V
MSE9=L6IFG+;7(16&2N[@B7K!)-]"SX>\M"R9TC7.FMG3!^H`S$>3OW6]I`7_
M`.;;,P3.H.^87,:.%*#K!(UW"G0ZBKCD?;/*QZY3<Q*[I25<S%DFK.$4P'CY
M%:%AW'5SI!KL*:5L]/J<%VO5P1@Y:6S.TO(3&N?5T(`4S:'X@19VPY0.5VS>
M3UARAV1N??EGL5F)RN0R?TS<9>YS4>5DLK6^BB=]%18V<,,L=L7M@_L'EUSI
MZP.8"OK>W&0=?W,-JZY,C&,ZL1B,L#G-)[\O'032O'HZ.*^F>R^0:3O!UD.N
MN]+0C$1LQ&]5W72^F'FO)QQG,>G>)25I2UTXL)J`Z>5)<D)FT<<U2=X<B50U
MCLUZ2'J]HU9;<7Y?;5Y:S>K6S.;#V]B+O-8I\5[>LR<5[:9T11W$$CKUDP>+
M3(XRZM9X(WVT#HQ%;W!FCA$\+KIQL]X,P8KJ61L;P6MT%KHJD$:2/"8]K@34
MUJ10FATK*5Q!M=^NSC=5=BRS1`I@XLK@P310D)`G0N$U@D@>(#,'9N3EA"!.
MV/$EC*I4F+UKH!.<`.M[Z=<U$YU[.QVPN:68VQAM7T)%.R:U#CJ>RUNX8[RV
MC>X\72103QQR$]+VN/95?QUP^ZLHYI/*$4=XS26DCVB02%)+,6J=3")A$PB8
M1,(F$3")A$PB81,(F$3"*+EJ\*^+MW38=AVC4##*Y4L0L+7(5)SA(FQJG35%
MUICA&FBSHPR/39%[4:(^K.&)$DDB-T3IM#$$L`0[WK>7-G\^.;FP<"-L[1S=
MS9XADDTD+0R&22TDN&AD\EA/+%)<8^29H`EDLI;=[Z`N<2`5(7&,L+J7KIXP
MZ0@`](#@.@.`(#P.P'`@+K9OPBXY3612>='U^C0V!(7ETF:62%NLG/;8_9SE
M#3H&.U&6#B?RX0WV`;&3=(U;JG0$+W%('Q*HXTL6]9-8#G[S0P.,M-OQY)\F
MV[:".U=`8X`^:P9<B[&/EN^I-T^S$XZV.W?*^&&0]9%&QP!4,N+LI7NE+`)B
M2ZM30.+=.L-KIU4X$TJ1P)7247P(XW47`Z_A[3`T$A=(*SU0B#+9`KD#JYKG
M.G8TY1V'+$)#V_/1<986G4@=5")A0C+94!KJJV2GT(XP0I_F%ZQ?-+F%N+)9
MN\R,EM:9"?(.]'A;#'&R/)3LFN6O,4,1GFDZFW9+=RAUU*VWA#Y2&-`AM,19
M6D+(VL#G,#.)J35@('230"IHT=Z*F@XKE9>[ZX?1TV.&,U,-Z$B**J^<&)K!
M*Y\:PIGBI7,EUJR0J8X?*S6%TD];G)226%T5ICW!I0IR4:4XI(240""_]9/G
M;DV73;[.RR27C+QDLAM[,3.CR,9CR$+9Q;B:."^#G.NX(WLAN)7R3S,?-(^1
MQN'QK-.F(`-TD"KJ58:L-*T);^*2*@4`-!17)EG%;C_-ZB8*'DE:M2NIHJYL
M;W&8@C<'YE(C[Q&G43VP.C,Z,;LVOK:O:74>SR3250!A'O?AZ>#+7PW-_F1@
M-ZW/,3%Y69F\KR&6*>Y<R&4S1SQ]5-'+'+&^)[)(P&.:Z,@CL+[R8^SEMA:/
M8/1VD$#B*$&H((((H?;5-Q3A1Q@AJ=O1M55HG!&U.4K>&U',))-+!2(G.<0H
MZN)8K3)I[))*048^0-6H:3M:#V?(5:DH.@A4G^,JF8Y\\V<Y+)/>9B2.>:*W
MB>ZV@M;-SF6ET+VW:YUI!`2(KMK+AO&O6QQ/-3%'I@CQ=A$`&Q@@$D5+G<7-
MTGPB>EO#M$^R5;NHN[RXYU-/YA8::*E2)S>)TU2Z&-CRMD2N.U\@C])0BB8\
MSHXRX2-RC$A=(_#8DH3H7Q<B&[I$;H>D*.`1KH.YMZ>LQS/WEMNQVS+>&UM(
M,?);74D386S7CYLI=9::5T[(&3PQS7-PQ\MK%*+:26WCF>QTG@_&VPUE;S.F
M#=3B\%H-:-HQL8%*D$AHX.(J`2*T5QH)PJXOUHL;7&'5,U-ZYC=(BZ1U4N>Y
M7(CHK_=^7(RH,RQ`<D?W?<2AT.!+W/S8Q-ODK*AVN-V2E!L77+8W#SXYM;J@
MEMLYF9I;>XAN8YFLBMX1<>F&`W<MR((8_2+FY]&@Z^[GZRZE$3`^9P"^T6+L
M("'11@$$$<2:::Z0*DT`J:-%&BO`+\<VX-<4;$%K<OIE@=`#/EISBG)<Y.T(
MY$"<SU=:<E03!"ROK<CFC.LLES4/I*%V`M1HG8X:E,42;O8L^V!]8'G%M@4P
MF=N87!MN&.,<$CH3:6;,?`^V?+$]UK*VQC9:.EMS%++;M$4KWL%%Y+BL?-Y2
M('IKQ(KJ=K-:$:AJ.JAJ`>(HNPD_"[B_,#'`Z05"P*SG9HF[&Y')U\A:CEB"
MP[/!=<GV<:TO*$P3@9;@/=&A6=?+&=XV)2WFI31"%N6Q//;FUA&Q,QN;N6,A
MGM96!S(9`U]E8?1<%!)$\:!CCZ%+%Y*YMJ17+)6``>R8RPDJ7Q@DAP/2/"=K
M/0?R^^!Z0>(HN\@'%/CU6!BLZ&5:P-ZER0V$WO*UR.=9,OD*:V5D0<+.]TSA
M*'%Y6R93/5\":#G4]P,4GK3401&C%L1FQT_<?.'F7NQK(\[E[F2**2S?$U@C
M@9"['-N66'4,MV1-@;:,O+EMNR$,9$V4AC0`W3'#C[."IBC`)#@:U-==-5:D
MUU:16M:T5`MO`;B8SM&V=KJG:`)3A#W%H>TL\LPJ:1(=?(GYL@B&`S\,RU.:
M[8H<URIT2-C:Q.+<WHDCFK)))`4I/`9<EUZQG.6]O?3KO,=83'<LDB=:6)M;
M@7CX9+M]Y9^C>B7LMS);V\D\]W#--+)!#(^0OBC+?BW$8]K=+8Z<00=3M0TU
M#=+M6IH`)`#2``2`.)4E(%`H=5\.CM?5]'6V*0R)MI+3'X^TD[)0MR$G8A=D
M/;$8<H4*#C!FGGFC,/4GF#--&,P8A;Q7N+<6<W;G+K<FY+F6\SMY*9)II#5[
MWGM4`:``UC&@,8P-8QK6M`$]##%!$V&%H;$T4`'8_P#G]*CPCX:4ZI!/FF<,
M+;840E5@VI/8S&I"A.`&![O5N1[N..-JY(XE[<&6;RH;D["T8468G&ZG$A$(
ML!>PY,GYY[XB=CKW;]S+C,U9XW'VD\\+P?2_HE[OHR9[',.B6UMQ!;BCG->+
M=CR`YS@9(8RV.MLH#XW/>X`_B]8._`X]#C4_=(5\3*FKDY39RPR)-8U-SHTC
M?:)VPG]N:(D,8##$B=X_AN@BR(N#2(/B_%_P.OH^',?MWENAD6)@9>S"+!/<
M^P'"EJY\_I3G1\.DW']J=5>^]K@IOT>$F0Z164=]_P"7#3Q^YP5K7#ASQ@=4
MTO2+Z5A2@B?L52QF9Z$C4@,DC!1/CM5$UNIY2H!ZA-`M'BTAUVM;#KIH>QZ"
M'I=]MSPYM6<ME-;9Z_;)C;C(SVO?-(@FRU/I*2,%I#77=!UO#B:ENFIK+G&V
M#@X&)M'A@=[8C\`'Q>PNW1<5^/#<[NC^AJ6))'I[%2(WAT(2'EK7(7&]:%PH
MS:U0%1HQ1NM%A81MW:WOL["'0^WH.M:DI^;_`#,NK*''7&9O7V%N,J(XRX%C
M/IMNC+:1IH/3FDB>G34ENDDE1"PLVN+Q&T..BI]GJ^,?]7L*YS+7\,CLMFL[
M9(\@;9=8VXX*</R?1NELDW$6LQEC>W#8S1E;\T-1HB"NP$'[3?AZ[\.6G?[D
MSN3PUAMZ_N9)<+B^O]%A--$'I,@EGT4%?[20!SJD\>BBF&PQ,D=*P`2/IJ/L
MT%!]X*.;CP@H`%WR+DY%(4TQCD"ZL;R0TS012YVC;%.'1F6,>K3U6YCFCB*V
MPMMJKR14ZZ*(<5J#0TXU&@FF"WD^UY_<R#L"UY3YF_FN^6T-Q$9+6K(YY;6.
M5LOT?Z<(W7+;/6WK([?4Z&*;3*V(EC0))V+L_2G7T;0V\(-'=(#B*:]-::J<
M">DCA57SIRK(Y2-5P&I8F)4:P5_%VJ-(5C@,!KFZC0)@@6OCN<`(`*'E^<-F
MK5AF@AT8J/,%TUUZ9C[?&[\IO[=^2WGF=`R62NY)WM8*1QA[N\BC!J1%"S3%
M$VITQL:*FBFK:W9:V[+>/P&-`]L^V?;/2?;5RLM5?=,(F$3"*&'>"6%R&K/B
M?8TAXG-T;=.1J]UK:&U,CECK`&EFW(9[:$-AJM4(5GS"!0QS<FY@?%BE`W*G
M1,)R7%$I2NT8:$.R+"A'^\DYC*I-Q4EKK8;@DXQQ]\C53<PK*64QQGW8J;DM
M*^<<]XL$UG.:F9N3#A)H#7#0\1`IC]V$(*EJ!=Y2)S3"-"G5$$$617N\N2O(
MBQKZY:T-R*LNNK5,K9@H"W:9GD`@3-!V>>5?=[=8):^60842L2TXY(J3(E\#
M4M<67KW4N6*/(%ICJE++&A-.(LM.$3")A$PB81,(F$3")A$PB81,(F$3")A$
MPB81,(F$3")A$PB81,(F$3")A$PB81,(J#EEIUC`EB5OG5C0.%KUZ82U"AED
MOC\<6+$8#=D#5I4SPXHSE"8!VM@V8`.PZ%X.O7)VSQN1R)<,?;SSEE-75L<_
M36M*Z0:5H:5Z:%0N>QGAD#MFBLI:DUX6WC`9%5EQSKC99U<2Q,G2R2$3B9UO
M)(T\E(UJ9R0[6M+HZJ4AA[<YHB528WLZ-3*B2SBA`,``6I[^&MQ_N^^\Q+[U
M0]=#^6W[X5DT%1=U6U/],RILB/"!ODG'=G)8*.?$?]S2=SJUF2N*YY1M\.5E
M*`G-"=`^NBMP3Z!OJG<59ZLO85!QIHW\-;C_`'??>8E]ZG70_EM^^%6M'M7=
MU\:`3$OCT;Q%I4NP7HN0S8NLGFJ(:"3.Y'E?DBEV"QKD85)3?Y>H\E)WT(2^
M4&^)`#QH^T_AK<?[OOO,2^]3KH?RV_?"OQ_F-X]?^>*9^%"$?\\Q_#6X_P!W
MWWF)?>IUT/Y;?OA/\QO'K_SQ3/PH0C_GF/X9W)^[[[S$OO4ZZ'\MOWPKKM3J
MUOK:@>61R0/#.Z)"%[8ZM2Q.X-KBA4EA-3+$"Y(8<E5I%!0M"`86,0!AWK>M
M[UE%<TM<6N!#@:$'I!'2#[87T7[\\1,(F$3")A$PB81,(F$3")A$PB81,(J!
MM:=#J^L+%LHJ)2^?FU_!I7-"8)7[,?(IW-#HPQ+GHF)PQA3:V>\RJ1&(M(V]
M,'ILY4<`/76M]=$7C9'WHW(21\6N5#_R&Y:7MQHY$I^?#I7U'U@@KN/<9R%4
MLM?BY74JJ?CBML;E-"6]MK>E>+4\=5C]/WYV(*5KV=*0K7:`2_MJ%:19&^.7
M)^^U7>J0^N;3Y?1'D-%[":4L`CE4\;+JBAT6@#U`>$U9VA-KCN?CVJH8B3I:
MTMR=N3HZ1B3MD\$VEJ'ID2@3'E'B[!%Z2<(F$3")A$PB81,(F$3")A%KG_GG
MVM?YSN(G@_\`S`^>E:19O?ZCC6NRVX]0!_RMI\),K8W+Y.'QG=P+QM]-?0U]
M+.AW5Q_DM^\%:=2G37T-?2QU<?Y+?O!*E.FOH:^ECJX_R6_>"5*=-?0U]+'5
MQ_DM^\$J5_=:UUUX-?2R)D<>L=ZWI'8"5*W,'<[:UKNI^[LUK737^3GC_P"Q
M^;=@S@KGN&>OP.CTZX^&>LH1>2;XH[@62/*4HTPB81,(F$3")A$PB81,(F$3
M")A$PB8148^5Q7DG"8&20.&2$)RTYS."^1=C=@FN*E*D0J'`S2]"HT-:>B0$
M$C-WU,$426#>]A`'6B+L4$/B34Z[?FN+QUM?-LJ*-[>4#(V(W7<=;1=MN8=N
M*=,6L\RH!ZZDI>WX@K?A"'6$5181,(F$3")A$PB81,(F$3"+70?//OCG<1/5
MA?/2M(LWQ]1KZVW'\UM/A)U;&Y?)P^,[N!>-O.AZM-,(F$3")KV=9$SPQVPO
M%N8>YV^2G[NSU../_HW8,X)Y_P"O[_Y]<?#/64(O)-\4=P+)%E)7T3")A$PB
M81,(F$3")A$PB81,(F$6O<^<^]XKSKXN=Y.Q5AQSY7W=2M>F<7JIE)L/KN;.
M,<839&\S2V4;H]&H46PEF.*Y(SI2S#=]1;`0#7L:UFYOJL\G]A<SL'F;W>5K
M)<7%G>P1Q%LTD6ECXG/<"(W`.JX`U/$*WLWD+JRDC;;N`#FDG@#T'VUYUO\`
M6B[V/_<+Y5_"L^_O\VG_`)4>2'[LN/VNX]^J)].9+\L?U1^!/]:+O8_]POE7
M\*S[^_Q_*CR0_=EQ^UW'OT^G,E^6/ZH_`G^M%WL?^X7RK^%9]_?X_E1Y(?NR
MX_:[CWZ?3F2_+']4?@3_`%HN]C_W"^5?PK/O[_'\J/)#]V7'[7<>_3Z<R7Y8
M_JC\"XS>^A[V3Q1O_P#0SE9K^#,\(;7?@[U^TWX=""9H0=Z^CKPY*9#U5N2<
M&/N)XL;<"5D$CFGTNXX%K'$'B^G2%ZS-Y(O`+Q0D?BA;<KB+)7^9\4.,,PE;
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MQ:XVCB>)/0:!H'9)XU[`''V\@=B<../J*B^*5HTOP@9)59:R<5^AK&DY14]X
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M12K^-D5V]D8HSA0>Q4`_</'B.P>'86/S7LZS)3/#';"DUN8>YV^2G[NSU../
M_HW8,X)Y_P"O[_Y]<?#/64(O)-\4=P+)%E)7T3")A$PB81,(F$3")A$PB81,
M(F$6L-^=[?*Q1_U/Z7_M[=>=&_4:_P"L[B_Y*V_T[U:.Y?+0^(>ZO+=F\JMI
M,(F$3"+C-^I&_6S/:;R0ROU5=?-9?@W*)GAM\8=U;N7@_P#$LX@^J[0'HHB6
M<$'^&>V5E%2BR%$PB81,(F$3")A%KH/GGWQSN(GJPOGI6D6;X^HU];;C^:VG
MPDZMC<ODX?&=W`O&WG0]6FJD9)G,(TG4)(Y+)+'TBL>S%25D?G5I3JC!%:)$
M8H(0*TY1PQ$Z[&]BUO>P^#V,D[C'V-V\274,<CV]!<T$CL\*J(/<W@TD!<89
M;*P&Q\X$GD(#HD$((J<%Z<@FQD`%0EH01XS2G0V4(5H]G:TFV5K1N]C_`'6^
MN>FPLB)6F*/3-Y3O1W_"G?<./#AQ['!-3N'$\.A=.K5JEZI2N7*5"U:M4'*U
MBQ6<8I5*U2@P1RA2I4'"&<>H/-'L0QCWL0A;WO>][WDQ'&R)@CC`;&T``#@`
M!P``]I0DDFIZ5^?7LZSZL\,=L+Q;F'N=ODI^[L]3CC_Z-V#.">?^O[_Y]<?#
M/64(O)-\4=P+)%E)7T3")A$PB81,(F$3")A$PB81,(F$6L-^=[?*Q1_U/Z7_
M`+>W7G1OU&O^L[B_Y*V_T[U:.Y?+0^(>ZO+=F\JMI,(F$3"+C-^I&_6S/:;R
M0ROU5=?-9?@W*)GAM\8=U;N7@_\`$LX@^J[0'HHB6<$'^&>V5E%2BR%$PB81
M,(F$3")A%KH/GGWQSN(GJPOGI6D6;X^HU];;C^:VGPDZMC<ODX?&=W`O&WG0
M]6FF$3")A$U[.LB9X8[87BW,/<[?)3]W9ZG''_T;L&<$\_\`7]_\^N/AGK*$
M7DF^*.X%DBRDKZ)A$PB81,(F$3")A$PB81,(F$3"+6&_.]OE8H_ZG]+_`-O;
MKSHWZC7_`%G<7_)6W^G>K1W+Y:'Q#W5Y;LWE5M*;7'+@]*^35:3^;PBXZ,:9
MG#F*V),Q43(I/)-W'8$>HZLC+>LQ_9F2/1%_C\3CS5"R#?('&4N;"B>W,DU`
M@-/5%C`&P]S;]M-K96VQ]]97[[*>2W8ZZ8QGH\3[J<6\+'.?(Q\CS*1K9`R9
MT3"))`UA!,U#:NG87M<W4`3IJ:G2*GL<.'LD5/`*62[N4.2[39L<J9UG]4I)
M=JN)S:%N-J=GOAV=*-CM>)X)Y_T_QYHI5=);6,4/UD-;`@/KA',T*Z2;4MQ:
MCQJ0_8;0CYY[9FQ<F7AMKLV9N8H+=Q=:M;=/F,NC0]UR&049"^5XO'6KFPZ)
M"VCVU^YQDP>(R6ZM))\+O:4_\:GI`[W5QX+%E:U?*ZGLN>5DOD,7EBV`RQ]B
M2J30IP5ND3?5#$X'MYKI'ER]O:7$]K6#(V,KRE(E4@#OLG$E&:$6'+.'R3,S
MB[?*QQRPLN(FR!DH#9&AP!TO`+AJ%:'2YS:]#B*$R,C.K>6$@D&E1T*WAOU(
MWZV9[3>1Y7ZJNOFLOP;EXSPV^,.ZMW+P?^)9Q!]5V@/11$LX(/\`#/;*RBI1
M9"B81,(F$3")A$PBUT'SS[XYW$3U87STK2+-\?4:^MMQ_-;3X2=6QN7R</C.
M[@7C;SH>K33")A$PB:]G61,\,=L+Q;F'N=ODI^[L]3CC_P"C=@S@GG_K^_\`
MGUQ\,]90B\DWQ1W`LD64E?1,(F$3")A$PB81,(F$3")A$PB81:PWYWM\K%'_
M`%/Z7_M[=>=&_4:_ZSN+_DK;_3O5H[E\M#XA[J\MV;RJVED?XU<ZJ\X^<2N1
M7&L_C07*)ER-,,32?D"P7)(ZYGJ6)-C43N'UF8D9HNZ!<JP:IL4&0.[+I6F(
MDRPA,2X;&G2D`#B[=/+_`">X]XXW=#<GU5EC:%EH^W;+$9"X]9,"7MI.Z+^Q
MCDH3"TO,8#GN)G8+ID-N^'15S^EU:&G8'1T5XD=GL]"G5)N_ZLJ:NCL*3T*B
M.CUMLMO$\G4#1=UC-,ELJ3W3!J;A<I>ZCFVTRUSXZ,2)11;(ZHF-M*=D(5YB
ML!^STIA*=/C^V]77&V4`;:Y!PN+62W-D701N9`RVEN)&-GCJT73R+J6-TA,3
MM.DMTO#GOFG9=[CWS.#@=7$\20`:'\7P0:<?O+#ORLY#2/EER-N3DA+6)CC$
MAN.<NTT<8]'/+1L[.)P$`M.@3*G(]4YN1R=&07H]:J,&I7*.VH.WLPP69MV?
MMJVV?MFRVS9R22V]G`V,/?34[2.)H```3T-:`UHHT"@"IUQ,;B9TS@`7&JCT
M;]2-^MF>TWE5ROU5=?-9?@W+YL\-OC#NK=R\'_B6<0?5=H#T41+."#_#/;*R
MBI19"B81,(F$3")A$PB\._SG+N_N1O//G!0;7QZ:X<Y*JSXHEN4J]U\R01`H
ME-)[@FJ1I\A&N(/\O,,.9S^WH.M>+T'6]_NM9MAZK&_1L7(9F8V$]\+F&V;2
M.1C"PL=,[CK!J'`GHZ*>VK%WOF<;B([8Y%[F"1S]-&%U=(;6M.CI"\Y?ZO#W
ME/\`5>EOAI8?Y!FX_P#,"W_U^_\`/P?@6/\`^,]M?GY?-._"GZO#WE/]5Z6^
M&EA_D&/Y@6_^OW_GX/P)_&>VOS\OFG?A3]7A[RG^J]+?#2P_R#'\P+?_`%^_
M\_!^!/XSVU^?E\T[\*?J\/>4_P!5Z6^&EA_D&/Y@6_\`K]_Y^#\"?QGMK\_+
MYIWX5]`^;O\`>5#&``8O2W:&((0];J8-:ZBWK6NN_(/!X=X_F#8SOSM^_H./
MEX>Q_P#5>'>>VJ>7E\T[\*V5?=(M"R/]V%P'C[D$L+E'^*5*,+D$DS1Q(7!E
M@[0V+@DG!UH)Q(524>@#UX!AZ;U[.<F,O+Z1E[NXH6]9=3.H>)&J1SJ$^R*T
M6=H'!\$;V^"6-([1`(60_*>OJF$3")A$PB81,(F$3")A$PB81,(M8;\[V^5B
MC_J?TO\`V]NO.C?J-?\`6=Q?\E;?Z=ZM'<OEH?$/=7ENS>56TF$3")A%QF_4
MC?K9GM-Y(97ZJNOFLOP;E$SPV^,.ZMW+P?\`B6<0?5=H#T41+."#_#/;*RBI
M19"B81,(F$3")A$PBPF<N/E`W#U,:R].EQYG_D1\9R/:@_OU@_G3Y''>/-W(
MU2.;(K`R81,(F$7,F^V"/KQ7MPY\Y?).\4]Q>'H*GKW9GR?O$'\Q$#_!)><_
MLA]87'SB3W;EO#9?$8/T,?N`IS9**93")A$PB81,(F$3")A$PB81,(F$6L-^
M=[?*Q1_U/Z7_`+>W7G1OU&O^L[B_Y*V_T[U:.Y?+0^(>ZO+=F\JMI,(F$3"+
MC-^I&_6S/:;R0ROU5=?-9?@W*)GAM\8=U;N7@_\`$LX@^J[0'HHB6<$'^&>V
M5E%2BR%$PB81,(F$3")A%A,Y<?*!N'J8UEZ=+CS/_(CXSD>U!_?K!_.GR..\
M>;N1JD<V16!DPB81,(N9-]L$?7BO;ASYR^2=XI[B\/05/7NS/D_>(/YB('^"
M2\Y_9#ZPN/G$GNW+>&R^(P?H8_<!3FR44RF$3")A$PB81,(F$3")A$PB81,(
MO%;WTW=,L_>0]Y78DP=+V<Z@'5/'/CA$B6]OKI)-PO@)$^7J^"7FJE,SB^V\
M202;Q6B]%G:'K?:[0>G3-L_5LWKNG:V+RMIMYUFV*>ZC>_KH7RG4R/2-.F:*
M@H[B#7BL5<Q=S-P%W:Q.M^NZV)SJ]9HI1U*>`ZO]"Q@?JN\3_35D?P!M?^+>
M;,?:US*_.XG]DE_W:QU]HT7R$^?_`,)/U7>)_IJR/X`VO_%O'VM<ROSN)_9)
M?]VGVC1?(3Y__"3]5WB?Z:LC^`-K_P`6\?:US*_.XG]DE_W:?:-%\A/G_P#"
M3]5WB?Z:LC^`-K_Q;Q]K7,K\[B?V27_=I]HT7R$^?_PEU$A^;#19ICT@=B^:
M,A.,:6)Y=`$CH1L"`X;<VJEH21B#;6Q!":(CL[WKKO6M]<E;WFQS'DLY8GRX
MK0^-S32TE!HX%II_FSQH>'!1Q\Q8S(T>@GBX?_O[?Z);`GA&'L<,.(H.O7L<
M8*"#U]CKV:IB>NO3]CKTSE^[PCVULL.A2?SQ>IA$PB81,(F$3"+"9RX^4#</
M4QK+TZ7'F?\`D1\9R/:@_OU@_G3Y''>/-W(U2.;(K`RC)R"Y9UAQH4LA=C,M
MI+FUR:C9(_R:#5P]R^)UQ#R)+'X<;,;'D*/9""/,FI)*$28)10E;D9H8S@)1
M$$FF!MW-;EL<%)&R[;*6OZ7-8XM8VK1J<ZE/QAP%74!(;1KB*QB\'>9=KC:N
MA#FG2&O>&N>[2YVE@/$G2TFIHWH!=4@*V2SO#^/J8-CJ4S9<3TTU]*T=?MLB
M8:J>G2-6U8:ZTRJ130"FWTI0%OELM/M8WS.2E5#;=*A%'*DXSD)!RH$B_>>.
M:)WB.=T43PQK@PELLADZG1&ZE"[K>\I7B:N%6`N$VW:V3/5-+H&R2L+RTR`.
MC8(^MURCI:WJ^^)%:<&FCB&F35-6]"+ZK**6W72MQ5Q&7IW`Q`%Y:U+&^MJ]
ME>7&.2%AD#(L_P#LM#_')&SJT"U.+8O%*4X]!$,/9$*OXK)6V7L8\A:5ZF0'
MI!!!!+7`@TXM<"T^V"%2,A8W&,O'V-T`)V$5H0000'-<".D.:00?8*NHF^V"
M/KQ7MPY.R^2=XI[BDCT%3U[LSY/WB#^8B!_@DO.?V0^L+CYQ)[MRWALOB,'Z
M&/W`4YLE%,IA$PB81,(F$3")A$PB81,(F$3"+!3>?Q]^3_YHN)GM;^S8_D1\
M4O\`],WW#5K]SH^L;#YO)\(OR9L"L+IA$PB814Q-_>1-O^C97^`''):[^+/[
M2^D/EF>..Z%ELX3_`!,^(_JQT)Z*XIG/EWA'MK>0="DYGB]3")A$PB81,(F$
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MGDRUCG<:FJKKM\B6%D-Q;R/:Z+JY:R\`WT<VY]'!8>I+FD2/KK#GM'"BR6<6
MZ)!QLHV'U"*2[F3FS+YM)9-*PM7F)-()E9$\DUD3%R;F+RYT$R,YDEEBH*)(
M)4I&0D`6$9I@]"'N]\!BCA<6RP<_K)`Y[G.IIJZ1[I'T%30:GNH*F@H*FE3:
M69R7TMD9+X,ZMC@QK6UK1L;&QM!-!4Z6BIH*FO`*0Z;[8(^O%>W#E6E\D[Q3
MW%2CT%3U[LSY/WB#^8B!_@DO.?V0^L+CYQ)[MRWALOB,'Z&/W`4YLE%,IA$P
MB81,(F$3")A$PB81,(F$3"+!3>?Q]^3_`.:+B9[6_LV/Y$?%+_\`3-]PU:_<
MZ/K&P^;R?"+\F;`K"ZA!WA=R7K0/&>3VM0R>OP/46>H>;+7N>B7K=L,.=)C'
M8^X&Q&,I6U4@DTL<S7D"4D#@H2(D11ABH6SAE%D#M+>>2RF*P[KS&=6'M>S4
MYU>#2X`AK0.+C7A5S0.)J::77%M:PQV3RS+/)=;H>UVD,H*N#7$:G$U:T4J:
M`D\!P!)$*^2O+SF157('D`SQ4R.`@!2:PH+Q1BWF>D9:P3BSJXH>-V=,@V7)
MDUI(+3@L@90K7AS;&IS;D*%SVW)$!QY'EY)@[1RVXMR6V4N!!3J'1N;;M_LW
M,?(RW;*_6YLFIKP=1:PM8"`VKFES2ZX<3@\#>8RV?-J])JQ]PZLK7,C?,Z-G
M5MZLQO:>]:YS7$MU.<`=)`F/P$OZQ+Z@%SALPYU=WNFN2%BTHUS-_K7=.22=
MQB--$0D3)()75^E"DF$RU.1+=H7!$7XH(#4FA")(,&,H-T[+RU_E+"=N1J;B
MWNGQ:BTL+@T,<'.:ZA![_206M\&NEI):*!N?&6F-NH/0Z-CGM62EH?UK6.<7
M-+6R?C-[VH/'@>DCBIBS?WD3;_HV5_@!QRZ;OXL_M*WX?+,\<=T++9PG^)GQ
M']6.A/17%,Y\N\(]M;R#H4G,\7J81,(F$3")A$PBPF<N/E`W#U,:R].EQYG_
M`)$?&<CVH/[]8/YT^1QWCS=R-4CFR*P,F$3")A%S)OM@CZ\5[<.?.7R3O%/<
M7AZ"IZ]V9\G[Q!_,1`_P27G/[(?6%Q\XD]VY;PV7Q&#]#'[@*<V2BF4PB81,
M(F$3")A$PB81,(F$3")A%@IO/X^_)_\`-%Q,]K?V;'\B/BE_^F;[AJU^YT?6
M-A\WD^$7Y,V!6%U3<NAT3G\<<X?.HTR3")O0$I;Q&Y&W)G9E=`(5R5T1@7-R
ML!B92%*Y(23R]"#OLFE`%KPAUDO=6MO>PFWNF-D@=2K7`$&AJ.!J.E?6">>U
ME$]L]T<S>AS30BHH:$>R"1VE;=VXU<=G^:3.QGVBJD>I[8T87PN?S!V@$9<9
M!-8FZH$[2ZQ^3N*MN..>FYU:4A*14$_M[4)22R3-B++`$-/?@,+)<27;[6`W
M$L98]Q8VKFD:2UQI4@M`:0:@@`4H`IMF7RL=O':QW,[;:)X>QH>X!K@:AS0#
MP())%.@DD<2JWKRMZ^J2(M<!JV$QBO82R[5":HK#V9$Q,:$U>J-6KU!2!`44
M4)6O6GC./.'VC3S1[&,0A;WO)RQL+/&VXM;&-D5NWH:T!HXFIX``<223[))/
M25+W5W=7TYN;R1\MP[I<XDDTX#B>P!P`["_=-_>1-O\`HV5_@!QR.[^+/[2^
M</EF>..Z%ELX3_$SXC^K'0GHKBF<^7>$>VMY!T*3F>+U,(F$3")A$PB8183.
M7'R@;AZF-9>G2X\S_P`B/C.1[4']^L'\Z?(X[QYNY&J1S9%8&3")A$PBYDWV
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M9EK[8-D_*'^:F_5K&OV6[S^3Q>>C]\GN,N7]'B[_`,78K^6V/M@V3\H?YJ;]
M6GV6[S^3Q>>C]\GN,N7]'B[_`,78K^6V/M@V3\H?YJ;]6GV6[S^3Q>>C]\GN
M,N7]'B[_`,78K^6V/M@V3\H?YJ;]6GV6[S^3Q>>C]\NCE%?W:YQ>3MB/CK=Q
MBQRC3^W(R]L$3+T8K7-"Q(F+V8.;A`7HP\X.NT+>@ZZ]=[Z9\9^;NRI(7,;<
M/U$?FIOU:CCY7;R;(UQ@BH'`^6C]GQEE:XMM+[7G&3CG`)?'WIIEL(H>H(C*
M&G:(2L35(XW7L=9WQL&J0B4HE(V]S1FDB,),,)'L&]@&(.]"WJ.>)JMHQT*^
MWGHK[GO/WJ6?8\\1//17W/>?O4L^QX1//17W/>?O4L^QX1<1<A2FB/`6B>!"
M3FZ(.UYI6Z\6;LDE1H&^I6NO4D\`NNNNO#]'KA%R^>BON>\_>I9]CPB>>BON
M>\_>I9]CPB>>BON>\_>I9]CPBQ)\K*UMIXYA?WHQ:H;$F<&<>,<*@`'J+MS(
M?Y++F*V;)D;BT+4+O(&9Q)$!ED*0\!P2AD&:,V'0^V$0=9:Y5[MPNU9KQ^8D
M,;9A%IHU[JZ.MKX#74\,=-/:6+^9>V,QN6*S;B(VO,+I"ZKVLIJ#*>$17P3T
M*V_N,N7]'B[_`,78K^6V9E^V#9/RA_FIOU:Q3]EN\_D\7GH_?)[C+E_1XN_\
M78K^6V/M@V3\H?YJ;]6GV6[S^3Q>>C]\GN,N7]'B[_Q=BOY;8^V#9/RA_FIO
MU:?9;O/Y/%YZ/WR>XRY?T>+O_%V*_EMC[8-D_*'^:F_5I]EN\_D\7GH_?+D)
MAUR`.*&+CS>&@@,`(6_<[%=]-!%K>_!J;==^#60OYO;)<PM%P^I!'DIOU:\/
M*S>=/B\7GH_?*?\`P2BLMJ7AMQIK6PXJ_1J<PJH(='Y5'CT@%RAD>T#:`E:V
MJ%;4>O;%!Z8S700DYYQ6]_N1[S4J[D;->33,XL?*]P[3G$C^@K:"U8Z*UBB?
MX;8F-/;#0#_2%+'ST5]SWG[U+/L>2Z^Z>>BON>\_>I9]CPB>>BON>\_>I9]C
MPBY"G=.<4J&`E=VT8B@GIA(5`5>O':"(L0"!`T,P(@BZ]0]>FM;Z^QA%VN$3
M")A$PB81?`"RR]"T6``-"&,P6@!T'M&#WL0QBZ:UU&,6^N]^SO>$7WA$PB81
M,(OR+UZ%K0K'-S6)&YM;DJA<X."]02C0H424H9ZI8L5J!ED)DJ8@L0S#!B"`
M`-;WO>M:PBZ/<VA@94G@FY=&-3=4S"D:6&[?VK4J4QX!^TPWU/'MJ_.YS,!3
MKQ>U02=D:'^U[77P815/A%1S98E?O4:/F;-.H<[0]*H5I%,K;),R+XTG5(%N
MVU<F/?4JXUK)4(G$.TYH!&Z$6?KL"UH7@PBK'")A$PB81,(O@)8`;,$``0B-
M'HPS80ZULP>@`+T,>]:ZB%HLL(>N_#T#K7[&$7WA$PB81,(F$3KKKTZ^'?L:
M_9WT]GZ77")A$Z]?8_\`;")A$PB81,(F$7P$LL(QF!``)AO9\8/0=:$9V-=`
M=L6M=1=G6^FNOL81?>$3")A$PB81,(F$3")A$PBBMS?H@GDOQ+Y!4KJ/))4\
MS>J)TVPU@<G4YI:5\_W&704"\ZGA6(D)J%)+M(S]@6[,1:&4$9H!:!X"*$MU
MT7?DYY*S!ZB/'D<):XC6\G?ZEY"P>1TLDD%B\E7CC#+ZH8)G:3^[2]#;<9B=
M:MK_`*C3"SMC0I)5NAVW=<I`D3$$X1=!KAIRZ*3S&/M=O6R:WS9AM6MS%MB\
MAIK/V5KB$^X,0F/(GL]E>I`]"V\(N:.GIS`M(3C=$*0T8$8B6H9271%8RW>!
M'+>W*$M^/5W":OHEFF<LKR5HN+LK6H7-J>Y54M/4S`HC)U$EJJ;(84U-K=-H
M0O=TR`[RO3B%K8UBP*5208A`1>@]/I1I.1I6(D:K1)6E(TX!EIQ*-`#XX1!9
MHS3`$B,Z[#H0A"T'IK>][\.$7-A$PB81,(F$3")A$PB8169Y$P$ZT:)MRO4Z
MR6(5,MK^3M"4Z#29WALK-5'M2@29`SR=@6MKVS'.AX`IAG)5*<_Q1H]`,!O?
M:T18E-UQ-U%O<(X\Y\?+H89G5E%\<7B9\D$\<?Y<63,85#I"B2\>8F])7T]C
MJB-+)$L/468['%!)?FXY(U[(6C,\M:"*K:3CW>3I'^L%E@VC;CX4\(*D0SEM
MF<7I5%%VETL?B!9+_;SPOU"Z_8GY*EKCD\T1M*WEIE6](`GG)MA5D'CV$BBF
M5Q:GCS29+/)*.Y$0N`-CMQ9-L&`,]90"WWF><CJVI6]F2[[5D=46!(71EL:"
MS6Q9+#2W!_)3.!TA>VDEU%H2,I2ZDD6?6@2)TEHJF$MH1B-0FR$M55^FGT-A
MH2@1**3$B*-)4DCD9+3JEZ<EA97<!R9(66H4EED%A"`XT.M&"(KMX1,(F$3"
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MPHVN=Q))X.)'$\%4MHY'(Y;;\%_E6Z;Z37J&G1T/<T=[V.`'=4AKCC',7C%I
MVA'#:LHB&P62F>+[16C53_'1LAG':=3978O,=^O:.R#SZ^/A]?0A@A*A"^I4
MYTP\<EE2AK(`<9I[/3JK95R*G9M>G>5E6R<BIUNL5_9RZWKE91[%:%0O;,BM
MMB<.+JR4324W6!JHY'$JZML-^^,0*T:N>Q$+(J0I$(&$].X^,/(I4=W0FL1=
M9_+J;S)\Y!3%FF*GC<*-37D/4)M,R1X<F2EDB">M;-&M0*M42ILC<P&H3FGD
MM)>BU8C$_CE(""SQD657")A$PB81,(F$4/N\(L::4]P/YF6Q6[^?%;!K7B[>
MT[A$F2IT"M3'Y9%*SDKY'WI.E=$JYM4'-CJB*."!02:2(0.@P"#UUN8M(XYK
MR&&7A"^9C7<:4:YX#C7L<">/8Z5XXD-)'30KQ._-V^]Y[R'F7WE,7H[D1RRD
M]LUNZ4Q<D@-B3[%ZO0MNY#'V-`IC[J>?$83'GC?FU8;L78"I"`>M[T+6^N;6
M>L3RHY4<O=O8S(<OKMT^0N;Q\<K3?1W5(Q%K#M#.+>_H-71QIV0J'B;Z^NY7
MLNVT8&U'>EO&JSN1QNG-54%%W6A^*%_[[SR#U3.4W(FYWBO+":42R;+%S,CN
M2:SVPWEK,A_+HZ9.FUC[6C,U!G6DPRDAB1M3ITYB3>I:KJY"V?F-:\_IZ:RM
M@M29I&&;0IJBTS402<L*TZ!1WO`.'4O;5$Y\^U-2)S@L:(VRR-0)T4P^.@71
MQM&J,3&$@.6J"+NWF[N:MF&\=98?5W))]<J)I^HIQ.T9''MUB3N?RT(XA]X@
MP7BGCC?*X[#&.9*D\]U"4!:<)PXH8YKV\M&,7EG\(171XH3_`)^6A>,&B5@R
M^^(Y1['8LQE;E,GBKFQ,ML&*-U(<=I-'8+(9O8?%>C%9,076Z_3!*,U#$F%S
M,\F4H$ZXPE,0I"19U\(F$3")A$PB81,(F$3")A$PB81,(F$3")A$PBC7R0_F
MN+?%K_G%P^,A_-?VJ3[UOZ1_C'_"[.0/Z/Q?NJ-G3V?N*J*!]X.O^R?\].?_
M`&!]X/L)_8_IK^,__#/6>#V/N="\=X79^[TJ]F1*%,(F$3")A$PB81,(F$5/
M2WWK2/WO?S&Z^^WWK?:1WOC_`*#_`(U_P.UGAZ$48*8]_";XG_\`-;E_V8]_
M'[@G[6_HO^,_^G9R5M_"/DNC\3I^[[2B/W5,#)M0IA$PB81,(F$3")A$PB81
$,(O_V3\_
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>14
<FILENAME>g7960481.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 g7960481.jpg
M_]C_X``02D9)1@`!`@``9`!D``#_[``11'5C:WD``0`$````9```_^X`#D%D
M;V)E`&3``````?_;`(0``0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!
M`0$!`0$!`0$!`0$!`0("`@("`@("`@("`P,#`P,#`P,#`P$!`0$!`0$"`0$"
M`@(!`@(#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#
M`P,#`P,#`P,#_\``$0@`J`#]`P$1``(1`0,1`?_$`*T``0`!!`,!`0$`````
M```````(!08'"00*"P,"`0$!``$$`P$```````````````<$!08(`0()`Q``
M``<!`0`!`P(%`P0"`P```0(#!`4&!P`($2$2"1,4,2(5%@I!81=1<3(D(QCP
M4C,1``$#`P($`P0(`P4&!P````$``@,1!`4A!C$2$P=!42)A,A0(<8&1H;%"
M(Q7!4B3PT6)RDH*B,T-3%N%C<Y-4=!?_V@`,`P$``A$#$0`_`.UK!QNT>O-?
M]9J,_3FO>>*OYVV1#`\IIN.L\V;'"P0N3YSHD[JVI#?*'=75Z4L4UI*:,9"G
M,TA4X2/3.9%9P[.X3VVR%UL3LKLG9K9]IX7<V7W/@SE\A<Y-U\X=&7(WME%C
M[#X2[M6V@ABL2Z>Z`DNG74SFA[(H6QNL+&W61N;BD\D,<,O38UG+Q#&N+W\S
M7<U2[1NC>4<"351GR[\Q,C'8M1)7:,A5E=,/=\6I-CD:5.MHZMW'/;C-Z?5-
M&]35>(>Q[UY%YM1W>%6Z3<1OZSLP-&:!0>%_=)F+*V[ODAMKG?>1L]B9H0[4
M%AE+J!EU$Y\]M>6T5A<66`GD:]K9+Z[;EL=`R?EC'4ED)@/2<#0P;D<VU8ZZ
MCK/SL:2TT#FDN#I0/!K>F\D:Z`:ZK)TW^4N^*AO%EH/F*-M&6^>*0?8K7=I?
M;D:](W+&/^;=TQQC8\VK*.9S1):QV!K@4Q88YF_?1\>XC5&Z9GY%5B?.)V'R
MB;=8=NXK<>[);3=VYK\8VWM8\49F6V3_`&O$Y-\%].;Z(QP0NS%M9S2PQ33,
MG$CA;.8QRJ'9Z7]9\,`=;PLYRXOH7,YY&5:.4U)Z9<`2!2FM2OW2/RX5B]WV
M6C(+,V$MGJTQZ`KE2EX6Z621T8KW`(/199[9]*HQLK;5B@YU?W.7R3.(DD++
M+NVZSB._>LT!>B1MUS_R7Y;;VW8;O(Y62'<K8,//<1RVL#++DS$ME&V"QN_W
M!T]Y>V;;^"2Y@?8VT;VLNNA/(+<.E1;BCEF+6,!AK(`0XEWZ8<:N;R4:UW*0
M#S$ZMJ!72WA_*QI\"A@TAJ?F?/\`'(S?*%G^K4Z0T+T@Y@ZY8JIILHS;0=#J
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MKET\LE_%=26T,$$)@+XHKR&:G)\G9>[@BG=.VL'Q$\;7AP#QR->]M&\A%`&E
MH))-:$M(4@)/\AUXJ:]_E38*:;P[SZ;S'%[)K$QK+)O?G*/H2D9U9S3].SJ-
MSD(NTK9NAH31Q8$W$K"?NFXF/&D76^6A(WM/EGV_F8\;9C<?0[@;E&=DQF.C
MQSC9M.&NKV#HW-Z^]ZEN+XV<C+,LM[KIO`;=.C929U8[,RQE[NC6UAZ0>\O]
M7ZC6FK6AM#R\PYM6U_+4Z*\/?,WOK2SX['YJZ]".LC3B-$FMI@/&\EBQ/4/]
M0;*TYIFM@C8+8_E2<R..7<3"4XE7`_KII):,`I%FO[E$]D^7.P[<38G.7.ZF
M;:9O0SV46+FW,S*'`\CA<NOH7RXS2+(O#;9UHZ]_I!`V[)+)ND]OTR[KL21M
M@ZWP]'%XA+.KX<I`?Q8->;E]5>7B*A1`4_(+M.3UO"K/%V$GIG,*QY]_(EIF
MY2MYKJOGK?).;\D2E25@,[O&:26<"G3MAI,9-I0T^4J4&QEY9PL_3:M6B3=)
MQ-;?ELV)O'*;AQ-W;':F[;O<NR['%1VDPS.(CBW%'<":]M;YE[6YQMU)$ZYL
MR77<MM;LCMW333/E?%;OWBZMV12-=UX&PW#GEPZ<A,)%&N:6^E[0>5WN@FIH
M!2LN@]]WJK9YZBL>M>?8VHWCS'B68;A+4FL:\6YQUBB-;5U!>MULML<9U6"Q
M$]%Q6=$&1,5D]:INWADT%%TD2KKPN?EQV]E]S;1Q>S-RRWNW]V9^_P`5'=3X
MWX5\,F.%@)Y_AQ>S]2&22]/0!EBD,<8=(V-[S''<?W>6.&=]Q"&RP1->6A_,
M"'\U!7E%"`W70BITK2IPKMGOWU$^\A;IZ7PWSU68O.$<NVVTX?KDUK<4^EX]
M;+K$:N1-EU#+7]"_2A6>@M&CZ2KK6+?68XBU10ER1O[@RB&=["^7#M);]Z]O
M=JNX&YKN;=#LOB[?*XZ+'2,C>+^'KR06%^R[K*ZS<Z*"]DN(K$?J/DLG772#
M9*6ZR]^<=+?6L+1!TWECR\5])H"YO+IS:EH!=P`=RUTSE9?R&'I68Z%>;+D/
MQ,9CZPA_)UC@(>_!(1[BQ/*O39^2MT5/NJ7%KN(=DYM@H)(*1Z*S@C<%!%(5
M/TB1_BOEH;GMV8S;^*S?]#EMFR;A@FDL^1[86SW,++:2%MU(!*]MN'N>V9S6
M%_*`\-YW5;\STH'ROC]4=P(B`[QHTD@\HTU\E&:4_+Y<*_"T8]K\ZT>HW6W^
M?8+U>-#EM\G9!^KC5[%T7,*E6Y.M8/-LYST#<SP,P4\$N5C7V!F2!3SR@O`_
M0E:T^2G"9*_R#</N?(7N!LMRR[>^+CQ$3&#)VG+\?<3QSY:)T6'M>M;$7;#+
M>3"60MQS1`>I0NW'(QK.I"QLKH1+RF0^X[W0"(S61U#Z=&B@]>NFY^G6AA=Z
MC5;I%-Y-I%V^MP=HC6DW'KQ,RU83\8UEF;>7BG0`YC)-%N[*5PW4`#HJ@8AO
MJ`]HKG,1<X#-7F"O'1/N[*ZEMWNB>)(G/AD=&YT<C?3)&7-)8]NCFT<-"LFB
MD$L;96U#7-!%=#J*ZCP*N3K6NZ<1.(G$3B)Q$XB<1.(G$3B)Q$XB<1.(G$3B
M)Q%#S5_$&0:O?;)I!K%M&8V?0(B'K^L+8CLU^R5EKT)7V1XJ#:Z&QI\NP0DY
M.)A531[>8:_LYU*.$K0KT&Z:2:<W;.[_`&]MG;=M=K"UP66Q.-FDFQXRN,L\
MB[&RS.$DKK)]S&\QQR2@3/MI.K:.FK,;?JN>YUMN,7;7$SI^:6.1X`?R/<SG
M`T'-0ZD#2HHZFE:+C67\?WDVTNZVY>91'1R-0\TWGR+68NOR$K`PT+@V@Q[.
M)G:>QBXUXW:I+-XQJ=!B^^T7S!-VZ!%4HN%1-]<5\R/>3$0W44&8EEDO=U6F
MXYY)F1S2RY>S>Z2*Y?(]I<0Z1P?+%7I2NCBYV'I,IP_#X^0M)C`#8'0@"H`C
M=H10>S@>(J:<5S6GA;S>PH%PS%A49-E3;SYQS/RE/QC6T3Z1U<7R-M>VM)@F
MCP'W[MG+,D](EC+R1#@^=J.`.LH<Q"B'PF^83NC<[DLMV7%[%)G,?NB^W##(
MZWA(&4R+K1UU*YO)RNC<;*W#(".E&UA:QK0XA<C%60A=`&D1/@;$14^XSFY1
M]/J.O$^*I<;X)P>)L\Y-LG>JI5J7<:C)Q^2%UJ\$QFHV/:HJ?A]1M%0SI*53
MA8>7M3:VRRGZ8@JPCW4J\<L&[5=PHH:KNOF+[B7F)M["X9ASE86V$;\C^W6I
MR=S!BY(9+"WN;TQF62.W=;VXKZ99H[>&*XEFCC:T<-Q%HV0N'4Y#S'DYW<@+
MP0XAM:`FI]@))`!*X=Z_'WY_O\15:S)KZG$4R`R>E858*+6-7N<%3-0R+/#*
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M,+VGIF1[SJ?>>'-<?L<=/!8-@_QO41SO.S:9>[%:Y?.[O:O.LW5LAAK_`'..
MH<LQ\[YA1ZK4&^OTT'*,!=5X6Z5`LJU`WWINR)MTWX.$T2(DD#(?-'N&+MW@
MMJ;>M;.'<V/L\U%<9*6SM7W<;\U?W=Q<NQMSRF:U$MK<FWDI1T9,CK?I.>Z1
MU(S"Q&[EGE<XPO=&0P.<&GIM:!SMX.HX5'GI6M**2^]^4\U]!R],MT],:7GV
MD9VVL$;3-5QC1K-ENB0L!;312EJJJL[6WB",]4K$O`L5W,9)MWK(73)!P1,B
MZ*:I8J[==X=U=M;*_P`+CH,5DMK9-\+[K'Y.R@O[*6:WZ@M[@13M)AN81-*V
M.>!\4O3EDC<YT;W,-==X^"\<V1Y>R=E0U['%K@#2HJ.(-!4&HJ`>(6);!^-_
MS#9*/3Z"^B]"2BZG$[I"OI=OJE[-;M#8>F6`M-X#5[<\FG<_H[O2WI$)!^YE
M%UW!'[-LJ@=$$$R!F>-^:/NSB]P7VX[>;&&[O)L3*R,X^T^&LGX)_-B/V^V;
M$V&R;8M+X860,8PPRRLD:\R.)IWX6P?$V$A_*T2"O.ZKNK_Q.<UJ[FXDGQ`I
M2BK.V^`L!WVP3T[=U-.CT+KGE7R[2:U2-3N5)JNHTZB24U,4-C?X:OR31.;<
M4Z3L;Y1HN4Z*JJ;H[=T+AM\(A0[!^8_N/VXQMOC\`,3+)89.XO[&>ZQ]M=7%
MA<W;(HKM]G+,QQB;<QP1"1A#FM=&V2$12UD/:ZQ%G=O+Y>H`Y@:X->YH<&DE
MO,`=>4DT^FAJ-%0'WXVO,,L6]1LQ'Z++4RZ5K8:M'YJ^U*Z&SK-&._&=*ZZ\
MR:KHRB+:B2UM<OEU".&QA-$_N%DXS]DBLLD>XV_S3=V;,X^ZLI<9#G;"ZQMP
M^^986OQM\_#\HQS<C<&,NNX[=K&`L>*7'(QUUUWQL>WH<)8.YVN#S$YKQR\S
MN5O4]_D%?23[.&O+0$JG2WXS/-M@EW$G8I':I]D_MU6TN8J\IM-Z4J4]K]5I
MT50DM@G(!&20:2>ASE7AD$I-RI\M7C@#.S-P>',X&JL_FM[I8VR;:8R+`VT\
M=E<6,4\>+M!<PXVXN9+PXV*8L+H[**>5[H&-_4B92$2F!HC'#L'9/=S/,I!<
M'$%[J%X:&\Y%=7$#4\"=:5U5YW?P1A5S84-@V?ZSG_\`8F/PWGS]_E>MW;/I
M>Y8;!))IQN8WV6K\FV?V*#9F!8[9T)TI9BH]=F:/&XNW/ZMBP'S%]PL%<9&X
MECPV2_<<W+F>3(8ZUO([;*S$E]_:1S1N9#*[TA\='6\K8H1-!)T8N3Z2XBTE
M#`#(SDC$?H>YI<P<&N(.H\CQ%30BI4QHN,80D9'0T4V(SC(A@SC(YFF)Q3:,
M&#=-JS;)BH8YQ(@W2*4/N$1^`^HCT'WEW<7]W+?7CS)=S2.D>XTJY[R7.<:4
M%2XDZ"BN;6AK0UNC0*!<_J=<IQ$XB<1.(G$3B)Q$XB<1.(G$3B)Q$XB<1.(G
M$3B)Q$XB<1.(G$3B)Q$XB<1.(G$3B)Q$XB<1.(G$3B)Q$XB<1.(G$3B)Q$XB
M<1.(G$3B)Q$XB<1.(G$3B)Q$XB<1.(G$3B)Q$XB<1.(G$3B)Q$XB<1.(G$3B
M)Q$XB@T7VVE([UJ>(U;`M4M3'%;O"T/2M1:6[S]"U2$E97*J9L;IVPJ=IV>"
MUZR1<+3+XP,X5CJVY%1Q^JF@57](Y@(KQSGW%Y@T:-S91'7J/5+3IN05+;8O
M.[E:ZU#7>$IEOSI'5F86:-"6<LXJ6CZ$=64=-_W!S$CFJ[PHG:)&7`BI\/[X
M\GV>_8YF],V"KWBQ[G:KS2Z,%1?M9AE_<6?4)MI<['SCA-<BD.HYI\@T>,/U
M$Q_?HO$%4/O14*IQ%,3B)Q$XB<1.(G$3B)Q$XB<1.(G$3B)Q$XB<1.(G$3B)
MQ$XB<1.(G$3B)Q$XB<1.(H657PUCD%LWH[?YFK9];-;W706UVKNCR^7U5;1,
ME8ML`S?"`J]8OCHKZS*QQFU$=2/W(+QY`&87;_I?'WJK$4.&'XG+-#YO&8M`
M^H'$!G,=(YOI*$Q%9#&CK$9O&6^5ZSYBK=QK]PD[M)UZ/H1R4V-L2T"XA'K_
M`/<)*QQ)8L>N*:9%>.#_`(TKAC&SUC<G6_1MGL[#48Z]V>(=T?1I:.F(-+S<
MX\\2U>CK)I._:7H24R^2;1\RA*2<O+)M5DG#4&9D%D1:D6VGB)Q$XB<1.(G$
M3B)Q$XB<1.(G$3B)Q$XB<1.(G$3B)Q%0;):JO38I>=M]D@:I"-0^7,Q9)B/@
MXIN'P)OE>0E'#5HD'V@(_P`QP^@<7(!/!1<F/R#^%H-8S9[Z^\XJNDQ$JC.)
MV"C3[U,Y1^T2*,X&:DG*9P-]/M,0!^>Y#7.]T$_4OD^:&+_B/8WZ7`?B53V?
MY&?!SU<C?_[=8`P44-]J8SFEUJN(G,/\`*XGWT:W'Y_A_P"7\?IW)8\<6D?4
M5T;=6KS1DL;C['M/X%2,H&P9)J[4[[+=2SK2F29?O4>4"[5FXM4R_(!]QW%=
MDY%(I?D?XB/QW55%#2O@LB\7"<1.(G$6DSV=[9WS,_9&/9UGM9UB"S^LOM5A
M5X7_`(`T^P5?U%HS[QCO&O5!A%:?&TN0J;+/LTMU6@D'1&4HWD'4PX>J.OVT
M=#*K.2+)_A;=K-(3ETK]E]!N=^K#SS%Y/WF/N5ME*;^O&[!M-8VNQZ10H5W4
MH2(0;P+JLYM&V1C"?HKN(5B]6,G_`.H=$B9%K.K/IOU<Q@<XPU]O<MJ6W[;)
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MHI)N,MDV1A%+I4,7[<[B-=[3I,Z_C,YQJ/=I`55-&9D"3;UL;]6.C7XA]@_>
M"VGN7<L+2?;X#Z_X<5:LIF\9A8NKD96LJ*AO%[O#1HUI73F-&CQ(6&W5+]A;
M.!W&S;^SP2KNP4#_`(C\CM4BS2;4Z@'(RM/I/2Z\\N,TX*G_`"F7JU<HRR8_
M0BQP_G&_08-@%;AQ)\AH/[S]RBC+=U+AY,>'A;&S^9_J=]GN-(^B0>U?6#\/
M>4XB4_N*4Q>LZ3;S&(HK>]P7F=]ORJY1`?W`W7:9.]V5!0QP^?A%RF0!^A2@
M'TZZQV-I%[C&_9K]O'[U@%[NK/Y`UN;J4CRYB&_Z!1GV-"DW$PT/`-$V$%$Q
MD(Q2*4J3*(8-(QHF4H?:4J;9DB@B0I2_0``H?`=5!H`IX*Q.ED<[G)/-Y\/P
M7/633<I'1<ID<(J%$BB*Y"K)*%'^)3IJ`8ARC_T$/CE`N"]YU))^G51WO7D+
MRUI3@TA=//>12\V)OO2M*-%@(6Z,U?D1!Q&7>`9Q=NBG13&^05;/4E`'Z@;Y
M[X26MO**/8TU\P#^*N=IG<M8N#K6XE9R^#7.:/K#2*_6K10\_;'EIOWOFGU/
MIU6;MS$41R[T,XD_460.TT4Q(G'`]O$_';[6FXE`")C&7I)HW#X']FJ!0(-M
MGPEN_6$ECOM'V'^\+-\7W/S-J0S(-9<Q>-0&N^IS0*4'FUY*NN%]P268O65<
M]K9H3SV9VY;1L=N]=GUM`\I6%^X.W;-DY'3U(BOS^+OW[E;X(WO41"1PJF*W
M:2L@J("-AN<?<VNKQ5GF/X^7X>U2O@]WX7.@,MI.G='_`);Z`DZZ-/!QTJ`*
M.IJ6A;`T%T'2"+ELLDX;.$DUV[A!0BR"Z"Q`426153$R:J2J9@,4Q1$#`/R'
MTZB64+Z\1<!W%1;]S&/7T:P>O(1VJ_AG;MFW<N8A^NP>12[V,763.JP=K1<B
MX;'42$AS-UU$Q'[#F`2+'3+#L=BU(!2%S*CU_P#MG0)#5H5*N5N*KK=KI,K7
M9ZI2=X4:PC9@W>V:0KMH?M5G:Y5%5$W)A,(F`H@1?(^"86I6[%33XMDQZA<)
ML;-;:J?.:>:MVFR&62<C8+%!C##%S<V+A`B@NW*2J_WD*;[_`)`!XBNF0SV@
MR[<6<K1ZA)M#5*1H(M9"M0SQL-%EP9%EJ6*#ADHD-3E"QC8'$=\?LUP;I?>F
M;],OP15F`K\#5(2)K-6A(BM5R!8-8J#K\!&LX>$AHMBD5!E&Q45'(MV,<P:(
M$`B2**9$TR``%``#B*K\1.(G$3B)Q$XB<1.(G$3B)Q$XB<1.(G$7'=NVK!JY
M?/G+=DR9-UG;QX[63;M6C5NF99PY<N%C$20;H)$$QSF$"E*`B(@`<X:G@BZ$
M7YN_\HB;DI*V>4_QAW$8B#8K/J]I7L.%434DYQ=,3M)*`\[.!`Z4;$)&`Z2E
MR$#.')ODT,")"H2:VWO8;Y8+_?L<.[M]":SV:ZCH815EQ>CP<"=8;<_]2G/*
M-(P&GJ"P93--M28+:CKCQ/@W^\^S@/'R7!_Q7_RF$?N;+^.3=+"12PS\Y<=;
M\ZW2<=BK,W"?G'+RTZSG%AF'8F?3]H=.3.;'%NG:J[MTD,B@=000:)C</F([
M06O;?.PYW;,`AV3D*,:QH<6VERUNL-220R9H,L1<:\PE;4\HK$.\,;+D(3EH
MR77+*=4>8X-?3[&&GCRT'J)7=Y[7=1@G$3B)Q$XB<1<9ZS9R3-Y'2+1K(1T@
MU<,9"/?-T7;%^Q=I'0=LGK1P11NZ:.D%#$434*8AR&$I@$!$.X(!%#P7=CWQ
MN#V$AP4+6V<ZAXT75M?E&*DK_@R*ZSV[^*%9-`B<#'JG%>1L/CZ;G':#+/9Y
MF(G6'/GKA&FS'U3C3U]T<ZSNP7^(:X&:U%'>+?`_1Y?A]'%2WM+N)+$]F.SK
MB^`T#9-2YOES<2\?35P\"ZH:-@N.;+G&^9]":?E5D1LU1G?W:";C]J]BY6(F
M(MVK'3U6M->EF[*=J=QJ\NV68RL1(MVTC&/D5&[E%-4ABAC9!:2UPHX*;&/9
M*QLL3@Z)P!!!J"#P((X@K*'<+LG$3B)Q$XB<1.(G$3B)Q$XB<1.(G$3B)Q$X
MB<1.(G$70!_R?/SC2-IL%T_&9Y+MZ[*GUY=Q7O7FG5UZ9):V3Z0_:_\`/U;D
MVAP,2LP0_P`EN62/]SY]\Q`B5!O()NMPOEA[!Q[ZO&[]WA#S;.M9:6\+AI>S
ML.I</&VA</5X2R#IZM;(L?S64-LWX6W/]0X:G^4'^)^X:^2Z/7_Y_L'^P!_H
M'>GP``#6@!H%`!H`!H``-``-`!H`L,5VT&^7++;Q3]+SNQR=0ON?V:$N5,M4
M,N+>5KUGKDBWE8288J_`@"[%^U(<"F`Q#@`E.!BF,`XSO':>(WSMF[VKG&\V
M/NXN4D>]&\>J.9A\)(GAKVG2I'*="0N01J'@.C((<#P<TBA!]A&B]:[\3OY$
MZ;^2_P`?4G=HL8V(TZ%_2HF^T1DL7[J7K$,Q:J2YFC4QS.$ZK;VRR<O"J&^[
MY8NP0,<5VZX%\A]T;9RVR]Q7>U,ZWER=E+RDBO+(PZQS,KJ8Y6$/:?;0FH*B
M7<6(=BKXAE3:2>ICJ>!)T/A44((TU!H*4KLNZQ+'TXB<1.(G$3B)Q%"S4:W:
MO,VA3GKO"Z_)ST-+BU=^O,(K+4SA?8:?$LD&)]ISV"0^TBOI#+8%F0Q2)`"M
MWKS0T,X_4?(0B[.QY3'"5IGA'ZHXCS']_E]GE24]A[S=CYFXG)N)L7GTN/Y'
M'Q_RG\WA^?0AW-LFI5TJFCT^K:!1)^,M=*NU?B+54[-"N2/(B?KL\P0DX>7C
M72?\J[.08.4U4S?3Y*8/D`'Z=BRGE7/Q$XB<1.(G$3B)Q$XB<1.(G$3B)Q$X
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MU4.2QT>6L763Z=;C&?)_E7R?0#RY@TG0%>KG#3,18X>)L-?E&$Y`3T8PFX.:
MBG:+^+F(>5:(OXN5C'S8ZC=['R+%P19%5,QB*)G`Q1$!#O.-CVR-#VFK2*A0
MQ-$^"5T,@(>TT(.GXZ_:JEW9?-.(G$3B)Q$XB_H"("`@/P(#\@(?Q`0_@(<X
MZ'@N02TAS31P42_/KH/,'HV7\TG_`/4P_P!#GNNP^;$`*8D=0-38K*6;T!@T
M84ISHLH*?(_4O]9:%*F1(JMD;I`1K'M4BXAEK3X>;JL_X;_N/_C^-5L1V]W$
M<MC?@+@UO+8`"O%T?`?6TZ>/I+:DFJV6]:5(:<1.(G$3B)Q$XB<1.(G$3B+0
MUD7YCY9[E>#VWT#G$#G5VL#JTV+9:?54YVPN)/'97"-9V+`]0P=HYD$7MA9:
MU*41M6S-WAEAC[0WE(I0Y3MT7:A%GK;?RK1^80&OUV"\O;U/>B,BRK<M/MV-
MR"N.LFU$@L9SO.=#-:;Y?&VNN:6O2K#%:W`F:K5U_.R*HF>-RM/W;11#B*E[
M!^7C)L\9ZG3&%:DD]JS[-[`=Q#SDOGKV`@]\:>;'GHN(R>S5RO:2YU%[%(0P
M-64E8HN)<U=O(.2,_P"K`N81(1;7*=-+V2HU6PNDD4',]6X.:<(-_O!!%>4C
M&KY9)']0ZBGZ*:BX@7[C&'X`/D1'B*X^(G$3B+RH_P#)Y]JN_6/Y/M"SV%ES
MOLN\@,/_`*_TYHFH4S`UU8K(RVTSJ:93'*60<WPXPJQ_G_Y&]=;_`$#X[TP^
M3#8K<3L^\WY=L_K\M,8821J+6W<02/9+-S&OE&U8=N*YZEPVU;[L8J?\Q_N'
MXKKL=N@L=3B)Q$X#0U1=^7_%C_*9_P`CT17\;>UV+]2]9;#2%B\P3$FN(N+1
ME4>!GEERD'*YQ,YE\Q,H9[$I`(G/7E542%*E%?)O,'YA^UO_`.=[O_=L3&6[
M0R\CY(:#TP7&KIK;V-->K#_Y9<P'](K#-X8GK1_O$`]8H)1[3[K_`/:X'AZ]
M=2\+N2=`2CE.(G$3B)Q$XB<11E]<4&RW7%Y6;SMK^YV+&YF$WC$OM^\JJVHY
M0X4L<-7/O3.0Q8_1HE-]59$OU!2*G728@(&ZCO[<7-LZ/\U-/I\/[>2R3:F7
M=A<W#=UI#S4?Y%AT=7ZB2!_,`IK95I%:V+,<[UJFN#NJEIM(JU^K2ZI0(N>#
MMT(RGHP'*8";]%T1H_(55,1^4U`,4?J`]@RVHT.HU"O[B)Q$XB<1.(G$3B)Q
M$XB^22Z*PJ@BLDJ*"ID%@24(H**Q2E,9%4"B/Z:I2G*(E'X$`$/^O$4(;+^-
M_P`:7&'Q>#L^-1\RS\_9??\`&,M6<V"U)RD'F>FU,:9;ZJ[FFLVWEIMJZB0(
MLT5>++N8R113?,U$'A"K`156'\"^:HU.\*R5<MURGM/SW5<MTNYWW2]`M]XO
MU*V:$SJL7B*L]KF;$XEWHJU?)Z_&QZI%$U(EG'@1F*`JKF5(J:^_'GYME#3*
M<JTT^1C+55AKMWKSG:M4"M:!)GQ\F"+:'>J^A:T(NT:@[RA,D6XG721WKDZ*
M+Q8QWS=!RD130B8ME!Q49"QJ0H1T1'LHM@@*BBHHLH]LFT:I"JJ8ZJ@IH)%#
M[C")A^/D1$>(JAQ$XBQ9N>HQ>'XIL&T3@$-#9'E]^TV6(J82)J1U#JDK:'B9
MC!_,`*-XLQ?I]?K]/KSE>_T1BLAT`\R>`^U/IX+P\;?;I_0+;:K];'IY*U7J
MRSUSL\BJ)C*R%CM4L[GIU\H8PF,91W*2"JAA$1$1-WNEL#;T.T]CXC;<#>5M
MGCX(R/\`'R!TA/M,CG$_2HSNI3/<R3'\SR?OT^Y6[V7+X)Q$XB<19'Q_6]"P
M74\^VK)[([J.E9=;(:[4JQLC#^K&3T&[(Z:F62`Q2/8YV4IF[QJI\HNV:JJ"
MH&34,4<.W]LG%=P]IW>T\OI!<,K')0%T$S=8IV5_-&[B/S,+F'1Q3TD%D@YH
MG`AP\VGB/8?$'P(!&H7KF?C5]Z9Y^1WR1G7I.C@RB9R3;FK.LT-NZ,Y<9MK4
M"W;$M]27%7_V31PJN$W\4NH`&=P[UJN(`8YBE\B<[@LKM?-W>V\['TLO93.C
MD;K0D:M>P_F9(TM>QPKS,<#XJ(<]B7XB^,(J;=WJ8[3U-/`Z<#X$>!!&M*J>
MW6M61.(G$3B)Q$XB_H"("`A_$!`0_P"X?4.X(J*%<M<6N#F\0:K`WX_#&K>=
M;%AXHE;-_.WI?8<X@&WWB86U"MDA&[OF3%,@B(ILH7.]BC(UN``!028@4/\`
MQ'L&OH^E=O9P%:_;K_%;5[6O?W#;UK<5YG=/D)\S&2PGZ^6OUJ>74BR!.(G$
M3B)Q$XB<1.(G$77BL]&]UU73/>,QD2F^9_`LIGU=Z'R>,I5.@G,-L6UP\9Y9
M8XY&OE['3K"]M4!8HR#GV)(9DNW0E40="/RJ@11,BH^YV[\K##76-2;/=EA/
M.V-6G8<UNNF4VC2$O<-U?W1.4UOSMIM?1RS&-?O@U'/J8M"TZ85BZ^+-Q<$G
MS>2.DS.=0"+C760_)^RS*;TVT:+Z:"_K:M#5@V7T?(4XJH25/AO)>>V9N]K:
M^99/M.C9K)V3T-+S1_ZLO"W2M*RK4L%)?LXLHK<17YN&D_D;_=:C+YPQ]00>
MUBD\_P".<L1S"KV;$([!G?C`UF<V:2NT10G%(F?1-?\`2YG+0K)O-_U%Y86[
M5BTB%*\N=10BN.,GO=5&]=XC0H^9]47G.*WJV4T_2+/HM<).U6]9-=,(LEKT
M*_NG-(\^5;+(6+A-IEV<5^Y6MJEJCGT=^W+%-(;X57(M[_$3B+4G^>"X.J/^
M'[\@$RS5.BL^P"<IPJ)B(&_;Z)+0N?NR?)?J`*M+,<H_[#V2;-LOW'>&)L#P
MFR=JP_0Z>,'[E\;AW);R.\F._`KQZ!_B/_?O=]].<TX5*C$<$[HN4XB<1.(G
M$6\O\"WY1G/XW_6[-AH<VNW\L^@7$+1]R:N%U1CJ6]3<+(4K9V[8`.1->C/I
M!1*5,0/N6@';KZ**MVP%U)^:3M6=P88=Q,%%7/8R+ENF-%73V8UYZ#5TEK4O
M&A)A+Q^1H5NR^,;E[`VM/ZEM71'2M?%FO\U-.'J`%0'.7J;MG39ZV;O63EN]
M9/&Z+MF\:+)N6CMHY3*LV=-7*)CHN&SA$Y3IG((E.00$!$![SX:X.:'-U:5#
M4D;XGF-XH\&A7W[LNB<1.(G$3B)Q%'CS0"L5["]Q0)1,5I-0?E/403^OVC(6
M.D7_`#)XX*'S\?<JSQ9J01^/K^D'U^GTQ#,MY;ROFT'[R%L9VUGZNV^GX1SN
M;_N1N_$E;`>M*D!.(G$3B)Q$XB<1.(G$3B*'NY>SJ7B&B'RXN8;7KENB,S0V
MB]1N,U.`M;_/\F=6.5JK6[2D%+6ZMVBXD=3%?D2$B:BPLD^8C%0W[#^=N"Y%
MD_T%Z#HWF[%+7NUX9VJ:J]790ZR-?I$"I8+W;96RR\97ZM5*95U%X]Q-VRSS
MTRU9LF0J)'5<+%*82A\B!%DRD7*M:-3*CH5,E6\[3[W6("Y52;:"(M9BMV>*
M:3<'*-A,`&%O(1;Y)4GR`#]IPXBN?B)Q$XBTR?Y"\0O-_AF]XLVY#G.WS&L3
M1P((E$&]<U7/["[.(@`_R)M8LYC!_`2@(#\=F/;NY;9[_P`)<OH&,RUH37_[
M$:I[L<UK(T?]-WX%>0N/\1[W1>*/(]I49IW5<IQ$XB<1.(G_`'^H#]!`?J`@
M/\0$/]0'N"&N!:X`L((((J"#H00=""-"#H1H46_?\=O^0M[R\7H5/*[1HT-M
MGG^NQT77*W2MKAW4Z:BP<8BDQCX>#T&N&9Z+"UYC'HIMVWZQYUK%(IE!./42
M#[2:,]R?E<Q=C?39[:UU/:;>E)?)$(C<-LG$DE_392>2R_FZ74FM6CF$4\0(
MCQG=..^)LS?6%B+G(L)+XV2"*29NI/2+_P!+K5->1QB;*=#*QU.;N>^8/\@#
MQIL[2$8;<2:\JV>80:':3-Y>M+?A4R9Y]GZ#B"W6K-_Z#&QRX'`Q%K.RK7R'
MT`##VO&[^SG<395JW*9"Q^,VX]@?'?6+OB[1\;M6R=2,<S&N&M96,'M4.8C/
M[9W%.ZRP]X&YB-Q:^SN6FVNV/:/6PPR4+G-.E(C+[2MWM?L-?ML'%V>J3L-9
MZU-M$G\+8J[*,9R"F&*P?<B]BY>,7=1\@T5+]2J(J'(8/X#T7LD9(WF806^Q
M7::WGMWF.=KFO!H01X^7TJL=W7Q3B)Q$XBCWY[6!W[:]E+)!\I1V.>-J\N8!
M^?B0;/?3=B63'_\`4Q8^UM3?'_0X#_K],2S9!NP/)G\7+8;MA&YFWGN/!UR2
M/_;B4_NLZD9.(G$3B)Q$XB<1.(G$3B+6?[A\,7CUC8FSR*MV$$@%:,-/CT]D
MP1QH%\P^S*/Y9RMM7FO5J7H&8W[/-%<M9!L1=!9\Y8G<PT<Y0,U.BY(\(LF:
MWY%LNYN<,K&C:].KY1AFB1VC,V=9>7"GZS?IVH98TJ.=REVU:LW*)?!-U_0I
M6:L[I>-:,4'ZX1B1D""T75=D5V>2_.EM\K4&(Q".OL7;L3I#[24LSCI:%L2V
MA5:G6"\A9<THS^Z2EQET;#$YI6Y-]"`Y<,Q>OVZ+!054C(KE<$4N.(G$3B*'
M?Y"\:6]#>$/8N(,VQWDII_FK9ZC!-TR_>HI99.@3J=9%(OVF$54[`5L8OP`C
M]P!\?7JFSNW8^\AR#/?MYF2CZ8W!X^]JX<WG:6'@01]J\3XAA.0AQ`2B8I3"
M4P"!BB8`$2F`?J`@(_`AWO3C,A%E\9;9:$UANK>.9OT2L:\?<Y1>]AC>8SQ:
M2/L-%^NKEU3B)Q$XB<1.(G<@D&HT**1.$^BK+C;LL6X*XL.?O%C&D*T98O[F
M+,N;Y<R5766,"31R?[A,LT.)6KH?GY_34']7L,..RNT;J3+;-CZV-E>Y]UC.
M8,9(7:OGL7.(9;W3M2^$EMM='WNC,>L8=[J=G<)W(MS?PEEGNZ-M([FGIE#?
M=CN0W5[1P9*`98O#G8.1;P?+GJ73<;3:Z3X]W>YY2REW/[UZPH\B@I0IF1(/
MRZ:WK';*SF,\DI9,QA(X%W$DDB?(_8N3Y*?L0SW9CLQWBL'9ZUM!:Y![G-=<
M68^$N8YFZ/CNK<MY.M&=)(YX>H#^:A#CJ4S?_=/MAE'[8W)6=L%`;>]!F:6$
MZ.@N`X2])X'H='*8R/RU!`["?FS_`"(;E"?T^N^Q\,0M#$OZ:"^P^;R&;R1"
M%*!/WUEPZXS2BYOJ'WKJP-A?*G$1_1C"_0G:G[X^4;N%MWGN]H30YW&-J0P4
MM[P#RZ3W&*4_^G+S'PC\%+.`[Q;$W!RPY3JX;(NH/U?U;8DG6DS&AS`!PZL3
M&CQD/%=@SS;[2\L^NXE:4\[[92M&<LD2K354:/5H71*P!OM^2VS-K(WA[Y6#
M`8WP`OHY`AQ_\#&#Z]J]D;'(8>^?C,S;SV>2C-'13QNBD;3S8\-=3R-*'P4G
M_"2/MVWMLYD]C(`6RQ.;)&ZHKZ7L+FNTU-":>*E!U,J5.(L`>)TBV.\>UM:!
M,X-[EZB>T"!<&#_XW$!Y^S'.\>D@0,(C]R:&GURSD'X^``X&_P!?GL)R<@DO
M7D<!0?=K]]5L_L:U=:;8MFOIS/YG_2"XAO\`NAJGSU`LM3B)Q$XB<1.(G$3B
M)Q%KZ][Z?ZFH,=E$;Y@@)E^O,2V@6+5K!5ZQDE\MM<SVAY_*RR1*W1]?V/%X
M.:>S=P>QB)U49!PJBB4R8(@==,Y2*,7GG\IE4](>UL9Q#,=/RRQ8S;O/6FRW
M[^0%.O[+I>V4N/\`/]M-+1E"=R99"DT&,I^ARR)&[ALHYE95A)"@<&445=V1
M9`V[T5L^&>L+@_L&]P#GRMB6&67T[Z-J(X9'JS=%SQZUFJ?D.?5:_1]S/*SF
M@Z->ZM.RB9G$>DDE&0"K<Q0.\;K%(HP9S^0WU?KF/6C:ZA)858:]C'JC8:WN
M2>5S--OD'1\JJSO.+-1:=.6%]=8Y2:1#,;!/I24_7D7DG*V=A'$B6!VCLY.(
MMI7CWT5'^@\\>2#^R,)+1X63>O+[6&,#,P*-%2M$W/OZI56"\Q&QZ5SBZQ$L
MSP9K+''=Q,Y*0S]5LN8"F32(I;\1.(G$7C1_E^\DN_$GY'_5N"%C5(ZJ1^G2
M][S$!(4K9?*]2/\`W_1",3D`J:Z$)$SP1*IB@`%=QRQ!`!((=ZZ_*SO*/=G:
M&RM'O#LEB'.LI16KN5GJ@<?8Z%S0/\A\E@6;MS!?N</<D]0^OC]ZUL=L6K2G
M$3B)Q$XB<1.(G$62LNUBX9%/_P!<JCPID'(I$G*^],H:$L+5,?@$7Z)!^Y!V
MD01!!VD`+H"/T^X@F3-BN4P-VS(G<NUI66FY^4-DYP3;7K&^[#>L;J:#2*Y8
M/B+>OI+X^:%V%;ZV!MSN%B?VO/QD2L!,%PP#K6[CXQN/O,)]^)WHD'\K@U[=
MP&3;%3]B@AE:TX,VDF1$@GZR^.F$S`N%0^"@NF0?M=QRQP']!VD`HK`'Q_*H
M!DRY-MK=5GN$2VDD;[/<%J!\39RD=6'FT:]I'IGMY"#TKF*L;QH>20.C;YV]
MP.W.XNW.5^`S3`^RE)Z%RP'HSM'\I/N2-%.>)WK9Q]3"UYR>5N5*6BK"S6?1
M-F@%RNJ]:X&3DJ[;JZZ(/R1U7;9`NXVQP+DI@^04:.D3?[]]-T;.VKO6Q_;M
MVX^UR%I303,#G,]L<@I)&?;&]I5@P&Z=Q;6N#<[=O9[21WO!CO0_V21.K'(/
M8]CEME\V?FJ]U^>_Z?#7.R0?K#/6?Z21J_M:RD'J#1DF/\R,'N-6BW#Y\N!!
M^A[+"6!PH(`!G9`_F[43?'R9XJYY[WMSDGV<VI%K><TT)\:,N&CK1^0ZC)O:
MX*>,!W^BG`M]Z8]KG</B;.C'>`!?;/<&.I2OZ<D0\HUO5RW\]7BW1*)89"P&
MNF,;%$5J4D:_B^J1!&[C2+<UCUE(.C9?H=:6G,]NM@MTZ",=%L"OFDR\<.4R
M@P*8WVAIOOKMCW![<<YW=B[B"S&@N&4FM7?Y9X^9@KX-D+'UTY5.VULAM[>5
MS&W:M_;W;G.%8ZED[*F@YX'ALM/%S@TL`J><C5;HO(N1R^&>;<CS6SKD>7>*
MJX3>E2":I5TI35[S(O[WJ\NBL7^55"6T:RRCD@_7^14/J/0(]YD>7N]YQ)/U
MK<6VMX[2WCM812*)C6-^AH`'X*1W=5]DXB<1.(G$3B)Q$XB<183VGSEB7HAA
M!1^RY[$7=&LKRZT`X=KRD7*Q25BBEH&SQC2;@7\5,D@;;!+F8S$<*XL)9F/Z
M#Q%9(`*!%]KS@&57V#_HDE5VL.+3)M!Q&N2]4$:U-4K-]/BZ_$6ZOTIY%`@G
M6T7;6I10HBW3*+4\<W%+[/L`.(KOK^<4FK6:S7.#K[)E;;G%U&%MEC`5EI>P
MQE$:R;*HM)1VNJJ=PG!MYIV"/\!`SE0P_)CB/$5NJ87DJD7.0O\`9$4G$V;4
M([:+''-U'[5I/:?$V"!M;"VS*+9XD62>I6*L1[LR2WWM5%6B8G2,!?CB+\99
M@^28HO<7.7TIA4E[]/*6.TJ-'<J]%\_.N^=)-F@2S]^$)`,'<H[5:13`&T6R
M5>.#MVZ9EU1.19<XB<1.(NF'_EY_CI>ZMB>=?D,S2"%[;O/#4N;[NDP;"H]D
ML1LDR+FJVY<J*)U5TLQO<HLFN/S\)QU@7<*""3,?C9KY6>YT6P>X(Q&5D$>W
M,V&6\CG&C8IP?Z:4U(`',XQ/<>#9*\&JS9NR-U:=1@K-'J/:/$?Q^I>=QWK.
M00:'BL%3N$3B)Q$XB<1.(G$3B*O5BT6&ESS"S566=0D[&G$6K]J(?(IG$/UV
M;M`X&0?1SHI0*LW5*9)0/XA\@`A8<YM^WS)BNHY)+3.6I)MKN&@F@<[W@*@M
MEADH!-;RAT4K='-#@U[;3G,%B-RXJ7"9ZWCN<7,/4QWF/=>QP]3)&\62,(<T
M\#0D';3@OI*O:\@E!2Y&M<T1N@)G$)^H(1\^1$GRM)5=98PJ+%`H"=9D<1<M
M@^1`54P_4ZHV_NVXDOV;9W9'':[H+28G,K\+?M:*NDM'.J6R-'JFLY"9H=7-
M,T-)3Y_=U^R^7[>2NRN/+[S9[W>F:GZD!)TCN0T4'DR8`1R:`\CSR*3'9TH2
M6W[\(7CMQZL]KP-^L48=UB_D9U`ZW<EUTA-&V#8E%%7.&T3[C!^FX7A)-JK<
M'I`^X6X1,:50`(^)\Z$_.UW2;C\-;=J,3+_77W)<WW*?<MV.K;PNH>,T@ZI:
M?R1M/!X6Z_RA]N'7F2N.Y>3C_I+4/M[+F'O3.%)Y6U'"-AZ0<#[[WC\J[\W>
M:*]`$XB<1.(G$3B)Q$XB<1.(G$3B)Q$XB<1.(G$3B*VKI3:KHM/M6?WF!C+5
M2KO79JI6ZLS38CR(L-:L4<YB)R$E&BG\CEA*1CM5%8@_0R9Q#B+R+/S4_B@O
MOXK/54M2V[&8FO-.GO)BT>:M)>?JO$Y*JIN"*O\`.K)*"3]/_D+-1>)-'H'$
M#OV1FLB4I0<G31]5_EC[W1=P]OMVCN*8?]\XV$"KC0WELS1LS?YI8Q1EP!J?
M3+0ASBW!\SC3:2]>(?TSS_I/E]!\/L6G3MJ59$XB<1.(G$3B)Q$XB<1?5!==
MJNW=M7"[1VT72=-';195L[:.D#@H@Z:N43$6;N4%``Q#D,!BB'R`];,OA\;G
MK!V-RL0EM'$.&I:]CVFK)8I&D/BEC=ZHY8W->QVK2%\Y8HIXGV\[&26\C2U[
M'M#F/:X4<US7`M<UPT+2"".*W!^$+OM?KW3:9Y=I%"D='WVZN/Z91'D<W,W@
MY1%L4JDI8=*>-4C)5"`J$8!Y&8EP(+<S%NI]B?[HR2*\7;U[OS=E=ORS[XYL
MDPL>W&W#>5LMW,UM6VM[&VG3E:"'/O(F]"6,$O;#.6LDU3W-\K+LSNBWEV1,
MRVV[<3CXJ*0DFSC)J^2W+JF6,@%K(G'G8\M%7QU+/4L\">+:'X*\T4O`J8[&
MP2S0[JUZCH#AH1G)Z=J]C3;*W*\2#<AE/V;=VX;)-(UG]ZA8R&9LV13F(W*8
M?('=&Y<SO+<-YNG<$IFS-].Z65WA4\&M'Y6,:`R-HT:QK1X+>O;^!Q6U\):[
M=P<0AQ-G"V.-O$T'$N/%SW&KGN.KG$GQ4S^L*O"<1.(G$3B)Q$XB<1.(G$3B
M)Q$XB<1.(G$3B)Q$XBB'[B\08#^0CSQ</-GHNK_UVFV4I'\+-QYD&ENSRY,$
M7!("_P!$F54'`PUI@5')_P!,XD40=-U%FKI)=HX704N>%S.5V[EK?.X.>2UR
M]K*)(I6&CF.'CY$'@YIJUS26N!!(722-DT9BE`=&X4(*\GK\H_XG/37XK=E4
MHFPPZUHRFT23\,8]`0$:Y2H6GQ*'WN$V2IQ,X+4]#C6/P,G7W2HN$#%,LV.Z
M9&2=*>KW8OYA<%W6LV8;+&*RW]&SUP5Y8[F@UEM23K7B^#WX^+>=FK<&R>)E
ML7&2.KK4G0^+?8[^!X'Z5J][8]6A.(G$3B)Q$XB<1.(L]>9O,.[>Q-FJ.`><
M,YG=/U.Z.?TXR`A4@(VCHY)1(DC9K1,N!3BJK4(,BQ5'TH^51:-B"`&.)S$(
M:.>YG=+:?:K!',[EF_J'@BWMF$&>Y>/RQM/!H/ORN_3C'$EU&NJ[.RGOI>G"
M-/$G@![?X#B5ZI_X6/PNY)^)W'G3AVYB-)]6Z;$L";5LR+)0C5LV3,B^3S#,
MRODDW\1F\'(D!0ZBA$GDZ]3*\>%(!&C1EY$=S>YFY.ZNYG[CW$\!H!9;P,)Z
M5M#6HCC!XD\9)#ZI'>IW@!GMG9PV,(AA^L^)/F?X#P6[KH\56G$6K#\AFX>B
ML\UGR'EN!2>J,"[$[WEU=D,2SK#]%TIXRS6CU^;@@C6&_P`[7*-'PJ$E+F%\
MJ5R#U3Y232*/W&$I%@?T)Z%]FYG&U1_#7S28ZLYKYKJ^I:Y/,\5\YZEJU0O\
MO/W5V[E?9."U30V%OK>)*5"HB1JMD:3Z1<.V,T)70?LVQ%B*OZ%ZH]$3^<>W
M/6.=;E2Z)GWC*PV%E3\-DZ!6IFL;'7<WR:C:U*26F7B45'0(A]N["X?ITXU?
M<1*<9'NXQVLC+G740,16+@/J#W1KWI:61K8ZS9L\AO:^U9->Z?;?/N=U3`J'
MYVH,_;8'^JQ6ZM7\/?9;7*TI'QR(-"GF`>3!EVJK1-N!WC8BFIN^D^K[MJ&\
M8SY#G<KK-^Q_#L7M<4MKT')R53L%YV_3+FU%27=1!S2T?%4K-\?DQ;"V26*[
MD9PI5DS`V*8I%2F&Z>@9#:K9Y]2G*H6UU'=L^_>VHU:0_IR^4:)Y;TW8XNLH
M0_\`4OG]ZTV/+GD(JM^Y_>_VNLFK^M^]_P#;$BV1\1.(G$3B)Q$XB<1.(G$3
MB)Q$XB<18AW;`L8].9=:,5]`9K5-9RRYL_V=BIEQC$Y*+=@0?O:O6QOE-Y$S
M48O\+,I!FJW?,7!2K-UDU2E.'TAFFMIF7-L]\=S&X.8]CBUS7#4.:X$%K@>!
M!!"X(!%#J"N@W^3?_$?V7,7MAU;\;=@6V[.1.XDEO.M]FHZ+V2J(")UE&5$N
MLHK'5C38IJ3Y!%O)*Q4TFD4B8*2C@PG'=KM7\XN7PT<6%[GPR9&P;1HO8@/B
MF`:?K1GE;<4\7@LE-:NYRL<OMOQR$R61#'?RGW?J/A^'T+I\Z7EVEXO=9?-]
M?SV[99H,`L*$W2-$J\W3;7%G`QB`+R`L+*/DTD5!((IJ?I_IJE_F(8Q1`>WQ
MV?W"V5OZT%YM#)6MZTC5C'4F9YA\+N65I'C5E/(E8Q<6ES:NY;ACF^WP^H\%
M8G9BJ=.(G$3B+[M&CI^\9QS!LX?2$@Y191[!F@JZ>OWCE0J3=HR:($4<.W3A
M4P%(FF4QSF$``!$>M>9SF%VY8NR6X+NVLL>T$F2>1L;=-30N(YC_`(6U)\`N
M\<4DSN2)I<_R`JNR)^.+_&*][^TWL#=MQ@GWC/`'9FKUS9]6@7)-@M$4H*:I
MTJ)C#E6/G6*KIN;^1]9#PS4A#@LBF^`HI&TT[G?.3@L9')BNV$/[ADM6_&3M
M<RV8>'-%$:23D<07B./34/"R&RV]*\A]Z>1G\H]X_2>`^\KT/_Q__C1\C_C2
MRP<Q\P9VE"NY9-FI?M/LBJ$]K&HR;,I@2DKS<1:M5G2+<ZBAFL:S29P\>*A_
MVC1#[S_=Y][DW/N#>&8ES^Y[N:]R\Q]4DAJ0/!C&Z-8QO!K&`-:.`650PQ6\
M8BA:&QCP']M3[5/GK$OJG$3B+`^X^8,`]*)51+=<KJVE?V,^E)*G+6%LX,\K
M3V<8DC)E>'?LG+1ZR&5CTRHN`(H!5DR@4P"`!Q%AC0?&7@88W(('4,6Q`C&L
M+MLJR%K=DHY%=^$W(2-H:93'+S+XCV[QLO)MG;\E<='?M7"J:JP-C"4Y@(N=
MLF1>"R[+G-SW6L>>HW:[;+5R+SA;0'E4A++H$_37S(M+;Q\!*OF26AS5+E7[
M4L**S5^XB72Z`,Q15.F`D5[5K8_(.<Q.OGJFK8/58>@WR;L.YFB+Y2V;2F:-
MH5I?*SLCHWZ$M]M?LULNBKDBO[[])9S)`JG\"L4Y0(K@@*KG,YO4WLE+O#)_
M;ARBL9MH5=@)B)EHN7KQIA[H.2SDZW:*+.F$I"MK-.*1*P'*F\CI]<QBJ%*W
M.F16RGY:K2-]>:BE;+,G?Y#T%&[V^GBDB`*[&&R:6PF*SA=B##]NI1X_*9UX
MS2(/_LDDG*DD"O[DPCQ%*'B)Q$XB<1.(G$3B)Q$XB<1.(G$3B)Q$XBCWZ&\F
M>9/6=6_LSTO@V5;A74TU4V3/2*5!V5S#&6__`*.:[+/VBDQ6G_S]0<Q[ALX*
M/U*<![[6US<V4[;JSDDANF^Z^-SF/'T.:0X?45P0'#E<`6^1U77SWS_$;_%O
MJCE]*94_W[S5(NE5%T8[/M&0NE/;J*"8QB#!Z]"WR:*U`QOY4F\LV*0`^"_`
M?3IMV[\R?>C;;!%;9J6ZMV@`,NV,N0`/`.D'4'^M6V7#XZ;4QAI_PDM_#3[E
MK8N'^%(P474/G_Y#WS-J)CBDVN?FAM*N$R_7]--1_`[7!I+&_A]QP;)A_P!"
M_P"G2E8_.MW*MV!M]CL/<O\`/EFB)^ILI'V`*B=MRS)]+Y&_8?X*W*[_`(44
M^+E,;;^16'(T^X?U4ZWY>>G<B0!#X%->4WHJ0&,'S_%,0#_?JJY^=SN!*TBU
MQ&'A=YDW$GW&1JZMVW:CWI)#]@_@IUXM_AP^`Z8Z;2&U;QZ4V]9`4S+0L=(T
MS)ZF^$I@$Y'+6OUV;N)$E`^GPA.HG`!^AOGZ]'F<^:SO5FHW0QY&"PB=_P#%
MMXXW@>0D=U'CZ00?:JN+!XZ,U+"X_P"(D_=HM^_DW\77X_O#P-W7F/RME6<6
M1N@5O_R">&5M^I+)@F9,Y%M0O#JR7T45_O,)TBR!41$1_D#Z`$$YK/YW<EV;
M_<-Y=7UZ37GGE?*:^SG)#?\`9`"N<<44+>6)K6M]@HI\=:5]$XB<1.(G$3B+
M47[;\I>J]C]2>6MFH$GDEKSC%-RPRQP--M$596ECRUA'RMN-N.GLGR=TC:[8
MIZT5F1CXEO\`#(7["/;*H-0^Q_(_KD6(?1./>DMXWZ(]&Y+GFHL8O2L5PS-:
M;7[4?&XNLYE=L<]1WN[7"4]*TFZ/)65LN4VVD3[618H5XTLX76C"J$0;298=
MX@18[P#P9K4?+:"KLF>;"TB*MC5D!`T7><I0>,-HKGI*Q;_0H#Q(ZK$D^E(G
M)I8T])&<?\B$/(B9>':G,44),"D4MO!65^J<$TBPY1?*3!Q6)#1F=F7L4:6.
M=QXWH]1Q2*J%>K-J7MLO=+$G3(UM9:8=I(QK1LPK=*KJZ+A9=ZY,N1;8.(O_
!V3\_
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>15
<FILENAME>g7960482.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 g7960482.jpg
M_]C_X``02D9)1@`!`@``9`!D``#_[``11'5C:WD``0`$````9```_^X`#D%D
M;V)E`&3``````?_;`(0``0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!
M`0$!`0$!`0$!`0$!`0("`@("`@("`@("`P,#`P,#`P,#`P$!`0$!`0$"`0$"
M`@(!`@(#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#
M`P,#`P,#`P,#_\``$0@`Z@$E`P$1``(1`0,1`?_$`,\``0`!!`,!`0``````
M```````%!`<("0,&"@(!`0$``04!`0$`````````````!0$"!`8'`P@)$```
M!@(!`@(&!04("Q`#```"`P0%!@<``0@1$A,4(;05=18),2(U-A=!43(S&"-S
M)#34E=5685*S="5EM2<W5Y>1H;%"8D-38U1DI$5FUD>G*)A9$0`!!`(!`@,%
M!`8&"04!`````0(#!!$%$B$&,1,'05$B%!5AD=$RH;%24Q8(<<%BTB-4\(%"
MDD-CDZ/3<H*R<R07_]H`#`,!``(1`Q$`/P#U.VY0<1=_F'4:RGS.^T4?LVEN
M2]KS*+,?)GD+'8HY3>N)SQD;8<XI(PPV8W,;(W-"*;.9?LY"0F;5`58O&(,Z
M:Z?8G9?J-NJ7\L_<%^.CVY)LM3OM'KZUB71:::PRK=J;U]ECIYJ+Y97R/JP+
MYTKWSL6-/+D;USK]BI&[<Q-5TR,DBE>Y$ED1%<UT2-7".1$1.2]$PG7JA85=
MSXY5BIV&3TEZIK<UM%OY-V;&J]A5#V!-WF*U1QUE7P5I5)5CS>L'A0(^J<%"
M)7(I.Z/T?`V&+RD#>VKQ#&M3=%K_`,N?H^G?%[MU\&]^@ZB314)[EK;TZL5C
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M+$6&Q!K'+.L4U=E9TC5@B6-BQ%U;;7E@9.B1_+M=`Q6X<KW>;'&Y5Y*[Q17]
M,HN<=5SU,E>('+NZ;AN*L(78DCH22QRZ>%C=R^:4%7,TD:I96BM^G,1CB.O7
MY6ZSN5(I2Q-Z"1G$%O/DVE2N<V]7K:1.`GP\Y7ZV>BO8G9'9&VWO;-7N.KM-
M#WX_MN1]^6"2O>;#4LSNN0MCJ5W5Y7O@:]:WFV&1030KYTJOY&=K=C:LV8XI
MG0N9+529.**BMRY$XKERY3K^;"*JHO1,&#$I^8'9]67Y;7,%4S7-*^+LB=+Q
MX]0)D7I5Z6@%`:1AIZNEK$B,D*,5MY$EN;D)!II&3UX$@MJT$@9="V,*(CO^
M@]1_+;VEW?Z<Z7T2BGT5/U;JPZK<VY6.8[<)]5LHW:4K,"HUZP:S36]9>9"L
MB>7-3OJB-6>3C$R;B>O;DV2I*Z@Y7QM3_A_`WX'(OO?(U[<XZHYON0RBL&[^
M5!"GCI'U_(?C6L?I'RDX?JI(93T:EB=<95ETQ>S71U@DSB+E9CH))')&\1$.
MHT_%NXMOJ4HS1K<2)/U5\C[:[`]()(NY]E6[9[J9KJO:/<C8$V4]=S$V&KGH
M1QVZMEE&/E/!'97YZHZLGRDCF\+,B2XASYK5]%A8LT"O=8ASP1?R/1RJUR*Y
M>BJGPNS\2?[*8ZV4A_S![:*I:#5AN+1#\1+3I.$7+5QJN166Z&&\>"ZDL.47
M])'^2.$T53E?+ZUE%6+68EQ"ZDFEJI;&QF:$,T8C=\W?\M?9C^^]AW;\Y=_A
MG3[ZUK+Z-AHQHFY78TJ^G@A@95;496O5]A%:=`M=S5CUVT:W#6-1F+'N+'RK
M(.+?.DB:]O5R_P"'P<LBJO+EEJL5N<^+V'-5'.^X*1CDZN6[9-&9EQ[+N.+0
MIS:B6J6:FE/(Y/\`+_HVYZC96J2/$YE`I`V3FSW`<9V->DTM72)_)5"4#$J&
M679WC_+QV3W]M-?V-V%4MT?4M='8M1R+)7^5V3H.\-KK-C+)!'4K^3)4H,2]
MB&3RHJ5.2%(T2%KG5K[:S58^S:<UU/S4:J87DS-=CV(BJY<HYWP]4RKG(N>I
MNSJ1?8;K5M=.MMMK(RVBZ0J,N=ALD;*6$L#',G!G2+)&R,X7!<Y+1M[.ZG&I
MBAFGF#-"5H>]ZV+IKX*[SK=LT^[MG3[,EL3]HPWYXZ4LZM6:6LR1S8)9.#&-
M1\L:->Y&L1&J[BGAE=HKK,ZNQUA$2=6HKD3P1V.J)X^"]"X>:R>PP!@#`&`,
M`8`P!@#`&`,`8`P!@#`&`,`8`P!@#`&`,`8`P!@&+DBY.\.F2\FZM)7=-$-7
M(9F.(@S3&)!*X>BLMI4V&3'7M-#4`7!26\MZF<%D-*D#:6,`W/8$@M%F"T3G
M7-9Z3^M]_P!/Y>ZM/H>XIO3.=JVY)X:]EU&1M)9HG67\&K$]M15L,6=45(,S
M(KFHKS`?>UK;2022Q)<3X4153DG+"\??\71<>WI]AV:RJ9XPF0Q"Z6U55)&5
M_3J:2S5M5SB#PHR*5LC$2H>9A(T6W=LVUQE(>228J<CR]%`-[-F';%L/745V
MKWSZLMWLE3LS<;].Y-XZ"J]M6U:2Q>=EL5:!_ER>9.Y%5L<#%Y*W*-9C."^>
MM1\I'6(XO)BRY.36X;[57JF$]Z_I*\GCMQT5R.+6"11].*)5%V*/,L+EY=<P
MTUZCL<CA`011MC3SIHVK:6N/I-Z`W%IAE@1E;V$G0`[WK>,_U-]3X=7<[:DW
M^\;I[=B:6U66[92*:>=<V'SQ>9QDDF=UF5Z*LCDS)R5,ER4J2O;,D47F-1$:
MO%N41/!$7'1$]F/#V';4E2U:W-7L-LKB"M30%PB[P6W-,386Q(0\P=`RM<(>
M4Q"%`06F>(8W1MN(:%0-!/;"F],%,,L)!6@0TW>?=UFY]0M[3837?*GC5\EB
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M(+'R8HO3R!G6IF(]$%@:BXVZ-Q2Y,8$HO2-00`X&P#!H6N)P=S=WS]POWU;8
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MAC<;(H8TZ`W:TW11_-:$@EK<3V(U0DI.S2Q;+!V\??WAW;(LRR;38N6Q<BMR
MYLS+YMN!'I#:DR_X[$*22)%,[,D:2/1CDY.SG_+P)C#&=&JU.B=&KC+4Z=$7
M"93P7"%D[1X?U'9IC&FTTMD&CWQQ4LSLR/06&U\T%7<10JUO>J8AUE/"B)+9
M`KA]=R%C;E2%,B5(C`$(@HO$TB,-('OG:7K9WIVHVQ*LTNPV7T_8U:,UNS<D
M75+MVOBV=FC$EAD+;-V&6:.5\L<K5?*L_'SVLD;BSZVO/A,(QG-CG(UK4Y^7
MU8CEQG#51%1$5/#'AT,J<Y`2!`/TJC46]B_$CZUL?Q&_MT58/:BTA'[8DKOX
MVVMB;O'&#S;HX>6,\$D'49G9OIK?3)+7:?:[?S_I=>:Q\K6?8F\MJN\J"/'F
M2OPB\8V<DY.7HF4RI8^1D>.:HG)41,^U5\$3[2?R-+R`5RJ-()*R0U:_-*26
M25J?WR/QQ0O3%/3TS14]B2R5T;&X9FE2U`PJ9.W%JS2PB`0-<1H>];-!UDH=
M/M;&JL;R"O,_359H8IIT8Y8HI;"2N@CD>B<6OF;!,L;55%>D4BMSP7%BR,1Z
M1*J>8Y%5$]JHF,JB?9E,_P!*%4^OK-%V-YDTC=4#''HZU.+Z_/;JJ)0M;.S-
M"0YP='5R6J!EIT:!O0IQG'&C$$!98-B%O6M;SQUVOO;;80:K5PR6-G:F9%#%
M&U7R2RR.1D<;&MRKGO>J-:U$55<J(G52KWMC8KWJB,:BJJKX(B>*J6<IOE%Q
MQY#G.Z6B[QJVV5C`C0.+VA@4U89(X-3:ZB-`UNBY`VK3UB=K<AD#"0I$#1!P
M@""`6]AWK6\=\>D?JAZ9QP3>H/;^WTT%E[V1/MU9H&2/CQYD;'O:C72,145[
M$7FU%17(B*AC5K]*XJI4ECD5$RO%R+A%\%Z>Q?>7XSG9EG3'^QH#%93!H1)I
MG&&"8V:K?4%=19X>VYO?YPMC#.;(9&DBC4J4%+7U0QL1(UBL"8!@B$X=F#Z!
M].3NN[8[CW&HV&_U5"W9T>I9$^[8CB>^&HV>5(8'6)&HK86RRJD<:O5J/>O%
MN5Z'D^:&.1D3W-2615XHJHBNPF5PGMPG5<>P[GD$>HP!@#`&`,`8`P!@#`&`
M,`8`P!@#`&`,`8`P#SA\GZUOUWMSGA"8NP\KWHNWN0U#S^M*BC?'V,OO%Z\@
M1"I.-:8O\3+^=H6E?Z_BZJ7U\H;WY4VS-C4-B1MV:G+,.WLE3^H?I+W5Z<4N
MR_3O?[>QV=`[2]L[>G>V,^XGBWVJ^9V.\<OR.GCM.AN3MK7&35(Y]9:9/).C
M)'-C3G%I=^"XZQ;BC2POF31N:Q(T6)^&1?FD5N6IEN'*CVX1.G7HLG?]=\D)
MA'+QC$>AG*A[Y&2J4\\F:VSG`ZSG+CQ+.+,CJR^T-#Q:`E.3B.F7<]Q(=H`B
MC;;'T_Q6C?R'`U>43H3B8?B>F_<WI=I-IV_MMG>[/K^F%.IVE+KD8E!FYK[^
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MIE(7J@^:(;0:/$J5\W_F7O\`IG?H]G6:3M;)NXMAM8MJVE/I9K/R3)Z+J22N
MT-:MKFHZ)]M:C(W6GPQKY,EIRQI%#F:9MQKK".YI&K&*SDDB)RP[ECS55_CQ
MY9XY7JC>N5U^+*KY+"!'Y;6<+YD-5@I.+U(0;EW++.2WW(7)XEW[35=/O)MK
MJ?MF<>E,C>7N,H75>OU6SJ@0NL;\,I@.VL`42#Z3@[P]*D=9TW==_L>;MI_=
MNUM]N5Z#M1"R.M]"NQ:*38__`)9J\$44[Z\,/URO++7N\G[&-('/D=#K7O=)
M(&V4F2!C9E=YBJJ^:U949\2*JJF57RU1%;^1<]#/-HI;D!:/RV>5-0$K9O(I
M+-7&U4%,1ZQ8Y.:O<7RM`A8CT]9($MSV%/+8:X38"EO>6QL/F:]$XIVUV++.
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MY7&`CC^FE\9LRUY?:DH@B:;DS!?'VZP#R^Y(:O)TV^R2TFAPO>'??I!IM=.L
MM7MQ-[?N=M5MNZ'Z1M;;]>]=\NX=6GHZ^MKZ]MU5=;#<FT[%Q(VN_P":^<=-
MQ]*]782/3#IO*:V98\^8QO/_``O+RCGJ]6\N:M23V93CQP24=CEY!KJ$%<=8
MWS:CMD`E/&-5:;CR"?++4119:J6)6^79:XIJLAP6/*A"EE2EH'-G%L[Z_=RQ
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M34"K=).RQA7(Y;34.E)L/U7RYN+TRD(492E*YDIBT_TOJ>[_`$:BDL:GN6[V
M6OH_:[ITL^CJ5_I[++:U?1[YE9VX;'!+.V"OL[-!NR^LQ3+\TZQ.^*:I)*Z2
M&DK[!422%MCZ@V"1)7+SQE98E7R\JB95C7\/+5/APF4<B8SQJB!7&Z<)^><+
M.#94L;);%+C8*#BLMKNXH(YG)G>@$+.I98&P<@;'L2]SXN_V&<LVC+D(VXP#
MB<J`@3:;MI#!_.W>/<78]3UZ].MZSZ52MTKFLFV]BM=UMN-'1[A\K9;<VGI4
MM2EB&DD?F+329JPMA=8E^9\YK9:O#9=J[<2\W-<UZ1HK7M7K'C#4D<Z3"NSC
MECKG"<<&$\7@/)*2HE+ZU+>>;P?&N`2RGGR?3[C7&*ELFG9&.>T<^)H10L9B
MK;QWDETHY<1&70R5IBSC'HEF820,;VF=5@"%O>MOW'Z6:JPW77(_3N".UZCM
MV45.GO)]C1V4"4]K$ZUMY[#]U!JW5EGKIKWN:E5UFW(NPH2TX'201<<-UZ<V
MK;56T^"N=$C',7DQ>,:(D:OSA>:?FXM3@Y'+A=I'`:0V)'*J1PRS(!8[>J=;
MELEBA4D4-=[J(PZPQMCB&5HYOM@Y"JW>Y*,@;LZ:7M#4Q2=>N&6X)M:1*!HE
M:+0?D;^8S6=L[3O!^][4V6KDAAT5&6U`DFI;/':?.^NZKYVF;'K-M;CC\FS8
MMT(8D="_,\;9X9U6?U#YF5TBG8]%65R-7$F%:B9Y8DR^-JKE$:Y5ZIT7"H8J
M<NZ'Y=7U>-S7O5D9B+2/BFU58U\76VQ&.7?%$ZGE;/L=Y&V?(JO4-[L@:4+1
M=2G396BE6K3*"5"9J6AU^Y#'W]A]%?43T6].O3_1>GG=]N[,G>,VPDW[Z4M;
MY>I4O13:6A#?:^-\CY-6WS]XR.-[',?8@5?C1.,?L:FQMVI;==K4^71B1(Y%
MRYS521RMZXP_I$JJBY1%/GAG);SC5XV79$RKSE*^P235G=5G2-/9\)OV(VM`
MW85AM,K@=/R.O'^:6!QYNZ;FQER5ML2=*NVS'-[.V:1.C>6>J"$NOKGJO3[:
M^G^J[6T>S[0K]PU-MJZ$#J%K3V=?;C^2DKV]E!=AJT]SJJJ3LCGV-??)9;-9
MG6>I9='"JN:Q]MEI\\K+"Q.8]R\FR(]J\D5K%:KG1O=A51BQ<<(F')E3=Z0;
MH\@D_0#2M'%%FZ*/+$4>7HP&AZ`<4+ZQ9H.O00=^G6_1GP)(SRY'1JJ+Q54R
MBY1<+C*+[47V+[4-I3JF3ERP#`&`,`8`P!@#`&`,`8`P!@#`&`,`8`P!@#`&
M`,`8`P!@#`&`,`8`P!@#`&`,`8`P!@%(!>A,6GMI:U(8XI2"%2E`!22):G3*
MA&@3*#TH1[/*(4#3F:`,0=!'L`M:WOIO`*5$^L;DJ4H6YY:EZU'LP*M(B<4B
MI4E$49HHT*E.0<8:1LLW?:+0M:Z"]&_3@$K@#`&`,`8`P!@#`&`,`I`+T)BT
MYM+6I!N*8@A4H0`4DB6ITJD9I:92<E"/9Y1"@9`P@&(.@CV`6M;WTW@'"0[M
M*E>J:TSFW*'-$`)BQN(6IC5Z0L?;VC5(RS1*"`"[]=-C#K6^NOSX!(X`P!@#
M`&`,`8`P!@#`&`,`8`P!@#`&`,`8`P!@#`&`:1HE3]S5'\P2]^4\CJV>.$)3
M)K_DCTKC[9!7%K?J]6UW2:2MTE<R)O?PW!9EC2%QJDP@<0D`"XY'U!JH;<!)
MO:(YP`S)XY<9(_"^3/*OD>MIV$UI(YM(&:K*T4QF+0MA6O-.,3(PS:231W51
M1.0K<9%:=VR9\5N)SG_A`U*T-8#=?P<.]@9X8`P!@#`&`,`8`P!@#`-)$8IZ
MYJG^81>?*B1U=.W"$I"+YD[PNC[9!7)I?*W4552Z"O4M>21`_@N*QK)?GFJ#
M$PH8_%@C+&><I.;P)1^2/7@74XF478-:<Q+IFR*K)M%(982KD!)K:FML,/'5
M6OD\XF-T,4HIH-*V15[`TV]((`97QKKMR:Y><HTR%IVE&'M5IS]B`VQX`P!@
M#`&`,`8`P#@3*"E:<A41O8B5!19Q0MAV'8BS0Z&#>PBUK8=[#OZ-X!SX`P!@
M#`&`,`8`P!@#`&`,`8`P!@#`&`,`8`P!@#`&`,`8`P!@#`&`<&U)6E(4>Q;\
M<9`U(0]N^GA%F%E"%W=.W6]#-UZ/IP#GP!@#`&`,`8!$,'V$S^[$/JQ>`2^`
M,`8`P!@#`&`,`8`P!@#`&`,`8`P"*:333@+MFF",V6ZN!0-BWU["BU`@EEA_
M,$`==-8!*X`P!@#`&`,`8`P!@#`&`,`AA?>$CW,K]>1X!,X`P!@#`&`,`B&#
M["9_=B'U8O`)?`&`,`8`P!@#`&`,`8`P!@#`&`,`8!#,OZMQ]\NGK(L`F<`8
M`P!@#`.A6DN>FNNIHZQ^9QFNW5HCKD[DSF9QA7,XK%"&I.)P<'M^BZ&4PE6\
MMJ%N3&C,*+=4(M:UW>)]7IL#`=BO+F8JX%Q6Y0L=<RSDC;,C@JFM(^UPI'#6
M9!6UK6DP((<ND4(GG()G0KK"9Z4>/;+BTZFJ`H;WH2`HS>B^XT#++BS:RRZJ
M*A=@.R\QPD2I1+XQ,!'PPNO5""=5Y.))7DZ8U$/3SJST3.HCLOBRU`/RLB>D
M2@2;9Z96>G-+'L#(/`&`,`8!#"^\)'N97Z\CP"9P!@#`&`,`8!$,'V$S^[$/
MJQ>`2^`,`8`P!@#`&`,`8`P!@#`&`,`8`P"&9?U;C[Y=/618!,X!;>U+>K2D
M8MN;6O,&F#Q33FA9_;;R)0%'[3<]F!0(^J8A09XRK9(NWZO3T?3@'0'GEGQK
M8*AA5^.UTP)+35D&-15?V+IY+4QN:FOB!Q=6@N+JT@3QO9C@U,ZM45I.$S8D
MR8TW]6`0M`7Z;')"\-S>[MBDM:VNJ)(Y-ZPGKLI6A7$%JDBDK8M!%LL].:$0
M>NM;Z;P"MP"&D4>8Y='WV*2=I0/T:D[,YQZ0L;HG+6-CTQO2(]M=FEQ2':$4
MJ0.*!282<6+6PC+'L._1O`+66#QTIBU"VQ'8<$9Y4RL\/70=NC3H6,R-I&-9
M((1*4XT[.6(M*0\L;_7;0J:EY>@K&H]+H:0PD8A"V!<2%0F(5O%&&"P&-,L/
MAT8;RFJ/QJ/-Z9K9FA`3L0@IT2%*`LDH(C!B&,73N,,$(8]B$(6]@=HP!@#`
M&`0POO"1[F5^O(\`F<`8`P!@#`&`1#!]A,_NQ#ZL7@$O@#`&`,`8`P!@#`&`
M,`8`P!@#`&`,`AF7]6X^^73UD6`3.`6'Y.5]/[8HBQJPK.2IH=*;":D4-,E!
MZQ<W'L<2D;TV--B.#,X-J56N0R@FO53I[(.+"'93IM.+9A6M;,`!BKRXH*:V
M7'8A7E:T?`UL)H9"TNU<*'*][7H/:!6]U7;U5#*@#S2R(]WC*ZIFEP;-^$O3
M+D+FV/!X$ODUJ(HP8&;]0QR50^IZPB4ZEY]@S>+5Y"HY,IZI3^44S>5,D:;&
MR0R]0DV,S:8^2NZ4Y:,ON%V".WKKOIUP"X>`,`AWW[.%TZZ_AC7]'H_\T1X!
M,8`P!@#`&`0POO"1[F5^O(\`F<`8`P!@#`&`1#!]A,_NQ#ZL7@$O@#`&`,`8
M`P!@#`&`,`8!UUZE\3C2Z/MDBE$=8'*6.?L6+-[T]MK4NDKQX0E'LF/I%RD@
M]Y<_`!L?@)@F&]FM[[>F`%\NB;4_L<4=)/'6V4R<MP.C4:7O3:C?Y"2TDZ4.
MIK&S*%);B[%MB<6AJ!)RS-$@WW#Z:].`=BP!@#`(9E_5N/OET]9%@$S@#`(Y
MX^R73W<M]6-P"J2_Q9/^\%?W,.`<^`,`AWW[-%_?C7_E1'@$Q@#`&`,`8!#"
M^\)'N97Z\CP"9P!@#`&`<"E2F1)E"Q8H(2)$A!JE4J4FED)DR<@`C3U"@\T0
M"B2"2P[$,8MZ"$.M[WOI@$6QR6.2<A<IC3^R2%,V.SBPN2AC=4+L0WOC0?M,
M[,JXU`>H+2.S6IUX:A,9L)Q`_JC"'?HP#D8/L)G]V(?5B\`E\`8`P!@#`&`,
M`8`P!@#`-1O-OC#R`L_DY7MI5HSAE\=3UC"(*PH7$JGG&#U]/([R%C-F2"6V
MLSVBV+Y2LK^0PYO(Z_!/<_\`M2/I/J`-"A5I`.MSFB+_`+*YOM?(-C@4F,A2
MR8\?6AA,G:"CQQBO(QQUMJZV>X5DG:I04]6R0IL&-/A+_7"R('Z`)>YE*7/2
M$)9X#@-RV`,`8!#,OZMQ]\NGK(L`F<`8!'/'V2Z>[EOJQN`527^+)_W@K^YA
MP#GP!@$.^_9HO[\:_P#*B/`)C`&`,`8`P"&%]X2/<ROUY'@$S@#`&`?@N[01
M=NM;%TWVZ$+80[%T]&A"T$>PZWOZ=]-]/S8!H8@7)^^>4M5\U*TM!AB,WW"J
MYE)*B+UFLA3=(6N6;>4P&IKB8HM8ERKI[%F(T+@4:K/9CM..V0@`4RP]R.:T
MX&3/REF/3704J7@KV208+[,(LL,72%CF$4%+G-'3%6M,E=TL9GD4ALH3J4<M
M0N"1Q<%250)X=25*OS9VQ[+(`V<,'V$S^[$/JQ>`2^`,`8`P!@#`&`,`8`P!
M@#`.,)I0QF%`,`(PG8-&@T+6Q%[&'O!H>M>D/<'?777Z=8!R8`P!@$,R_JW'
MWRZ>LBP"9P!@$<\?9+I[N6^K&X!5)?XLG_>"O[F'`.?`&`0[[]FB_OQK_P`J
M(\`F,`8`P!@#`(87WA(]S*_7D>`1\Y>7".0J82%I`S&.K#%I`\MI<C=26*/&
M.#6TJUR,#\^*-A(9F82@@.E2L>]`3D=QF_0'>`::$'*+YBYG'F5SI?5TB)ER
M2>5^T15U!0;!T<&5PE%F*)\_*8KJ^36K=6,];MD:7$203RG3Z7+C4X3SR>Y<
MF`W@8!\B#H01!WH.]"#L.]"UW!WK>NF]"#Z.X._RZ_+@'GEIQ'.&;C=R;X[V
M`P3D3_%.+RD32QVQ,;:C$)=(Q'W=Q9'*85^W3*B.*HX>TQ@!12H@EKFRLQMW
MI&ETN2%B3.!@&;WRJIE/YA2UEBGUB*+54L%RNL?:IP9,'J9(W),AA<($YIF9
MPD5QW>[#8DLA-6"1*-NY!"Y*:6H+2%;&,9H&R=@^PF?W8A]6+P"7P!@#`&`,
M`8`P!@#`&`,`8!"H/M9]_?&[U$.`36`,`8!#,OZMQ]\NGK(L`F<`8!1N!)BE
MO7)RM:V:>C4DEZ%OM#LPTD8`:$+IOIKN%KKO`.<@`BR20"Z=P"BP"Z;ZZ[@@
MUK?3?Y===8!RX`P".=$QJM'L@G0=F;4(3/K"[==B=<F4&>GIOTZ+*WT_/OT8
M!(X`P!@#`&`0POO"1[F5^O(\`ZW:FCMUA8^DRF+(E&X%,-)UDY[=0E(=\/./
MA*9AL8@@^%B#.@G#KO6O*:,Z[P#RH,E:@#QALZ-G.<EW6)]LT4I;G[\.JL#$
M@L"6L^1+N\H_8.J(`RG5H*MUB!D\[MM,++D.O%TH+CXQ'F@>NS`.F6&6D.A$
MF)73AQK9*>TJ"#9XT.$;:G6+>-VE%NK<X3!L>8PD6D&#UHL2Y(H3]^]:$`77
MI@'G#I[BY/K(K7EE`H4GM)HGEATVT.RQ27%6R&2N$2Q#+WM5KCG*)E=5'QF-
MS>6*1&[=0K694V,!RY&6,X")$H2+U0&XC@1#N6$*K.9MW+F7O$UFKC8&Y!&7
M*0IZD3/+5&GR%0YP6Q#K3$?CD4<FB&2\YS;$CBI(]K.>DHU)_0HQ/@&:#!]A
M,_NQ#ZL7@$O@#`&`,`8`P!@#`&`,`8`P"%0?:S[^^-WJ(<`FL`8`P#X+*+*T
M+198"]#,&:/0`Z#W&&;[AF"Z:UU&,7IWOZ=X!]X`P!@#`&`,`8`P!@#`&`,`
MAA?>$CW,K]>1X!9OE)&OC+CY:\4TV3EW'(X@Y,I**N7!_;Y5YER!I(E5)]Q:
M40Z0N+6@4'!/<4"1<`UQ;BSTWA*-&[(,`\[C115U@XP6'`S^5O)%5*U5@TVU
M-51?M"\U#IJQ*T$(O:-/]$]YM.`M]MB,LJ!R;1_N#0:W+IBR^WSP%(TB=O.`
M]4&`6_M5A>)16\UCD?C]?RIY?(ZY-3?';52JE];O"A<0)/I%-6]$@<U3A'30
MCWYE.`@8CR];+ZA[N\(&HRY^.#]Q5HF220%]\S65VF4R@C3'JU^794BY=7]?
MN244A6@00&AGS\7Q5_7CZ$\P$E<%$A:VX0$Z31:AN.$#Q0,N_EU/=IOU'OBR
MW%$O4R0%BOA"`Z=K;=/E1D>+:(^)K,?&ZW87%5<==3=C,$H0,BV1L!!NQ;3.
MIXQ'%$`9PL'V$S^[$/JQ>`2^`,`8`P!@#`&`4#FZ-C*A4.CRXH&EM2!"-4XN
M:M.@0I@C,"4`2A6J,*3DA&:,(=;$+6MBWK7T[P"C426.(VA/(%;^R)6%7I%M
M*]J'5"0T*=.)A13?M.Y&GA1G:7FG`"3VCWXHAAT'KO>L`F\`8`P"%0?:S[^^
M-WJ(<`FL`8!JTYS\O;9HNVH3!Z]2*6>)L%+3?DE;,V^`H[/T1$&@5D5C"'1L
M<&Q^M"L7$I@;FR:JECEJ/;=Y,</:/2%+]4PI4!VGD?R6MVN[Y-8(8[Q)!!JP
M0</W*50MVBYCO);A_:SY,R?CVN1,,@"_H#(MNMD$:]H(Q)T:P2UT5`(4ZT1K
MM$!LBP!@#`&`,`8`P!@#`&`,`8!#"^\)'N97Z\CP#`OYHB1Q5\2733+/&ZLG
MXFXN.)D?GLG5+"*YB3X;?==I&R2VRD0.S`I>JOCJI4%>[H0N#=M22FT'2M*+
MHH+`TE-=?<<DW`2=7`1R;CJRP7AVJAC=&L5KHAJH]R@C0KFA+!=A4Z`Z_%*:
MS)C;LK<K.,?3&_VH?"6(#86D\J4:LP#UA8`P#!'YB;,O?>/A+<T5ARMM=Z,L
M"+#9F+A_;:FF+):'$M.\;*DTDER>:1$"FM&LOO`[-YI#^4K&<1_@A8(`=E`4
MGRZ8_:,<H]\16TV2MHDAMBOBI"@FJ>T-R1-'S6B/@:R7=[M&=2Y5+'(G99@#
MW-I015E4&Z%HAF3#`:<H`SB8/L)G]V(?5B\`E\`8`P!@#`&`,`PAY^5&*Z*5
MCT540:SK&8FNWZUFDFBM2*Z>^+U;3#W8Y[2+`QR]F-\KB=-+3(DR!4K9E02#
ME)16S"#!&DA(.`P5N6/WH\\3>/\`Q]EW#O=S7?%XW$FV6/++`Z:=:QHQNF=?
MV?%EL[B]7.T\K.G[+M>$0YN]C&,3?Y2/MKZ_D+$N]-(?#&!N)JB.(H?5M:Q%
MM32A$W1:`0Z.($<X7)'.:I$3)'6YL2II>Y(%2Y"XR@@A*$#@>2><4<KT8,`Q
MAWH6P._X`P#C"24`PTT!80F';!LT>M:T(S98>P&Q[^D7:'T:_L8!R8`P"W4\
MJ"J+261-PLJM8)/U\#>0R*$K9E%&.2JHF^@,2G!=HZH=T*LUG7^,A(,V81L`
MMF$%"WON+!L('64W'"B4\C9)B;5$&<YA&)=-9W%Y8^1YM?)+%Y58CXKD<P=H
MT^.Q"QR837EY6C/&%(82`(^FPZUO6MX!>O`&`,`8`P!@#`&`,`8`P!@$,+[P
MD>YE?KR/`)G>M;UTWKKK?TZWZ=8!\]H?[4/^YK\W3_@P#ZP!@#`&`1#!]A,_
MNQ#ZL7@'2K9M6/T[$OBV0-<N?PJ'IDC;-'()%G68RV12*1N!+8S-#.QM!)I@
MS%"D[N-4'C3HD9`!GJ3R2"QF!`J:HM*&W57D7M"OUZIQB<M1'*VPY>V.#*YI
MS4:Y4U.K6[LSJG2.32\LCP@4(UB4\L!I"H@P`M=0X!</`&`,`8`P!@%(<D"<
MJ1JMC$$2/S':#6M=H_,%A+%W;WZ==N@^CI@%7@#`+<S>X:DK)UB3#9%I5U7[
MY/W`;3!&:;3:-15UFCJ4H;D9K9$V]]<T"N1+RU;PD*$2C`<8$Q42'>NI@-"`
MKG:SJW8)I&ZW?;`A3-8<R2+5\1@CK*6-OF,I0MH#3'!9'8RK7$O3TF0ED&"-
M,3$F!+T6+8MZT$70#O&`,`8`P!@#`&`,`8`P!@#`&`,`8`P"&%]X2/<ROUY'
M@$S@#`&`,`8`P"(8/L)G]V(?5B\`L?RDK2V+=IQ]@%.W&714F?%[(%VGNHP[
M2=PU"TKD0KF$:9=L,T@+]&G67,I)C<%Z;W(AR:BU`U",12L)!Y0'<J-@FZPI
M^N:\TG@Z0J&Q-ICZ5+6T3<X-!4R%N3A(;R(U$WJ4S=W96\E$$L/AJG=P/$/0
MAC.&(6]X!=7`&`897["YHMY,<(;`8)#:&XM&K1LQBG<1C[HJ(J\++(^.=U%M
MLKL!G;$18G1<3,B&A`V'.:DU"C5*@:()`J/\40%ED]7POD)S>J+D/%(S-D$$
M@51N%FJ+*`OLJ)M5G62]NS]4D%@CBPN"YJ9U+96T68I`ZN38<@UL]:Y,BPS6
MPDE[,`V;8`P!@#`&`:TN9/'V\+%N:M+&HQF<6N;,T.3PF.W(WW>ZPYMJ8Q1;
ML`F\K4SVF#&LZ.V]"9%%HJ,K:78URA2K(+2#2I2C@NJ("U%J<;^0=T<SJ[OU
M##%<8@S),*33&HW6;L+3'RF'C9<M\G.S]:<""U.4AGK_`"Z)SW3K6REK6I2F
M=6YZ&Z@+"FV%6!N$P!@#`&`,`8`P!@#`&`,`8`P!@#`&`0POO"1[F5^O(\`F
M<`8`P!@#`&`1#!]A,_NQ#ZL7@&//*R[IA0\&ATHBE:@L)-)+FI6L9:K5RANC
M+;!8K;-JP^LG"9*`G%K'>0KVXZ7%:1-R),/:A2(.SSDQ`1FZ`M_RFY!6KQ^>
MJF2P>$5]+8U+))$X64QOLO=TMIV1*Y)+69A#!:AB3,RKP'NL;A9CE)W5W<C-
M-:)O;!:4:3IO,N"(#-W`+77-<,(H6N'ZT[$4NR>*Q]1'T*D+`P/$I?E[K*Y*
MSP^,LS)'(^C7O+R[/DF?T:-.0G)&,9IX?H#UWH"VO[4--.<GX^P%Q?7J)V/R
M(&_O=75K+XC)(_/E[;!8Z^RV1KY%&5[<4OA;>E9H^H$6H==)2E)W821LPT80
M8!7N?*6EV&]&CC@K>'<FQ'032WD:3Q*1FPUOD,@C,JFD9A;I-B&P45:IA(X;
M!G=S1-QJD!QJ-`(730C"`F@9&8!@7SUO:Y./==ZLVIG&!J$-?,+_`&'8\.?(
MNKETL?X5''>(I'9Y3D))Q#SXA5T.9GA>NE<B3)G]R;2P(](VM88;L@P"NIVP
M.0$MY>7_``MPL*O9AQZJ=@CJ813=5+G$Y>U6G90$4^BT$33+\1Y&URE%!*<6
MMRUY6":6\2Y3)6_9`"=$*2]@?/%6?\@9[;7)Q%8%C5Y85/53.&ZIH*\1>I7.
MMW]QLIG0[D%J%*%2FS)RB>(O""I$TQXH\*=*>H?D#ML6@%$DZ&!G1@#`&`,`
M8!0C=&PLA4J,<4):5":,A<I&K3A(1GE[!HPE4<(S1:<T&S`ZV$>];UW:Z_3K
M`.92K2HRPFJU*=*4,TD@!BDXL@L1Z@P)*<D(S1!"(T\T>@@#K?40MZUKKO>`
M5&`,`8`P!@&,G,YSEC/Q6O9=!ILJK65ZKQZ2-%BHV&8R53`S'$!;<IF)337[
M6\S(>XTB5FK-GH$QAJ/1.U&]@`4(80-*KY=MO(8Y2+VU6#.GEGKF97@T0BO&
MBV>6Y[ASS<&R^ZB9(K*:CN'VB[+).G,C2]T3-<9D3E($(BQ*E0"E4?+V\)P,
MW^45TF@Y(<=SJ:N2>N4D*N>JH)**DCCU)4T3D,"'<$TK2[%D.BC?"U$)MZ7Q
M=U0F$3KVT]@_#V.,GM-*!&M/*VX`;9L`P8Y]<U6+A13:B:%ML?EEDO1+P=`(
M"_RQ!#D3RWQ)*G>[`D[L\K/%-1QJ"Q<8E*D9!)YRE:<B0%!\PN)P"J:N2%HG
M<OT5!+H;7+E!I%%Y3+VI=#9DZ2.PX9!F!M8-QFU+12$M`(G'8K:\L7N#*P-F
ME6G(XQM$K)&L*"X%M@'0*/YS.ME\JI)QUE$8B3`H.'R''%V-H=Y$LLN%(N.M
MD0V`&J[G9G)A0,;,7=#/.$<HBHD"DT!C*(.]"5!,TI"!L#%]X2/<ROUY'@$S
M@#`&`,`8`P#!A\YHM<3G,FJ*+\?>1=POM8M$"U-7JKV&KCHPT.$WBR>4LC/I
M;.K:@CDL<?81Y1YVR$AB<K1P`^+L?<$.3!4L6&JZ%N41<>*)^M2$V?<6GTTK
M8=C+Y<CF\D3@]W3*IXM:J)U1>BKGH=+G7)Q+94?U%IOP(YFOK"%_A\HTWF-5
M#HPZ?H#+V*>Q%P\=MY,(U7<SRV-(5@0=_A&B(T`T(RA#`+V^EWOV/TM_$C/X
MZ[6_S7_;E_N&/4@/KV7VRWWC*^&/S,'2SF!=(A1*1MMML4,!$8Y*7"*N[[`V
M5E@G,J,L0X.ZNL.1'JFY4F4$J]A$6=WD"\'3Z7>_8_2W\1_'7:W^:_[<O]PS
MCJSE^V61;#33;[15_4W+)%!IE8$:46PQUPE8Y"RP%YA#'*4S>O@5H3\XET;E
M5A-@]%*B4X#2C1;`,6P;#GA/5GK(BS-PB^'5%_4JDMJ]_JMTY[=;+YCHT17?
M"]N$7*)^9K<^"^&3`:70+D]S*A/(%&#D^P1IK:N3-PPB#5G/N,%"7/3[4AH6
M\5S-"!R)@E\7#*9*KU\'$K-JC'8)Z5S$%23Z"0$[E*>JCM54F5SD>N?=CHJI
MX8^SWFB]Q]_7=%O9-<V&*2LSCXHY'+R8UWYD<J>+OV%Z)CVY(*MN`]^5[%.-
M[,@Y_2Q.CX^SVP+#3%,''[CVU19`[V!&K:CTA8Z\:546=M0V&,2NUUR=H:5J
MAW2-#22!$2`&RB#",I-'#A%YN5?;X?AT_20+_5/9>8YJ5X6M7\N4>JIU3Q^-
M.73*?['7K[,%NF?Y>7+>4\BH)RIL#G>WBLQH3LRU[DD9XX4ZKL!F7QF-SF%M
MT'KJ>*4>V2/U`_Q^;G*GMC/9%NU;H<J.\80CR#4EK=&Q515>O'_3VX_J7^D]
M9O52TQKFQUX_-ST5<XQ]K4=U]O7FWQ_+TZ[&N-EOS:*M?,PGD1<"FPX_QDLP
MD/XEO4,B\7=4-<_LTT[=3Z)X9*V8&IK<-L"Z8.8BS$Z':HU,$`-Z,&'76&O5
MVU;*PL55:B)X_:F?L.E=K;B;>Z6/9V&L;*]STPU%1/A<J)T57+[/>='L+DAP
M=O@J%N]G41==H$Q@\$C@ZZ6<!.54@"U;=2V]8-2U&.%%G;"A=P(49IY&^J=5
MM.0(T`]E%[#3Y*Y^Z?\`<IZ+W/VXBX6]5RG_`#&_B2,CY,<1)/'9W%U]4\ET
MK39KXDDT^TS<).7S(ME4A1)HV@)>W=R:Z42KE3MIKB#8CVIV9X_E41)6AZ"6
M#6GR5S]U)]RC^*.V_P#/U/\`J-_$[?'.:'&>))EZ&+5GR1CR1V?Y!*7-*S<%
M^6C>2XR:6.ZM_DS\L+2T>6%2[O[XX'JU:@>MFJ%!HACWL0M[Q\E<_=2?<H_B
MCMO_`#]3_J-_$RJJ"WH)>L!:K,K9Q<W.)N[A)6@@U[C,FACVD>(;)WF%REG>
M8K,FAAD[$ZL4HCZQ&H3K$9!H32-[Z;#L(MXSFN8Y6N3#D7JA,Q2Q3Q-G@<CX
M7M16N1<HJ+X*B^U%-<'(U>I<^>E-L43:^2;3)XV3!)D_64F9N0"JDE;"@'/-
M(./M=!B,:4T?J2VXY#UN>/LM6IVYD92V_7B&K1(M-]#TP61^7X^6E6=872V7
M^X<@%JBP(U4K3&]@B=ZQB;JKW>JIL9=;4!B@+J<'1R77JC71,M2[S%K6,]?O
M+RL1:;$K::4H+-`RY^7&EE;8P<@VI0WV855!5VIW*BG*S6BX(RZ&05SJNN=.
MK`3&;_<7FVD[G'9HC<=/SBK5#:WF2*7!6WE)2AC2D@9Q3RU*QJU*WK+,L>`U
MTF=SCTK0IGDQC\/2NJM,4$Y0F;U#^X("UAQ!0]","5WB`'>M[UTP/$\SBR:U
M'$FV_'")T=3\HA]@/W&PJ`TE.;*XTOT;K>TXNANIGLJU9E"X]?29MY4P.%-T
MC1O(GM[5[D$SD+@@2B.`4VIW%F%<+[B\G(RZN,CSQ@HCB[$6U!?3_75=0:!K
MY[8DXHF8K:)8I?3[U'W*SW&MG*]&&)6%>C2TM1S4TH"5!J2-/3D6IVJ*0E[`
MK#"^Y3=/5G(;C2M9J_@,2Y"5A)7P3)'8VQ,:^XX')[$>%:5K2HTR-T*;Y(O6
MODL."1_"]E>*,Y3WBUL77K@84R6P4//M7!\<E[#RGD2YOYLQ>K'5ZKR,$P6;
M0_F*\S]Z>V.QI^H4\E;C1*$T$?W"#SQ_5HTCK$JW7F'E0-N1B==)B5`4C2!<
M*3/TAD_R^J=J6W%'(AGY"QNJHNX/"Y!$N1$T5,<H>XG;T4J"Q;RCM-.<7NEX
MBDQ=X&>O0LNURAX9)")G"_\`147H\T#;90*F9+:(I578K7(62P552URHG3-+
M7%&[RIJF)T/9S),W25V;DR)`YOZ)Z$>6L4$D$E'*`C&$L`=Z#H#6=2-!PFY4
M-KV)8<FOAWEBSE1R]9!+&SE'R8B3<C9H7R=M>&Q1H:(Y#[;8(TQ-3!&&%&B2
MIT21.2420'6@]>N][1KJ%2:FR25B*]47*]?>IPCO'NSN'6]Q6:5*T^.LQS4:
MU$;A,QL5?%%]JJI>G]C2E==_1UY#_NF@Z'_^8W+[Z^@@V6'0O\^?UM!+%L.O
MS!WO7T9F_2Z'[M/T_B:Q_'?=?^<D^YO]TH4'"&@VI,:B:S+X;49RI<N.2-_+
MOELB3'+716<O<UIQ":[RBC5;DN4&'J#1:V,XX8ACWL6][Q]+H?NT_3^(_CON
MO_.2?<W^Z<O$UD15/R+YC0-D?['<H#%JZXRS1J8)Q:EEVKMF=Y$CO,N4*V)=
M:,NESHU;>TT60Z/((4%)S!I@"V#0NHMZYM8(J]A&0HC6\<_I4[1V%L[^WTSK
M.PD=+.DZM15QX<(UQT1/:J_>6B?[DG?-*D(TX3GY:<8L^I;<KYLDK`AG7(6K
MBW,<,L5A;7I*+MU'37.+NCBS*4VU(4BH!I1@>WQ1=FA95FIMO8CV\>*IGQ7V
M_P"HI8]0>WJMA]:59O-C>K5PUF,M547_`(B>U/<AU1)";19)?<5@0S@U9L!F
MUZ(7Q//GJ(_,;?$#:>Y/,);Z\229H@JAT55RRR2)11H1IV%2F:"]LFDI>T>B
M?K=UWT>[_9^]?P/#_P#I';7OG_W6?^0N%!W&Z(!8C]:<>^7^Z#G$C3/B`]SD
M'-]ME3>R(Y8^(9/,4L+C<D)=8U`$DTD[:F<GDIC1MY;FN3E&J`F"*+[7T>Y_
M9^]?P*IZD=MJN$6?*_V6?^0SCXV7;^T1740MD<07P%8]DV&P.\.<G9M?E3`_
MU[9CY7,B0^VVCHVNR73[$U`TZ@K00FD"`+80[WL.HQ[%C>L;OS-547_4;M5L
M1VZT=J'/E2L:YN?'#D14SX]<+[S(_+3W&`,`8`P!@&A*V+4K"OK2YP);`Y!(
MJ!`^3OAVA22(-@(ZU4+S%U'0Q*VQ]\L+3!*G:K8-,'D@#2ZRI*B"<T)U`Q$G
MDG=@M3VK>QE5Z/=Q^/\`H]C?;[,^!R7ONK9L;VNZO#YJI63V<E3XI<JC<IR5
MJ+RQU3P14PIA)`.=5D.,JX;*''D:T2.7S5CXD,JB+_C+7$>971A=+2L6(<G9
MY-*V5(TKU:R&95]'MOT9DZ`D!;8V-J=:M*83U/@NF:VP[G&O-/!OM3W_`!+]
MO3PZ>SV>W6)=-"E>TQ*[L<Y51>+D1%XHL3%7&&JCL(Y%>G5V,O\`%F?Z"VZP
ML/G&PRN`\O5FJDAU,-]J39G1<@V)PI6PWVSQR"O*KB;!%CEYC"F;8^V05^DC
MN8C,TI,=#FH0A!*&>6;D^8QUI'-?\")E>O1<]$_4OZ"&6G:AT3H):Z_,ND5K
M<LPYO%4<Y5Z(O7DU$SGIR3"+A4R4;;!@,JYY\=-Q><0Z2Z;^-/+KVAN/R=D>
MM(?-3WB-Y7:W;:N4^5TI\L9X?B=O?X8NG7MWTC=Z]CVQ\51>KOU(;OZ55;%>
M>[Y[',S'%C*>YSRP<+FS&.A.;<#CELP.#VP]W[\P9FA(WF?Q^+.C+,)#:]I$
M0UU&8L<TRUJT4Z+DJ@M3VZ[`=IH=].F\R->]OTY&HY$?A<?TY4A>\*LJ]Z/G
M?$Y]5'QJ[IE%3RX\IC[<*A8CCM.*4KV$W#$)!6T1CU772;'V6N^,DH=JF4MS
MG)*ZXR-ZJTU4MCQ$N>8DQ,%HS*%F-A2Y48,I]>"@KSN[3D6I/]87-8US7(G%
MR]&]/=]W^GVD?L()K4T4T#W^;$U%=+AZ?[7@F/C]J*F.N.B85JHF5O"1#0W&
M_C?`('N>4=%9B]IU-E6TVQV7UXR,P;AL<P,IL8EK:61U*9VQE97]<-K;$J4.
MDZ1J0)B"^H2];WDUEBBB1%5J/7JOAX^WP(7=QW]A?=(R.5U=J(UBJCE7BB8;
MGEUSA$S[UROBJG65,ECDCHSYU3E'I`QOS<X$3H*!P97=O=4*T2?Y<M'IE`4B
MM`H4)U`B%"<PL>@"WL(P"#OIO6]9K.V<CKSE:N4PW]1W+T_BDA[5ACE:K7I)
M+T7_`-:F4M=7;3!5>0$LVX*M+,+A,3`,L=AQ$(P#"P-^A!&$3QH01!W].MYM
MC)8N*?$A\_6=?L%G<J128S[E.Y?CC2O^N.J_]HD0_IG+O.A_:0\/IVQ_=2?<
MI^ZO&E>NO\\55_3K_P"1(A^?WSE%FAQ^9"K==L>2?X4GC[E->#VX0N0?+`FB
M9Y=(ZZ0N2\[WY(_>:=$!L>>H-(/FX[3OY;@H\SY)7&'B,+3PJMB'M,<A-'W[
MV4+?74'<';1>6%8LW^K'(^CH/F(>Q6>5R;:9K.F,HY')$N,*F%147PQUR75W
MQT^5WKN!JM^&P0;V+J#7X7A!Z=^G79I;H/\`O9LR0T,?EC^YOX'#7;/N[DN)
MKN,_O)?[YQ&<;_E:F[+$;67#$T1.]")$:75A@B1:`,K0B1#6"V4/11@@]0]-
M]HMZ^C>]8\C7_LQ_<W\"GU/N_P#?7?\`J2_WC'GE[17RYV+BKR3D$"@G%-MG
MC+1=I.T,=8P97A4H;I4VPIX5QU='5#<M]I$OB-V))&D$GWXP3P@[/K=,\;$-
M%('JUL?+@N.B>.%^PDM/L>Z7[:LR>:XL*V(T<BR2*BMYMSE%=A4QG*+TP9F\
MJ5=5J^7'#8VSU-=J8\"C>8.BS+`-C!S*!Y->N)HB-%"DHA(0.AB31^P=O0[9
M7B=/J]V0NG5GS*\\8X?UH=.]26V5TL?RJ.63YE/!,].$G]>#M/B<+/[;BM_]
M09LV:WO;]YP[AN_V9?\`=3\!LWA;O6M;'Q7WH/7IK>Z@Z:Z].O37Y.O3&:WO
M;]XX;O\`9E_W4_`Q]Y#CXP>1HD5?;H#XJ+YD<,C6[<,_#?XB``KDO6@UIB';
M%_A,(2V_1NS1%_03H>Q?5[LC]FL'R;^"IRZ?K0V[L9NS3N6NMEKTBR_.4_Y;
M_L]^#O%\R3<OYC3R`2/EO8E#0:&\<Z&E<5C\`L^`UV@>I/.K%Y&M<R>%Y\EC
MCRM?%@&R",A(0@.T4E`'70&A';$*(UM6M91_S"XQC'54\<_:='[VWVYTKJZ:
MEO))$?R^%KORJW'BU<>*D+\&UW__`$LY!?\`[.T__P"Q\E/I>N_:_2OXFA_Q
MWWE^Z_[;/[A\ZA=<:$(>OF4W_H8M!T,>N3=.Z&/0>O9H8]0;N&$'=OIK>]ZU
MUWT^G>/I>N_:_2OXC^.^\OW7_;9_<)_CU)!17F5':\8.6=B7U`I/QBN&:2%C
MG]G0*PT+'+H=:U`L44=D"F-1UF6,JLYGF[P0(!APBE0-]>S8B="U%;*K7K</
M(7.<YZY\,&^]E;W<[KYCZLWCY:,X_"C?S*_/@B>Y/$_.+%K5;'H5:32_V77S
M&ZI^7/-T:AL>)I&FQQ3A5<N[I5IA'HESF0I)TH2G@-!W!UWEC"+776];R<U<
ML;:,:.5$7"__`"4Y9WW1N3=TVY(HWN8KVX5$_P"7&ADK^.%*?ZXJJ_VB0_\`
MIC)#SHOVD-0^F;#]S)]P_'"E/]<55?[1(?\`TQCSHOVD'TS8?N9/N+'45+HG
M).3_`#N=([*(Y(&P5(\6$6G)C?&MV0;6$MW)$TY)I8WJE";:HHHX`A%]W>$(
MP[WKIO6:KN7-=:16KE.']:G?O32&6#0O9,U6N^97Q_\`KC3^I3K7"^Y*@;N'
M?$YO<+7K-`O0\:*(1KD*V>Q5*L1+$M6Q4A2D5I3W8L],I3G`$`PL80C`+6];
MUK>LV2M-$E>-%<F>"?J0XINM=>?N+;VQ/5JV9,+C^VIDM^.%*?ZXJJ_VB0_^
MF,]O.B_:0C/IFP_<R?<?0+PI38P_YXJJ_2#_`/(D0_/K_'&46:+"_$A?'K;Z
M/:JQ/QE/8=#^6^O0N'&V(J4"U(N3*I[RN7)5*)22J3J42SEQ;YR-8G.(&84>
MD5D[T,HP.]@,#OJ'>]9H]I46S(J>'-WZU/J;1-<S24VN3#DJQ(J?^QIL%SP)
M48`P!@#`&`19[&RJCO,*6=K4*.W8/'/;TAQW9OKU!XIA(A]N^[?HZ]/3@KE4
M.+X<CV]#UMA9NA@MB'KV6AZ#$+8=B$/]P^L+>P:Z[W^;7YL#*D:W02$-#<A9
MVJ'19M:6Q.!*W-B!@:DB!`F*"$!:=&D(2`(3$@`#6M!`'6M:UC"#D[WJ2R5B
M8T(A#1,S4C&/6@C$E;DB<0PZWUT$0BB0;%K6_P`F\!55?$XCXW'5)HSU+"RJ
M#S-ZV8<>UH331[UK6M;&880(8MZUKIZ=XP.2IX*IP?#,4T(17P]'M"V#0Q%^
MR6W0MEZ%Z!"!Y?KL'=KZ?HZZQA!R=[U/K44BV_3J-L&];].MZ9V[T_\`A\IA
M"O)WO4KT[2U)"MD)6QO3$;V+>R4Z),25O8_0/>RRRP@ZBU]/H].5+555\2@^
M%(O_`%;8/YG;OY-C"%>3O>IP'1Z&IS$Q1['&2#5ANR$A9S8U%F*CPE&'B)3`
M&0$1YNB"1CV$.M[[`[W]&MY3"%>3O>IS_"D6_JTP?S.W?R;&$')WO4K_`&2U
M:3>3TV-_D_#\+RODTWEO"_Z/P/#\+P_['3IE2W/M]I0?"D6_JTP?S.W?R;*8
M0NY.]ZGS\+138M@U'(]L0=!$(/LAM[M!%L6@[WKR_76A;#OI^?IO&$')WO4^
MPQ:,`$$8(XP@&`6A!$%H;PB"(.^H1!%I/K>A:WKT;RN$*<G>]2M5,[0N`$M:
MUMRPL`N\`%2%,H`$73IW!":4/01=/1UUZ<!%5/`H?A2+?U:8/YG;OY-E,(5Y
M.]ZE,G8(6KVHTD9(NJVD4F(U6D[:U';3*RM`$:E4>&2+P5)03`[$`700="UU
MUZ<80<G>]2N)C<=3&@/3L#*G.+WU+.):T)1H-]-ZZ@,+(",.^F_R;RN"G)5\
M54Y53$R+A`$M9VI8(O6PEB5-Z10(`=[Z[T#9I(]AUO?YL!%5/`H38S$B"C#S
MX_'"222QFG'&M+864446'8S###!I]``6`&M[WO>]:UK77>4PA7D[WJ?A$;B"
MHDE2F8(VH3J"BSR%!#4UFDGDFAT,HXDTL@0#"C`"UL(@[WK>M]=8P@Y.]ZD@
ME8V1#L8D3.UHQ&:T$S:5O2)]CT'?76A[))!L6M;^CKE2BJJ^)PG1J.*#1GJ&
M!E/.,WW&''-2$TTP73IW#,&0(8M]-?3O>`BJG1%7!0JV"%H$XU2YEBZ)*7LL
M)BE6VM*9.7LTP!)6AG'$@+#LPXP(`]=^D0M:UZ=ZRF$*\G>]2I^%(M_5I@_F
M=N_DV,(.3O>I7)6=I0@$6B:VY(6(7>(M*B3)P"'TZ=P@E%`#L7373K].5**J
MKXE$*+1@0A"%'&$0A"V(0A-#?L0A"WU$(6]I^NQ;WOKO>,(.3O>I2FL$+)4)
MDAS+%RE2WQO)IC6UI+4*_+`T:H\L2(G1A_@%[[A]FM]H?3OIK*80KR=[U*GX
M4BW]6F#^9V[^38P@Y.]ZDNG2)4A82DB9.E*`'0`%IR2R2P@#^B`("PA"$.OR
M:UZ,J6E1@#`&`,`8`P!@&O?G"D99'*>/$.3J.63S/QR"=SAHJ[BG:RRI5]DP
M"*,+6QV`DLE_47!2,:!$F-UF[`H2G&O9;J0ZC3^2+,),7EC`O3Q*D,#>ZP<V
M^"IKC:1PV>RV&S6+7W.I/9%H0V>-"E.>^1M^F$FG=FZ=B"$Z],H1C;GUR:O*
M*2_+F:UW`"!D_@#`-%7+"O6J0W+S`E]?QF\GRSXRS0WS?(6IZ_JM>Z\97#\"
MFXN15>_'63?]9/%\T9+*V<V^1.D#:F8XI.XO*Q:G7:>SD)C4!MUX](&=JH&C
MFN.R,$PC[;3]9H&*6EH%C4"4LZ.%LJ=LD8&MQ&:X-H'M$6!3H@\0CB=&]@][
M%K>\`O!@#`/.W.J?H9;*K+N!QK:W'5(EY7O:)?SH45]7SJW5M[/Y-MALG1QI
MK<.0A%J`G]?3QM4P-KLELA6C&N*I$R(*)>W(/&4`>B3`&`6PNUY@D=IJV7^T
M5CFWUHRUM.'2P5S(ND+8](X4AC+FIE"EG<HDJ0RMO=B60L\28]L/)<2CM!$F
M&`[0!:`U`<#J5CE!\KW1?-(MRBBSI;M2,L1XXK^14N'+)*^QJKU<OET\;9T^
M1'D]=\:DDT"UV`A&C5.[%&E>D#8;O83G`Q:<I`WG8`P##OG9I)KCVK/W+)9#
MI"BM*AG*O'"#Q=OFLE=K3;+M@+A6400Q5VD4/:'LF;39,B:5)2MX:4H4RPP9
MJU,6`1P`,1OES50QTO9LM@SC#I'3]GMO'"CF^601RK&NJ^%<!S$]SQOD'*&;
MO-4WC?<7L"R)]+3%*=2>M="'QN+`("H2\*DI06!M]P!@&IKYBM<FV?9U#12.
M!L.=2ASC$O,F-`Q*O:]G49MFAHQ<G'"P;&0SHZT;HHJ',#.N?88QQ\S9SJX"
M7(I"J($UK"-G>&!D/\OULBK'0SHR1/2]G3M-S78D=ZX40IMKEKI60"L9]5.5
M-Q:#,,KG<:CT8@GF0$)@M3TYM:L0QJTIA9*@"<D#-[`&`:1>7M3`LGE^]#8(
M+,>3C+%8=7LVN3CDYTK3UGU`AD1=>\A(%2<@D(K@Y&44D>CBU<U6O9C(@0OI
MYIC*0,"AM4FISP@;+N((8V7Q7X[%0^:O=C18FF:[(89U)$"MI?I2V$1=M*3/
M#HT+SU:YG5JP`ZB1G''FI/U0C3=@V8(#(S`&`>;PFIHP"PG^U'\FSYA3R+DM
M!XM5?+"14/52MSH'4<YIV7*;`C%63']I+\9V-)8=PV#J&*Y0DK](1IH;@;5I
M7)%V*"P/2'@#`&`,`8`P!@#`&`8/_,$:ZN.X].;Y9]30:STC/)(FU,[K8#.D
M7QVHU<\DC5!%]QO#J8P21PCD;KEJD!KJZJ4R;?>A2C*/&2F&:H)`J/E^/T>=
M.-<=8XG&84S1VNWV0UPW2BL&Q"UU;<`HJJ+3N5U5X0V,$;;Q,=DO!ZA<I\!.
M:G*>-K225;@246O4@9L8`P#3A\S!MHEJG-6OLYJ/CY\5'L[W8"JV;TCS2%CL
M1MIAYBK@CXJ%/)M?S@YVE%QHY,M)0%GDGJ6U(F5*&Y`Y'^(G`!MG@[X.3PJ(
M20V.NL/,D,7C[X9$GU*!"^1<;LTI%XXZ\HB][+1NK()1Y904'?:6<4(.O1K`
M.T8`P#2-RC5T=7'-^'RHCC_2>K!BKC6DT-;7R)LA5L\L91;$C7P9.Y4N7J!/
M0WN><>CF5,^'+BU?GSU`RDZPUI1@+<Q@;N<`8!2KD*)S1+&UR1I7%N<4JA"X
M-ZY.4K1+D2LH:=4C6)5`#"%*5208(!A8PB`,`MZWK>M[U@'G[X"UW2]><SW1
MCK#=71=9#GWE-#%<\A\<N1N<^1;7*YDR6(W5\F;)?73!3T*C-,H2T^FT,4?W
ME&N*8CP,Q25L)<2@`>@[`&`=`M1DA<AK>;M5BPMNL6#FQIU4R6#.K$V29')V
MQM2F.9K3M@>=>RW12H&C#X!1VP@V?H&^X.]:%H#!+Y;SCQ24Q6R%'&MWK=<.
M92<%E.#1#ZS35O*X;`I9YA56M?6$G`@(<'5Z@B(2Q%WJCCC"3=G!UH'7?<!L
MLP"VUJVU!J8BP9?/G%P1MJEY9XTT-[''I#,)1)9/(%84+'&8G#HBUO<IE,@=
M%`M^&D0(U!WA`,-$$)11@P`8"_,$M[B"Y<2X[9ML0XVW";)+$Q<9&EBHY9;M
MP.-G3B)NZUG45K5+HA;949)&%C:E3J[H#=MYA3>U*2EG;L'A;`RPX@;8`\;J
ME(B]:.-3L"6)-Q3=$W*)0B"F'A&5I2IE:>)UV_R6+,J.;K5!KN`HI4([^&[$
M>$!VS`Z`R3P"Q\HY%U+#[38*9>GQX^/9`7'A@2-4+FK^PL&YBM?&V$E3>9,4
M?<8A`CYNY1EP3LQ;RN0C<ST9H$^C!:UK8&N;Y@DLXJ6)9<%H(^FM7CR\>)`P
MLT03,M(0Z<+D$7A0&F][.KEUL6VG6OZ@2J7NEDRT_P"'%DF]J@3OJ=<0W&:.
M+&(#:%3TQ@]@U16\WK1'INKR50B,O<);=,NXWIKBZ]H2'LC7\/>"GTQ^S6\1
M9'E`@"%/X?AAUVAU@%Q\`QY1\H:F67N1QMV*QFZUUK5*WYI;WREKB88F_,4'
M^'PRI[CMEO,%0UL_M#.HE;<0-2D=CB1JEA9`!"-%V8!I!Y`M/%0?S*9BW0Z0
MT)NXDTTXL6;-I^UM5I'2_B=*(M9S0VK0/++7M?22EWR9WB=.4I2]9)WI@=$J
M1V+4O&E;8C;>P#TB8`P!@#`&`,`8`P!@&O'YELOVFX[NE51B?2:+6Y;INT-<
MQ6",%VR2;6*DB2IMD,ZCB0CCE&9=<L8BZB.A\L[R%J1;+:"UI6CQ""H"0>!,
M_+=4R1QXQM3Q*[*26*]NLRF(W%&D<K.==5FZ-3@7')#5BQ1=+!$;72N\:D[*
MM.7(7QF9E#6M6FHB$*=$G2@T!GK@#`-%_P`TVQGARL*OV6L+8>D1M%%+WZ^(
M^@2<Q6>NZN9YTU)5#+8]IVIQ3K6>,\87-4-1.)I3;*#V_P`FUK_:Z=2WZ"%8
M,#<[7*%:V5[`VURF'XA.+?#(NA<)_P!J8/QPM2,B$A5,.U$<I1A^)CRQ+>A1
MAA6O'^J(0>F]@=SP!@'G]Y83>36!SDACG6'(A]B]:,DAC%`2V=*4'+N,U;3-
MLIK*C8G2+L<Q@5=+N*]A3V1R-*E95"2221I$4[F^PW`X\H>VP0'H"P!@%G>0
M]M$T)0=UWBH:0OY-/U38%FF,8W`#06\!@T5=9+[,.=S2%9;2G7;;?",5"*-T
MG`+9FP#[>W8&G3A\34$#YQ1A<GG?#6[;'Y+PRVI:I7<7;`LQ:GI*:L"6*/\`
M,D[96DNY%W=`TT7G2%T/)-D3&SPU:-6G"4:D&2X#+3@;[<`8!8[DC;=;T?25
M@6);%N,-$0MO9MLRFVY*H3IFB#O$L4$Q6,/!PU?1,-27)7E(%.69O0#5`@`W
MO7=@&M/Y732XIYY;KD1R5)OF-*(#6^B/%NGE'<3B)[7+)`[O#_HKD,2!FAC2
M4YK%3>A$P*%@WUN(2G+M)#4H"S0-SN`8A\S.,QG)^`P%C1G10YXJ^X(E<3+'
M+"0N[G6TY51QJDL<<(383>QK43DJB[]'I>M"+0?,%`5@(&>E5D!,3&@:4_F;
MT@EKGC1QHJNXK?C;F]T2UM@JI726L#;Q56^\OT8G5>W(C75I-9.G:4;'4#?*
MXHYQ!>X/"MT1"0BUX@EA9#@2!LT^4.G2H>"]9M32YHWV,L;W.H_$)#[*K>/2
MB11=AE;DSMCW9,:JEQ>8A'K/7^2&)]3:6JG':[N-<!`7&*"2@-FF`:W+.X*O
MDNYD-7)V,32/,*9Q=*$>96L6H)0=9,;W0;G,E)T9K%V;9"@CJ")WBP2P+'+2
M%J0S8VX@S^-".("B`TD_,1J93&+YAUB2Z`1JWY_([\X]W;?M=5!3:J]KFALB
MLBMF;C&"B*]_$IP%64FK6TH%!Y'(],J5&=*"'1M+6'I?9>MO*0#T'_+\C,*8
M.'E`ND(A590-+/ZP@MBOS/44::8C"#Y1*X@Q*79Q;XZQEE-30H."244<F3ZV
M2E&3X!>]EEAP#,K`,63:=G,<MCD=R$87&-S"Q9M5\'KVDXY(DRMN9H<TU\UR
MI\)CCP[ISS506^;6A+E*YT4)`%&"2$I`""8)(5O0&A*2/U/3[EPKY_SV;<.7
M98;=M7<9D?$=%94W8KWVSUMRRD]/H[#E:2-76PP>RK.U,G-ME!<=DE?NR4I"
MS)$9*Q.H3Z7C`]2>`,`8`P!@#`&`,`8!BO?/'"3VS/ZSM*O[^L&@IW6D6LJ$
MIWB$Q6JIBFD$6M)RKAY?FUW:;6@TW;R#4KI5K8:F4)`)S@Z\4`A#`/IH#L7&
MZ@S>/L5F+,XV7+;<DU@V;*[7F,ZF;5#&)U=9++"VM,J+(98!&XI%VQM1(F9.
M4260C`+?;L9@AC$(6P,AL`8!@'9?"J?2Z9WW(J_Y?V_3<;Y&JF]QL*`QFN^/
M4K9O:B6IHA32Q<SO-BU/*Y4BVZ1&$(=F%"6F$EJ=#&6$&A[#@&95<PEMK2O8
M)7#,I6K6>OX;%X2U+'(9)CBK;8HR(6)"I<#$Y*=.8M/2H`B-V`L`-F;WL(0Z
MZ:T!W+`&`:T7SY>DL>F*45N'F3=S=1<LMN3VNX4^F@''8Y"29+[M7WV^Q5).
M%E1*+"`R'S5T/`6<)R&X$HQZ`$_0@A'H#9=@#`*98C2.*14@<$J9<A7)SDBU
M$L(*4I%:126(E0E5)C@C)4)SRA[",`P["(.]ZWK>MX!T^.UA6D07[=8G7D&B
M[IM.8DVY1V),#(OVE-V`1J;:QM;TRC:<P18=B!W=N]AUUUZ-8!WG`&`6-Y(-
M%YO],S-DXX"I<-NNR=O;XZ+D$T2A_J8*%6[(29-N3LL/-(?'07PP-7Y,D(M$
M#7>#H_0B/$#L#%/@5Q:NKCHOM!QN!QB*E7.RXV>0@K2TI4MJUN<6LQW]H[A7
M'\BGZ@JBG"585Q8E"EH3+W5X'H/M!6=M.2+8&Q[`&`,`MC4U00:E(TOBL"0N
M29"\2R5SI^7OL@?)5()#,)N]JI!)Y"^R.2.#H].C@XN2P739IP@)R`%D$A+(
M**+`!<[`&`8E6-PQJ:Q[>'>:IVL6*V,&-G-2)QALQ/:VANE1$-G%?1>VDT67
M(W6,J+8@4,LE\;V5U5)%`$I*[J80<-.D&0!?VLJYB=05W!ZK@;>8U0RNXJQ0
MV+MYRM4XJ4S)'6Y.UMX5CDN-/7N:\:=-H2A4H,,/4G"$88(0Q"%L#O&`,`M[
M^$E4^V?B/\,J]^(?:/M?V]\%QOVS[6\?S7M3VI[-\][1\S^Z>/W^+XGUN[KZ
M<`N%@#`&`,`8`P!@#`&`,`8`P"(>I`PQM(%?(GMH84(S@IP+'IR1-:0:@81C
M`0%0N.()$<,)8MZ#K?=O6M^CT8"(J^!&H9S"7,@M4VS&+."8YS2LI2A#(6E6
M0:\KOXBTEG$*S"QN:S_FB-;V:9_Q0[P55%3Q)Q.Y-RQ4X(DB]$J6M)Q"=U2)
MU1!ZIL4*4I*Y,0X)RC!&HSE"%26<`)F@B&48$>M;"+6]BA]HUZ%Q)$I;UB5>
MG"H5I!'HU!*HD*MO5G(%Z41I`Q@TH0KDQA)P.O<4:6(`M:$'>M`56`,`8`P!
M@#`&`4:MQ;T`T1:]>C1&.2P#<W`5JB$PU[@80>I`@1!.&`2I8-,E-,T47W#V
M`L0NG0.]Z`HTDBCZ]<-L0OK.M<@>T]#;TCFB4+@>Q5:5`\=Z0D\9X?9*Y:22
MIZA_<#3@`'VB$'6P*X*]"-<<V`6)!N2=*F7*&\*@D2XA$L-5)TBPY)H>SRDJ
MH]">`LP0=`&,D>@[WL`M:`JL`8`P!@#`/S>]:UO>]ZUK6NN][]&M:U].][_)
MK6`4J!>@=4*1S:UJ1R;7!,2L0."!22L0K4B@L)J=4D5IQF$*4QY0M"`,`A!$
M'>MZWO6`5>`,`8`P!@#`&`,`8`P!@#`&`,`8`P#7#\PB"ERMQXF2%\H*0<C*
M^KV]I5(;`@L=K]AM!2E;7?CQ=$.8']3"Y$H)1.*5#,)&@+\4.C#$PSPF:UK6
MMBUET98H;"23)F-$7[?8:_W11O['325-8Y6W'.8J*BHG1'97JJHGA]IBM5O&
M0^RV_G4;5_'5^XMHY61QCE_'Q-*:RC%0[W?M`)Y%.8S,TD;8#CB"439/43&G
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M,64'UFH<'B.2MHB%4&P]8WM.T*MJ+4H=*&U-M=MP--`PDXA7ESWKSC)S<D]W
M<K5=DSECEQ-<5E8BZ;U1*H'+I%NU(R2\V?3EA(91,HPWUM'ZMM!H')WPB),L
M?K\1^_-LR]8R.'C@;\>`=E3.U>,\=DD_D6Y=)FZ=7)#CI24ZM,H;GYGA%O3:
M+198SS^/Q^)1^T6PF+-:)."4(FEJ)?ADC5[1IC3#"@@9G8`P!@#`,*.:5(69
M>&N+B.L9$^PM97?*J)6;*9U%Q0$R10R'-%77!'G!Z9VZRF&515X5'NDI1(1)
MS&M>;X*P9@"M;+\4L#6K(Z;Y4\9839,HDLWF9=<@M_D!+;!L,B:5K";&FL(M
MSFSQPDR=0@DD(*@\>K:8S:C&R2HR74LN.-;)L7<L5LYHRW!.!0\7Z;Y56BFC
M'*=JD5[HG49M1QROCYE<R0UVF%/Q/YEO)5^EC9:I!+L!IM5L0<-IDW^R5B_S
MR1:D6EGM1QZ[9:K8'H/P!@#`&`,`IU98CDJDD'3O-3G%AZ[Z:[AEB"'KO\FN
MN\`T.,,$YT)N+G&"DF2B.3=7N5"<:W:K9$5!KLX]04Z1\A4%=Q",4G8B231>
M[GE3(J4@C^Q/1STW.84_FMN;<<<RNY)*A*2!=(FH?F<[Y)L!+G8RU50!5D1^
M.29\;)XSM^UM=2!:R\EK`L)J8>I<B3*6"QHL?33,W""%27$9`)6$L)!&S`@;
MF<`8`P!@#`&`,`8`P!@#`&`,`8`P!@#`&`,`^1_H"_1_1%^G^A]&_P!+_D_G
M_L8!C`J^\=,_Z`/N1='Z/ZK^+QO_`$;_`/I[^L?_`'?I@&0D7^[;#]A?8[=]
MU_NW_%"OL'_$_P#V;_J>W`)W`&`,`8`P!@#`&`,`8`P!@#`&`,`8`P!@#`&`
%,`8!_]D_
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>16
<FILENAME>g7960483.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 g7960483.jpg
M_]C_X``02D9)1@`!`@``9`!D``#_[``11'5C:WD``0`$````9```_^X`#D%D
M;V)E`&3``````?_;`(0``0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!
M`0$!`0$!`0$!`0$!`0("`@("`@("`@("`P,#`P,#`P,#`P$!`0$!`0$"`0$"
M`@(!`@(#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#
M`P,#`P,#`P,#_\``$0@`Y0$I`P$1``(1`0,1`?_$`,\``0`"`P`#`0$`````
M```````%"`8'"0,$"@$"`0$``@(#`0$`````````````!`4#!@$"!P@)$```
M!@,```,#"`<#!P41```"`P0%!@<``0@1$A,4=0DA,W2T%36U%C$B5M87&)A!
M4;%A(R0W.'BX<3(VMRB1H=%"4[,T5)34);8G=Y=8V!$``00!`@($"0<)!0D!
M``````$"`P01!08Q$B$3%`=!49&AT=)35!9A<8$B4A4(L3)"DJ*R-#87X7(C
M<R3!8C.#D[/3XW0U_]H`#`,!``(1`Q$`/P#ZMKMBES[[BH2O([V!T9":\NZ`
M]'6)((5&D7.YK3'G"FEG/J*,,D272:@)'(T<?<`6(Y#<`+5R]4<,9?I'DA!H
M._K;8.L;%3N`W'N;4]D[8O[FT#4M$I0VIW:TDDS-3;K#YY;+(-8@@=,SL4"0
MK%%#&U$=SQR*[)0VH[/WK#"RS,V&5DCE:G5X3DZO")F-5Q]9<Y55^5#`EWQ(
M+9)JV)V8*FJ@8PVE,[G:JIC+M<EAR27/T4H]]>(L].:Z#UM04SGJQ_D[VU@,
M()96IW:F1M5`.=7!.H$0D4[%7_"YLU^[KFU$UW6["Z11TR34)X],I05H;&JQ
M1V(F,MWM8JTVPP12*U[K5BM8M3QN93K2QI)-%B76K"5VS]5&G6.>C$5[E548
MJHJ\K8W.RJI^BBHU%RY47"+C;I\0:Z[GBE46/2=<-,(IYPZ#XDKRPY4]3M&I
ML@G^/;%3%JS&.-,&5P!>P+HP@BEP-D?/<MNJ1R,6GJ%25/HE,`1UK4_#7L/8
MNL:SM??NJ3:AO>/;6Z;M*O%4<VBOW1+J>GUIY+;;C)F3OL:;/<;!V>2!(F10
MS2J^5R,Z.UBU9CCGJL1E99H&N57?6_Q$8]41O+C&'HW.47.51,)T^Y5GQ(K&
M<('!IHOJ%"[U-'OY*8=9MA2:U"CK9<7KK2JZCER"1L\)BU1M$2>S88[6LA+=
MPA4,X7$&SC4*8G8`IA8-W_A<VO6W%J&A5];DAWE9^*+-&G!IZIIS(MNZAJ-9
M\$EJQJ,EB)+4>GRK65665A7D98E?S+*G-?6YG0LE6-%KMZA'.5_UU69C%RC4
M8B+RJ],\,].$3@6.YK['LNY[/K>&3FEXM`HQ=W+ZWK&JY+'[343-W!!A2JNF
M-JB,[C:F"1DEFF(VBR$*]4:@7.+<6,0DQ1IVRQ'"\O[U.X[:FQ=I:IKNW]=N
M:CJV@;M;M[4()M/;5C6WV>[+)9J3MMSK+622C+#&V:*&=41)7L8CD8DVCJ4]
MF=D4L361RP=:Q4?S+RY:B(Y.5,.PY%7"JG@Z>)261?%&-KGKJWI%+9>Y.W*S
M`?=E$QZ!-T&/3&(K1YPK0RTG:RF^PE+"F;'LRT9;'YK`DK=MX&G^T8^V;)+`
M:I5>/O>F?A'9N?N6T33-%I10][]ENEZM-;?;1R/H:W>2A'1?3;,Z2)*%:;2]
M7DF2LC^IN6T>YS(HBK?KW4ZC(^1RK03GC1J-_2C;S*[FQA>94?&B9QEK<=*J
M65L/I[L=D04)ISJ.HZY=+%Z=YEB;@-LN$<_:GJH;@031?+&+S'5FWR&/SR+J
MXR4C./&V!:UP3M&H%PQ`4%)_*]L]TW<??L;C6IK6M:I4TS:>NV&))IJ4Y(M2
MTU]5E>7HO/AFJ6&SND:Q)UL1*WDLUT18WR39KVI,2'FCC8Y\\2=#^9%8_FRG
MYJ*CDQCAA?`O'&JH7\2IX4T>QMRN#2A?;,L@U6RBO#76<Q+4DF=;6'5MCV%*
MK?5.;=7#;&V]?51%,3(A<G)834)BYI0@%H&G,H`=PUW\*]*+?]BU#J%2/9M/
M4-0KW4CJ6.HJWJ5^E3KZ:V-]U\[V:@NIZ8^)[K;96Q6+#D5RU'N7!%K;EJHU
M6.6PYC%;ER9<US'.5^4:B?4Y'Y3EQE$^T?S2WQ%K"C94EEO1C&P$T0ILEMA<
M8LI++"%4G@J,O@2H>KF9#83.GKZ(L[R[3TQR?"_;49Y987]24@(3A($D\6^_
MPQ;:U5]31>["Q9=WAMTI]J>BZNK8+;EW?J6WI7TY77+,D4=-&55ZJ5CG+3C?
M9DE61)L<5=9F9S2743LG.C4=GI;_`*=DJ<R<J(JNR[I3])<(F,'6*HY;))]5
ME<SF81`=?RF9PB,2I^@IKB)W40USD+,C=E476.8F]K]M7L1BO:509I.4'9Y0
MO+KR^&]_'&]-&TO;F[]4V_HEU-2TBC?GKPVT9U;;,<,KHVV&Q\\G*R9&]8Q.
M=R\KDRN<FPUY'S5V2R-Y)',15;G/*JIG&>CAP-AYK)F&`,`8`P!@#`&`,`8`
MP!@#`&`,`8`P!@#`&`,`8`P!@#`&`,`8!@;Y!X"XSV#60_-;<.>PYLF,1@;\
MK6'IUK>WV#J.KYBS-J;2LI&M&^A@;>:8$91IH`H/$O8->IYMBT_7]QUMNZAM
M?3II4V[>EK6;<+6HK7OI]<RM*]W*KFI%VN9K51S6JLV'<R\N,3XH73,G>B=<
MU'(U?$CL91/GY4\AH9[Y'Y7DB:&P4Z)D-XZX06*DC;/$K'G<-?D4:M9T1/\`
M:,:=CX?,65^D$&G+JH2*79H<C%32J'I-LPC?D)\OHE#OH[W]+EO;@9==*W5)
M*3IY;%*I9A=/I\;X:$\:6:TL,-NI&DC*]F!([$:=:C9/K/S#=IU!Z-B5N.1'
M81'.:N'KER+AR*K7+A51<HO1T<#"%7)/"D6?ZW5JX[#HPMA[O5[!7T<,M:4L
M,:/F-%LK='ZH-'`]3A'%9A8U=1@I(W-RY<@7/2=M"2FV;L@)8-7\7?/^(35]
M-U2&&U>MP7H+\UR=-/KS3I6U:5\VH)VOLCK%:E=G62::**:*J^=7R\G6*YRX
MET[28WL56M:K5:C4YU1.:-$1GU>;"N:F$1517(F$X&:DTGQ[6#0&O=-M<PE`
M2[4Q*"HZY3/V!42[T&V0QHI9W"F>I`)6(4(;J[92TFAZ$2HTW@]H"?L1GGH7
M[][[MVW5W*LNJ7[#H=3KK,RKSM6/5Y+4FJ1\T4/+_JGW;3I,8<SKG=6L>&\N
M5*NFP-ZG#&IEBX5WAC1J,7I7]%&MQ\W3DTCR9\/\KG6YW2[7J9Q*1/A50J:1
MB3=`X1)8*Q)88YSI)83NXN+*_698;&RJUKTV)?96:*I8W%6G_2A(VXO2OR$;
M]WR_B0?WG;%AV%1HW:NGKK3=5L/MVH+<KK4=1U.-C)8:-*65K(I).LM:A)>U
M"Q_@I/:=U/-)%T_2.Q65M.<US^KY$1K5:G*KN955%<Y$Z43#6(UB=.&]/1:)
MPY4YZ=J8:.>G6K8^Y4TQ.S2_MD%7F.BQO(>V68!GR)V-6J'`QX6.`YAH2Y2:
M>I,&M,--"HV:6<:`?DE;OA[RZ6^IN\NGJ]F+?-B&2&2VQ(VO6*6MV-T:-:Q(
MVL2MB)C6L:D36L6+D<QBMGKI]-U9*;HT6LBHJ-Z>*+S9\?'I7IZ?#Q,-9^&N
M8&-E-8T->.)A(Y55TR(=W*Q[1>)>V/-)*AJZA)8IT[35;-(_'ZWV>>4SM"%>
MG:D:96I(`GT2J4@-O+OX@>]K4+Z:A8U.)'I3OUEC92H15I(M5:C=266I'5;5
MFFO8:ZS8EA?8E?'%(Z7GAB<S$W2J#&\B,7',UV5<Y516?F8<KN9$;X$1<(BJ
MF,*ID:3D#FE"I@ZQ+4,7*6UK4TTHN"K=;<QK(U4UA[:MS&%-ZLQP$H^S7K3,
MGT(P8AJ20Z&$DPL)QVC*N;OL[U;$6H03:W;=!JNLU=6MM_P^6?4:76=FM/:C
M,<\76O5$1$8Y>57M<K&*W(FFT45BI&W+(W1MX]#'8YF_,N/G\7%32%N_#VJ*
MP6!/`HJT1F%5O+[*Y^FUZQQ<URJ8&V"R<QD10%6L$2+<YTFC5<O`TU?L;0\/
M1+8M7.L>1[2'>8W1"DC?]E?B5WIMO47;BUB:W?W12TK6*NDSLDKUDIRZZMCM
M\UA8ZCI[L2.N6[-:JZ>**O<EZYF&+)%)$LZ/6F9U,:-;`Y\;I$PJ\R18Y$3+
ML-7ZK45V%56IA?`J=`<^;BX&`,`8`P!@#`&`,`8`P!@#`&`,`8`P!@#`&`,`
M8!#R&0L,287J4REZ:HW&8VU.#[(9"^N"5J96-E:DIJYS=W=S7&D(FYM;D1`S
M3SS1@+*+!L0MZUK>\`U\9?%-%-5./AMEP\MIZ%<&1JHY:-Z2!*M5QDD/=+`8
MT<(UL>C'X]RA#*K=2]$:%_H*<P[?@`.]X!!S[IFAZOLJ#4[/+,C\>L^R0HC8
M3"%&EZI]?$[D^$QEO6`2MR)9I"WK'\_20M0I$20,_0@Z'X@%X`;UP!@#`&`<
MT_B1TJNOTKC>OFU]ED,=-]<)Y.P6/#"U(WNKYE$N;>CWZ`6$#T1`2FI8Y.T3
M:,]*L%I"YE#$A/\`,6I$'?U3^%O?E?NY?OG<MJO3O5/@M8)J5I6]5?K6-;T2
M&Y37.7(Z>HZ=&R1IUL#D2Q'AT2*E'K=5;?9H6JYKNT91S>+7)'(K7?0['0O0
MO!>)S6<0WU*8)W/UXK@#M3/</*U]P-SB)Q$2<Y#&9!+&'ERAZGN&/L+?HQ(X
MV9SE=+8D,7H"2U)9NM`;58A%.#;KR?5%9>[K2-P]WW<K#J4.N]P&\-N6X[*+
M8CAGAKS:_JVHZ;-,_#F4=:TN1R0S.6-S>FU"B/K6NFD=VN2*WJ*L6+5:\S53
MH5454BC8]$\+HWITIT_97BT=54+0/.LI60M:_5V?*4_-)+.[H>V^<Y!<U?=?
M/<HFEES6PY+4]O5T^MMAU]T[-+`DRPV6@:2ER]1M:Q'(V<XI"D$6[G^\7O'[
MSM(9KL%?4VZ0[=2R1OVMK4.F7-MQ5ZM&K2@U'3;L3Z5S0:M."-NG+8=%"SJM
M09/>8^Q,CFH5*=*18E5G6=1A>OC5[9E5SG.5CVJCFRN<J\^,JN6*C5PAA[HN
MK<CJ>ZY+>@>6:(72>L>*'A#`^S.2YCU38#6E)Y_:=2:,1ZS5-APH\D41=1&-
M3B-0F7J#7=.8I.$$8Q%"NZE?=,G=#H.E=WJ[OW#7J:MNF-]O;.XJVWZ<CEUB
M3J)YJ#:5I%[3'BQ"C'PL;7>V*-%:U'IC<L"7Y7V^SQ*Z.!>6:%97)_AIE$=S
M-X+T+T+T]*GT^(STJE&D4HA`&C4)B#T@RP^0L24TH)A`BP;"'8`"*%K>M>&O
M#7]F?DQ/'+%.^*=%2=KU1V>E>9%PN5\>3>D5%3*<#V<Q'(P!@#`&`,`8`P!@
M#`&`,`8`P!@'%RX.N>J*DYY[F<%*XB:W%!NA[%JZK)K7-#3>5P*B841RS7MY
M-4MFT1BI,W?WMM@A3NL*TM=#0)GJ1+$A*C:!N.$%(!ZW6O:MN1JH^3'&KID9
M$5%ITW/+>LV=*#*UA,A9EL`HIBM)DAZYONR*NL=8GF<E.JYS*9%#0B<74EE,
M3%*VA*)6XI0-N5ITY-'[MF!09/<I-@5A;]<68O5P`,7@#(LIRP8+':ADC3`7
M6*-"EQN&(RE''9"Y.;\[21Q6,:@UY;FU(G2*-$#4`=4,`H-?=RWA7?77.<+0
M2VJXES]8=;=$+I,=(VA:MD6YM6\%)EK9)))(5;HRM$:KJ*)=Z,/3)1>UKQ&&
MC-6)2B`EG`8MR!<5X26:]64Y9]BML\D-1MM.RRLY_)(S`6=+,8E;=?OJM!9B
M1/3;THB`J6D\_A+UN,MZA8&8(FA$8%W.,$:D5G@3G"-EW/:'\6'F7V:=>E+H
MC8`W5'>BNO8W6R2SIF0T/(;Q<JN:(RF0$OO.[=(@MI$.>592A8X"TX^5R=T9
M2-R4@=!L`Y.6Y8UBQ#J+JZ*6EUBXU/1Y_)U%36&/4>BT8CJ>A#I==]B5J]O9
M3\^H9I]I2:5[;$Y*R0N106]G)&2:2D2!2&J#0,)I?IL@KA?HMQOWJD-.N5/6
M/T+''.ZD4MC5KN\4J>!V:B0-[C6=AN\<0'7M]BQV3MT7(E!\=*<MRD_:$](<
MZIO](`ME\/672Z=T(OE<EGQ\Z9WFSY^KK1,^3^'VE84"JP;B1N&0&VIY!USJ
MQO5EM23SJUY.UJ]6U%+B6Y2L6'I#%1P%IK6@$>M.N)E`)3&HY,&:3,:Q$;'I
M:U-[W'EZXH.EC,-Q;71*L0'Z0/*9.I*$,H>R3B0&!\!`#O0''\/P[NH@O'PX
MYF&VZO5&<I,G)\4D5>22NW5_W6S15M0RF)WFYUA/D5D,"5S=+8?G)`F5#/8B
MU(DC6@$$_P!!*:E5@;/M>E^D;JM:MKUK^K7FC;#F$3YJ;W>S_P"9*=,3M3D?
MJR[)/85F5Q95$LQX*TN5FD\'D[@@:@C2*-JUCRH*<0MX$B57@'7+`&`,`8`P
M!@#`/`>I*3[(T;O>MJ3PIBO`.Q>)HP&##K?AK]77E+W\N_DP#SX`P!@#`&`,
M`8`P!@#`&`,`>.O'P\?EU^G7]NO']'_=\,`:WK>M;UOQUOY=;U\NMZW^C>MX
M`UO6]:WK?CK?RZWKY=;UO]&];P!@$?MI:ME.9.VQOV2]#-->2MHTWI.QAZ,A
MN.,<R_3\J\9S>F+(%LW0]B)+"#?ZH=:T!@:BJZG=7-_,<*]ASLN=E,/<WS[7
MCC8Z$JUD/2G)(2LV0XI5*4"B,)PC"A&6$(DN][V#RB%O>P,L31**HI(YS%'&
M8^DEST@1M;S*DS*VD21V;&_>]M[<YOA28#FO0(=[\22331EE?^+K6`9!@&,O
M,+B$B=V)_?XPP/3Y&"7Q/''9U:4*]P8T\F0`:Y&0U*U1!IR$E];0:3JPE[#I
M03K0!^8/R8!HF/<A\N1M*B88925>0]ECLL>)4;'HG%VR.,3B_P`DK"1U6X#?
M&QL2IDCZ@'6<X7-):51HQ*0B-"266$!180`992G-'/G-R%X;*!IBMJ;;9`%F
M`]-];Q%FB*%R+CJ92B82E25F2I"#"69&K-*2@\OE(+'L(-:#\F`;PP"-5LS.
MOVMVO:FU;MR;1LSCM6A2J=KV<SU_4:ENSBA^U-H_:C?$@SS%;]07ZOZV_$#`
M"ZDJ)6>GV&N86,,>C*ZN4*$49:]-3;$'!R89*OBR%GVE^R2&16[,C<J&2`G1
M8CTA(O#Q+#X`9E&XI%H:V_8T0C3!%&CV@Y7]E1MG;F-M]J4>7VA3["UIDJ7V
M@_R:\X_+YA>&O'>_#`)_`&`>!.I*5!,$3O>]%'GIA^(=A\#4Y@BC=:\=:\=:
M&'?AO]&\`\^`>!,I*5E:.)WL1>S#B_'8=AWYR#C"#->&_#?AHPK>M?WZ^7`/
M/@#`&`,`8!#._P`XS>^4_P!668!,X`P!@#`&`,`8`P!@#`&`,`Y/E\RR%;:O
MQ1&-8OOPJ)WQ`J1>V*7II_/F][>GX$8M7\T0^JY@C7)UL28FHH#:TB;8V8@T
MA2J-:!Z:E0-08!L6K6`F;<-5_P`H2M1:<-M5GX2H)9/62.GS>OYZS%/4!41@
M+(FF[:4@<VF3+Y)7;JV.*9"N*>D9>A;%M.(\@T0%AN,6&0Q;CWE",2YJ=F&6
M1SFJBF&3L;^0K2OK-(6BKXLWO34])5_^G)G9N<DYI*DL[_.@.`+0_P!;6\`L
MK@#`(9)]]O'T9I_P78!,X`P!@$.W?>#_`.\$OX.VX!,8`P!@$,T_/OGOD?X<
MVX!,X`P!@$,R?,K_`'R[_7CL`F<`AV+[M#],=/Q19@$Q@#`&`,`8!#._SC-[
MY3_5EF`3.`,`8`P!@#`&`,`8`P!@#`&`>N':7VHX(-%:6>@G$?L(-:.$GV8I
M"E]0>M>81>C`F^36][\-^;P\/'Y0/8P!@#`(9)]]O'T9I_P78!,X`P!@$.W?
M>#_[P2_@[;@$Q@#`&`0S3\^^>^1_AS;@$S@#`&`0S)\RO]\N_P!>.P"9P"'8
MONT/TQT_%%F`3&`,`8`P!@$,[_.,WOE/]668!,X`P!@#`&`,`8`P!@#`&`,`
M8!$%??R_W0T_7'K`)?`&`,`ADGWV\?1FG_!=@$S@#`&`0[=]X/\`[P2_@[;@
M$Q@#`&`0S3\^^>^1_AS;@$S@#`&`0S)\RO\`?+O]>.P"9P"'8ONT/TQT_%%F
M`3&`,`8`P!@$,[_.,WOE/]668!,X`P!@#`&`,`8`P!@#`&`,`8!$%??R_P!T
M-/UQZP"7P!@#`(9)]]O'T9I_P78!,X`P!@$.W?>#_P"\$OX.VX!,8`P!@$,T
M_/OGOD?X<VX!,X`P!@$,R?,K_?+O]>.P"9P"'8ONT/TQT_%%F`3&`,`8`P!@
M$,[_`#C-[Y3_`%99@$DI4ID290L6*"$B-(0:I5*E)I9"9,F(+$:>H4'FB`42
M024#8AC%O00AUO>]^&`1#3*HP_1Y/+F.1L+S%%:$US2R=I>&]QCREM)T9LYP
M3O2-0<VG(2M$CV(T)NRPZ#OQW\F\`\[#(&&5,[?(8P]M$C8'8C2IK?&%R1O#
M.Y)MB$#2EO<V\Y0B6$;&#>M#+&(/CK>O'Y,`E\`8`P!@#`&`,`8`P!@$05]_
M+_=#3]<>L`E\`8`P"&2??;Q]&:?\%V`3.`,`8!#MWW@_^\$OX.VX!,8`P!@$
M,T_/OGOD?X<VX!,X`P!@$,R?,K_?+O\`7CL`F<`AV+[M#],=/Q19@$Q@#`&`
M,`8!#._SC-[Y3_5EF`55^(!7DTMGC;H"MJ^C:B6RJ9PC;$D84)J(+LK;5CPU
M:D:AA2.KFS,;W)6R-A5JFQK<E);4[KR"42[S)%!P!`4>YWC3G7G.M_4E/N:[
M1NQ':$ZZ&O.(UQ,(E`J[D=R5%N654G>T4ZAS4?&*EK6<2)\F2\+-%2T3$F?V
M=G]J5IDJU6NUL"SGPX*WG%9U/;J"7QJ41UHE73-P6#6QL\CD;@L^D4`FI[&\
MIG^8UM"RT40KE>.4G.R1$V(&]JV:SHT:Y8C)<5BWS`=",`8`P!@#`&`,`8`P
M!@$05]_+_=#3]<>L`E\`8`P"&2??;Q]&:?\`!=@$S@#`&`0[=]X/_O!+^#MN
M`3&`,`8!#-/S[Y[Y'^'-N`3.`,`8!#,GS*_WR[_7CL`F<`AV+[M#],=/Q19@
M$Q@#`&`,`8!#._SC-[Y3_5EF`3.`1:XXTM:S%@&((#UJ@LX.OT&`"UKS@A%_
MDT:6$7_+K`)3`&`,`8`P!@#`&`,`8`P"(*^_E_NAI^N/6`2^`,`8!$)0BT\N
MX]A%H`D[5H(]AWH(MATM\V@BWKP%L/FUX^'Z/'`)?`&`,`B6\`PKWT0@B"$:
M],(`MAWK0PZ:6X.Q`WO7@+6A!WKQU_;K>L`EL`8`P"(:P#"<];$`0=#=QC!L
M0=AT,'V>WA\X-[UKS!\P=Z\=?)XZW@$O@#`&`1#,`8"5NA@$#8G=U&'0@[#L
M0!+3MA'KQUKQ"+6_'6_T;U@$O@$.Q?=H?ICI^*+,`F,`8`P"-<WAI94:]P=W
M-`V(6MO5.[DK7JR$J=`UH235"UQ5FG#`!.B2$$C&8:+>@`"'>][UK6\`JA57
M>G+5X3"*U]5-B.$PG4L)>'`B'$5]9#/*(W'&=B1R,N;6"P22),SM6\"DK2ZH
M1Q][?26]LDVW!-II.6[.#@%J'?YQF]\I_JRS`)G`(=Q^\&#W@J_!W+`)C`&`
M,`8`P!@#`&`,`8`P"(*^_E_NAI^N/6`2^`,`K3V+;-ET3S%=UQU'#XE-YQ65
M<2^=MS).I"XQN*!21*/N,@=')X6,S6[/"XEN;FTPT"!*62:X&Z`G]H2A,$I*
M`KXX=;6<EZ420LIG@HJA1WM6',[RV[;GXVS7":6=S6?T218[4^@D!<>0Q)AT
MN;68;.-I5*%(/;UWVB3[*6D.`SIAO"[U?9+I2!Z:K)5721ADDAD:.#-LQ42V
MD8Z0W1@58/5KV*Y.@(6JF-QO*MUTBAJ5H2N*-H2`<@+%:8HX8@+OX`P#2!'2
MM`J)C<4"+MZ!ZE//<;C4NO)"=($29)4\?EY,D51]=/7I084QQH:U#$7!2,A4
MI+4)TA(3SBRR3B1F`9;6-KUY<M90VY:SE+?*JPL"+-LVATQ2!5)&I\BCNC"X
M-KZF^TDZ)24@6(1Z.`(TLO?I[T+>M:P#TJ:N>K^A*UC5PTQ,6V?UG,0NID6F
M+,!:!I?B&5\<XXX*VT2]*C/4(0/#.H+*/T#T5``:-*$,H8!B`U_/>F8G`.AZ
M*YN71.PG*4WNFG2QGE[?%5H:SC!4'B#_`#`Q!(YPN]D9C9*_(HVKTC:4`UKB
M`LD2A44G3")-.`\?/G3L2Z-;+F>(K$+)BZ*F+@DE/.B6P8:YQ&22%QC</A4T
MW)&6'.8"Y4D8'UJG"4;:!P1HW!45K1FTP`&%^8""Y[ZD'=\QGU=R*GK"I6=P
M6'UG9"B*SY9#W)U'`+@.FR>"JWT$,D4B*ADT$=7SD%RCKF(EP0:T4/6SRS/.
M$"V&`5KF/6]%P:Z!4`^RA<*SDM.SN^'EF9XU(7\B/UO7AL?*?'!X7,S:M(*?
M%89(08WLY6SG9>0$9I2<1>@B$![M"]+P?H(R9ML?C]A0B65^.*F2N"6E$5$-
MF#4T3UA#)H+(#6P:E>G$TRIET881K1_M28].>E6$IE9!I``+#X!#L7W:'Z8Z
M?BBS`-`RKLKE&$O-BQR5]#U$R22I3HVEL:-*YPQ[D<4<)DJ2((FT.+`2K-=Q
MODD<7%,F1(2B3%BE4J()`6(TXH`P++8`P#YR>CJJ;I9\0:[IJO7R<57L34V(
M+JD#=&J7;[8C&F*GH?-_R_6DIF73T6LI?6@H@F,+&!#6KP2=J1R%"E&ITL5'
MI0,HX2@W55!W?2UC7%9A;S5O<2.)MC0Q,SE3K],$SW!.6W%XJ%@N@UEYHJ]=
MY&ZI*V/]17%GL:-/(B/3$2J1K3%>@.^KO\XS>^4_U99@$S@$.X_>#![P5?@[
ME@$Q@#`&`,`8`P#C?\53HB_J><8$T4)-%\55L]#=/]`2\*-[K>(%`14N3513
M!)G1VL^)RQ!/HY%EDQ5"<H0TZ;71_*4EC^TD0$X=G`1GQ+^G+QAS-4VN9K!.
M8URJD>H+TE`T+Q75?;"72,/KAR979[<K=C<N0N;;#WN<EFO$#(+1/3NG4:V:
MX(2$)_K@=?X:_$RJ(163ICQJ4\CC;&_)U)C6L8S%!+PUI7`H\;*XF'.#.,T"
MC0MI3QB.3[WZ8][$'>\`R3`&`1!7W\O]T-/UQZP"7P!@$!*XM'9S%Y)"I>SH
MI#$Y>PN\7D[`Y%:/;GN//[>H:GEH7D;WK1R)R;E9A)H/']8`]ZP#53[S51TA
ML'=LN%>,8;.#%5<.3SE&`](^I&E4Q/$7"H3B).TA^WD,:D*]N2N8R1N"5O6G
MI2C@ISC2A@8M5O''.5,SE99M=UV6Q6&[)]%2"7?F.6+7*4*Q1]ABRE\DR=<^
M'M+Y)%S%&$"<]Q/3#6&`3`ULSY,`L[@#`*KL7.R5NZ:NVW5K1"%$`MFEJ1@1
MT7"U$F*UTQKJP[]F<HD$C:S6L+.M+>"K2;-E*!&GJ3E*4[9H0^0H0P*VQ;E:
MYM<C5KPF]234(8V>AHBQSF^(`N;W\AP?HW-6/4@J8J%2Z/IC'B%65#"%J-T5
MC,3&[;3STV@%C.`:$#?/"7/MA<O\WQZF[.G3'84F9)M;S^!]C<>0QAC)9)[;
M,TG;"TH&AO;VQ,ETWM<C+":`)(2R3Q#)*V(DLL6P-LV#3#98-HT%:"Q[<&Y?
M0<HG4G:&I*G3&HY`?.:SE%9JTKF<=KUTQ*!#*#%1>R?UA'%!"+]7>\`P=AHB
M75W)+"?:SL!,W!NCHQQNNS02*/)G0:9C6T&Q5,3%8D$HPL!:I')X#'W@*E1O
M]8LM4G%K8!AUL#!.+>3YQRHR3EIFEZZOMRGCXFET@G+S5S%";#E<X.+4$2*:
M6-+&M_>5,Y>WA$!"C2@$6C1,K:W)T*!.0B*)3E`7;P"L5OTC-)E;M=73`)C'
MHS+*MI;I.OHNEDL<72!G/F-U!J)3%)*[D('EF4*6*).E6!&N0EF%G+R57D+/
M(V#S;`P#A_GJX.?(;.&^\976ED61.I8EFDQMB&-$X02VSY6<Q(&AZE-C*9I)
MY&7I7HMK3I&=K9P-[&P,R8AN0I24Q!8-`7<P"'8ONT/TQT_%%F`?-?9#%?,-
MZ7F'44":(7+N:^2K[ZG-6VK,J"B\HDU8OEZ3&O7SHJ21",J^F(C*9VCJ)5%S
M&K[?2)&%Q"BTY%(VUV"`H2@#Z:,`8!P6O!FC==?$,4R0]G@4IU<=P52PJF*0
M.?&,CDQDJD]5,%=,S=MOE5?R'J^+09Y"S(R'#3:J6;;TZA2XI4Q:`2K`,.XK
MHURB';T4<+QY(K+C:0Q:!&+:9AW//)5;-E4/TZ?&RTF6PXXLZZC+/8KO,4L4
MK1,V*VS0U]6'.1RX\HU@-T0,G0'T`N_SC-[Y3_5EF`3.`0[C]X,'O!5^#N6`
M3&`,`8`P!@#`,)FE:5S9`&0NQ(!"9Z7&G<B01P$TBK%*0,#\FUX)GMD"^(%P
M6IW3Z_YBDCTS@?V"U@&**N?*-<DBU"]U+7TE1K["<[84)97%&:5)PV2\#`-?
M-DA,A2.1:"1&^F$(5)&BS"PAT$&PZ^3`-PX`P!@#PUX^/A\N_#6]_P!OAKQ\
M->/^3QP!@#`&`,`8`P!@#`&`,`8`P!@#`&`,`8!#L7W:'Z8Z?BBS`/FTZ_A<
M/,ZB<*OEM(./)E1W+?;DW6#TA<-I=4RFHK-)DT+>YHY3R/PJO+7B/(4"1V!-
M(\CC&T<S?@NRMT=RSCXR<7\^!],>`,`^?I8^&0GM]M11>VGN8/95IPZ(QY%.
M[3BL@N*P6J=P1)(A7$P0>-4&U'3+EVM]/!B![/)F*08$#$Z:&X(STA*-4!OO
MDWK3JZ>]!QRH+<G//MR,HD,G-DMC<94?8$RHE"M9V)>L2-TLO=YOUZ0U#)E+
M@46$AF6L;V8L-T),!4`0M'A`ZXN_SC-[Y3_5EF`3.`0[C]X,'O!5^#N6`3&`
M,`8`P!@#`&`1>SC?MH*?SB]#;6,[9?R>7U=*P`T/]'CYM`WX8!*8`P#FW\2I
MG]L@]'O;RB.E-=QB[0N%C5JXM5Q+8)8#.NJZRF=C2S]QHF%6-/&=!&9:O0N[
M3L;$XM:V1HV]&?I,H4)%J8"AUANUUROC7A6J;:D[F*3U>]U`F^()^::IN.UQ
M15LD?,EEOM;G6K7<.>&.6V,U&V<.,A=B1NJQ,G>=%&NXC?9SP[`[!<<*)>IY
M3YY,GT/>(!,`U%!B'V'R!VE;T^,:M*Q(TP4[JOGCD\SKVXY.2`TPA[6*WA((
MST%IQJDLTP0%D\`8`P!@#`&`,`8`P!@#`&`,`8`P!@$.Q?=H?ICI^*+,`JI8
MZZTX?)5[BQ=*T@KC\LF2&(M=47]&F)N(#)75(E6$US#I_"I%$W4IW7MQVCTR
M)T9),Y&E':%^N#8=X!;SS*?_`"1'_M!G_NN`>?`.440X>L\5D.5L&KZ<Y/CI
MCA*7)ZH#G`J4R&M[D2NC6[(@I.E12\,5JN5,[T<NTK>@,-?LDA&/0RRY((`A
M#&!3_@%E0P[IVOJ]U2G!(U,49)BD*M'X>?*4F<:7ANDD5=$XV!??(;T<FNAG
MEQ`+V8#$OCCB)?K8T92@(AZ."!]`CO\`.,WOE/\`5EF`3.`1JT@TU8T&E@\Q
M:58H-/%XAUY`#;5Q`1>&]ZV+Q-.#KY/'?R_W8!)8`P!@#`&`,`8!%;*,^W`G
M>F/T?LH97J^7?D]3:PL>B_-^CS[#KQ\/[L`E<`8`P#URDB4@Y4H(3)R5"XPL
MU:>4266<K-))+3$F*C0!T-084G*"6'8][V$`=!U\FM:P#V,`8`P!@#`&`,`8
M`P!@#`&`,`8`P!@#`(=B^[0_3'3\468!\B_2%`R!TM?LD1#E*-!C]A=+RAM@
MLMA-I/2Z*"N6S*>;8O7M:21L=V%MD-_=YOHE1L0E`"7;4$A+*F1%(%AR8:PH
M#ZN/X81O_P!?LC_\PVM^_6`;(P#T71L;GML<69X0I7-I=T*ML=&U>06J0N+<
MO3F)5J%8F.",E0E5IC1%F%BUL(P"WK>MZW@%:JIXDY$HM[CLCIKG&H*N>8BD
M6((LM@D)9HSN.(7!`>UK4;(0U)DR9L2J6Y282(LD``[+'O7AX;P"Q3O\XS>^
M4_U99@&I^F+L2<X4!;MZK(\LEP:O@KY+$L3;U!J-9*'1`E%IFCI*XAN>#D&W
MMV,(3;4!2*A)PF[,T2;Y?(("N[9VZ$GCBY.K9#$X*[+*516.?*8#4MHO4T2-
M[A7A6C'!ADDCGU4T[)H8_(BQ!/=4;C&BU;<CWH\LI7H9(30-G\?=-I>KJL>+
M%2LC&T:C]DSNLU*V'RXV>P"4+H&Z!:ULFKZ8+(W#'9^BJU2(1(3%K,V*2UB=
M05Z(BRRSS@+58`P!@#`&`40[=ZSDG-PJ3AM?QY*_V1>TLFS)'!.,(M"R6]I:
MJWK22V7)EWY"IIG>;!E3DJ3,1"(A.D"G*3A5F+#CM@2^S*0,<O+K*WV;G/FN
MV*`KYFLV27XKABMU=(G#;DO6N(+#GFI)39KW,B4M5Q=LL"1Q\QP84K,TGG(6
MH:M2ZI]FDE'"]EV!<>F;!;+8J*L;.9I%&Y:V3^!1.7I)-#B79-%7P#^QHG,;
ME'DC^$M_0M"HU0(1"=>$"Y.7O1:@(3@C#H#9>`,`8`P!@#`&`,`8`P!@#`&`
M,`8`P!@#`&`,`AV+[M#],=/Q19@''+I+ENP+*L>RU%2<3)8/9\BDXE$$[/%U
M:;$CH?(3C&_::Y"8/%%CC+0G,.R=G_8($?I/&T_L2K8$JDXP(':3PW_?O_O?
M^#`/W`&`,`AG?YQF]\I_JRS`,>LV"%V9`Y+!3)7-X-N1(-)2)C6\C41.<QI8
M2H(6H'F-OR<M0%(X(5J8L?D/)4(U(-"(4D'IS#21@5`'P7'E\4LBO9);=ERN
M(W:;+IK=#D[ZA2.=3F]7-YI]57]RIWF/0]D8(LY5&P4\A:V=G;VLI@.3:+VM
M1*AEC$<!8BB:*:*+:)N0FELNL"4V=83G:=D3V<"C9<@ELU<X_&8EMP-;(9'(
MC#V1&@BD,:F].E;6Q(0$E$$8]&*##CC0-XX`P#AMSM:U+-O9O0-HH7>UZH@U
M<I+2@LR':,=Z$62GHB=S*^8,T*+5DRF31;=>L]55?)C28Q629`<<YGLCPK4%
MEH&,E.%2!Z_$Q-RMW<%@&V3'W=[G#_)>TP6R[#C5Z18VNX6WWZRF<O&O\QE,
MP<*8MV+SVH=(01%"T,Z)1'$255M&:+0WOU0.Z.`:0N[GZ`WXWQ8B7GR]B>X(
M_JI+!IQ7<R?Z^GT/=G*/N\2>S&"61E8A<TJ5_BK^M;UJ<0AD'D*/-L&CBB#2
M@-4*>)*M/B[9"D,GMB(Q:$O,874T@KJSYC`EU)L49J!FIC<-@3XP.Y#L7&'Z
M-(%9[BF5FJ2U#BXFK?*%<`I4`"RU?0&'U5!8?6E?,*.+P:`QMFB,1CJ#9PDC
M-'H^@(;&EO),4FGJC_9D:8`1&G&&'&BUL9@Q#$(6P,PP!@#`&`,`8`P!@#`&
M`,`8`P!@#`&`,`8`P!@$.Q?=H?ICI^*+,`F,`8`P!@#`(9W^<9O?*?ZLLP"9
MP!@#`&`,`A7(!*M8W-JM,E6(E6E"HY.K3E*2A*&PY"K0FZ`<$8-&)56@F@%X
M>(3`!%KPWK6\`FL`8`P!@#`&`,`8`P!@#`&`,`8`P!@#`&`,`8`P!@#`&`,`
MAV+[M#],=/Q19@$Q@#`&`,`8!#._SC-[Y3_5EF`>"629IA46DDR?A+0,<38'
MB2O(VUK<WQR"U,3>H<W#;>R,J1>\O"[21*/T4B0@Y4H,\"RBQF""'8%'Y=\1
M>JH56TELQZJ;I/V"!2D<.LZ,)*F$HG-9/RF/0F51E'+HUM^+/$=.V&Q64UC*
M;1N!Z\]<%*$L*P)B<`&YK2ZLKVI[&I^I7=BG;_85U(G)VC4:BK&W+EK.Q,SQ
M$6%V?)1]I/;06W(4+I-498BR!*E8_*>(LD82#-Z`LU@'K+%B1N2*G!P5)D*!
M"F/6+5JP\I,D1I$Q0CE*I4I.$`E.F3D@$,8QBT$`=;WO>M:P#2-5]"49>[,[
MSFKK)8Y.PPC8R9$OU[:RELZ5U8V^3-SPY)I$B:5Q$=>XPH(=&QT]/[.<VTX*
MM*<<G$$S`/?I?HBE^AVMX>::GS5-T+`I;4[O[&F=6U8C+?6I,_1QT$V/K>UN
M9L>E;"L*7L[F62)N=T(]*$9YY._/@&Z,`B5S^Q-CBT-#D]-+>[2`Q42PMBYR
M1I'%[.0D>TK2FA$><6I<C$:;?J&A)"/98/UA>&OEP#^FY\97@YS3M+PUNA[(
MX#:7DAN<$BTYH="RBCS&US+3'&C0.!9!X!B)-T`S0!AWO7AO6`&E\97].>K8
MGAK>DJ9<M;%*EI<$CDG3N3<>)*X-YYR,XXLI<@4@$6<4+>C"C-;"+6MZ\,`E
M,`\!ZI,EV1I2I(3[4G@2IM'G%E;4*3-"$6F(]00?5/,"`6P@#XBWK6_#7R8!
M#()9%G5P>&EKDL?<G6/"\C^V('EN6.#&/Q,#Y7A$G4F*6P7F*'KP."#?B'?]
MV\`\<=F40F!:DZ)2J-RDE&(H"PV.OC8]EI!'^ILD*D;8J5!($=HD?ET+>MB\
MN_#]&\`R3`,`M1ZE\<KF:/L!2PY7,6F/.*Y@#8<@4Q:")EQ!.QZ<I>_HD+BK
M;HXT%:$J5B**]09!(@!&7L7J``X_SOXF]UUM645M&0U_!%L&"UW7-"K#20RV
M44<Z4A=76+$XS&$M%LY2E]<*U?K-A#VXR-K42-6](E3<U@5H]+6M48Y(@.D-
MMW385?WYRU6;1`6-RKJ\YG.X=,;#<I,-,[QIVCM,6A:,=9HS$4J$XQV/=3:Z
M,]M7*U*9.C3;T`HM0<=O:8"SV`,`8`P!@%*''KY_2V?-*C1<XV>HF#;#Y_.:
MS2.<DJR._P`6(Q5D\AU?39]2ENTV*4U\P&.DV3*F)?)"VY*_MY)YJ<6AA`48
M!B._B#0UNY+@?5LQKF2U\VVI+&Z'UM"9K+ZS8E,G4R.1N;/#9,;/%<N!7#%`
MI9'VHR2)758YE!W'M@/T6(\PI,,"X-26*BMRL8)9S:U+6-!.XPTR=&U.#C'7
MA2B3NJ4"DHK;Q$'J1Q5X)V`>A%*VY>L1*BMA-)-&6,(M@9^>>2F).4J3BDZ=
M.48>>>>8`HD@DH&S#3CC3-A`646`.Q"$+>M:UKQW@%/-]^\HB@K[9*6Q7UTA
MT9-9Q/SDQU'=#\L;&61QUZEL;G"AA9:\7R'^%\DC<<7K&Z6!2BC*\A(9M.O,
M\N]8!G\LZOH&$5Y7=IR2>"1PJV&%/*H`M212;/+N_P`5-BGYZ5RG\I,L;<9<
MUQI@AO\`\3=W!:@3)&5'_G5YB8/RX!80@\A402I3'%*$R@HL].H(,`:0>0:#
M1A1Q)I>Q%FE&EBT((@[WH6M^.L`C&+[M#],=/Q19@$Q@#`&`,`8!#._SC-[Y
M3_5EF`4%L7NR(/K%;<,J>.]/$RUG76A53);L-Y$M&V(7%[-ASD_0-S?FI.!J
M0L$_20><M1VAD:5`1+C40B_5V6+S;D,JV9&H]C%5J^$J+.OZ+3G=6M68V3M7
MI:N<IT(O@1?`J*4?JIWC,/K>I:_L"-=:SLVN>C6OHZ721@^'_P!"1)WO&5LD
M==QMKE;JN436SW:23<5JJ6V6'/7M@"-',:!`E0)4B<G17;L-OV;O-Z3!\4[=
M]\B_:]4_GHR4HNH9`I.G4%Z'8(K[;^74Q#?\-:QY-9"*M4,QKFPF=3!;:=TB
M*45?:A4GB*THQR(^U&;20]&H):B'1$!:)V&W[-WF](^*=N^^1?M>J=F*/NV$
M]!0$FQ8"7)DS-N13"(KFR9Q1]A$J9)/`I2[0R6,;[&)(B0.[6O:9"R*"1!,+
MT$>@:&#8@""+<=S7,<K7)AR<2YAFBLQ-G@<CH7IEJIP5/&:>[IG=81/F>R(E
M:,U501OOAD7\X1EY;6)WDSL":7HWK*XC9J%E8TZA<>6W+G_2Q4>+TDR-&G-/
M/-**+$/74RG/RF'2T%%]]#<_.;)7C#T38?+U-UC*VJ(+7"Q*VHN'UC5%X-$(
MN*8N$C@T;C<\-L2U)F6B+AJ<)C@@C8VU4X[!I2),`#^?A)D-4#FETU\:WO\`
M%C7.(5M'86W22=3^ZB+%%R<D4<^W79%;7A8+.W.KU5C;.5+2SMT9+VG0Q_9.
MUJ%&F(>MEA`[AX!R]ZSJN565U?S\%#S"_2.",JNK);/.GXF74SM-6136UP!G
M,'J*-AG-E1"55K%DTF1A?YA(61O<7)P9M@:D1)IYPCT`&C.<Z#O2F6RP"%E5
MR>LI$_T)".7WN9Q(Z(OAUN="OMFVF([K)3J*R)0]&0J/$3].].#X]%))&`IR
M6%B0BVA\!@6)^'=1\[J)/8JZ24[J@(\[PKG:$H:T^T8:MVYS^I*W4Q2T;5++
M@3R^L(D4X<%"!`D6GG%NKHD82U2L@GU"@X!TLP"FO4U#K[5L/CRP&)@5/;U1
MG2K/-UJH4E5MS=&H6O@%@1R4OWY>/>$;"]NGJ.J-*4:)*J<DY"DX*;999JGS
M@5#Y'J"SN<+7MQ\=:7L1IJ^>NQ[9,R965SY8,XFMT6[TU('`<_A$SJI@B4QD
M%&L\3L!0[/VYB$#BWH]DA2HQ*$CCZX%JN)>;FRC6.WIJOJV%U79%ZW!-);*F
M"&,</9V]G@<6?W>$T-$4_P"2DJ9G,0Q^HFEN5&`#YM_;#HXGB\#E)N`61N:T
MF&CZBLZY90B=W.-U5`998;ZVQ\E&I?7!JA[&N?ER%F(<5S8WG.BM.A$6G">I
M3D[-$'SF`#XBT1,KA.)PYR-:KEX(F?(4=M>XI!?-92^I+6^'%TE+JVL5B.C\
MQBRJT>1VU,^L2[TQJFM6L9.LVUS+3*@@T$T)1X/4!O8!;V$0M;L_NB_]A/UD
M])I/]1=I>\2?]*3U34'V)$#&R&LZ_P"&5U8^MT"<%Z^/IY3T90TLV:6Y/\?E
M2ICDY\F[:=E,YA_YEBC8O+8GP;BS$+$!!Q24`R@"T^Z+_P!A/UD])Q_47:7O
M$G_2D]4S!ZZ+25:UQF:VGQ!U(ACD$N)UG[=8$PL?F.;**[E=YRB0PAS?$B)A
MZ:>9";'VQ-<:]M(0(T2OV%G.]).0+91>M8Y=-N0QK)(U$8G'I0F4-[;<U.VR
ME3F>ZQ(J(U%C>B95<<51$3I4ZN9`-L*(6CV691]^6A$[@C<=A%`5MS"KOXFU
ME$J*6223N+7-&**/#&1%]D(V]D1%*I`F0M^CUIBQU=#-@"404$H:D#7-?]L6
MU;7!<HZ7K:KX?,[Q16#8];-51UW)06JPH)%&>C'FG&I*O>HRYH-24UDB1"5\
M=_8E24A0`)PTIH$PR3L`MCR[;RR[J;8YL]+6M5+4S[-X9.T35$9#`BX[.H#-
M'Z&RF*K8?*7R3/3&ZQMU91I%0!N*Y.><4(]*><E-),$!*WQT!!.=HS'9-.T<
MU=@R^;-%>15@KV#R2PI;(9:]H'AU1-;9&XL@<',[RM;`L4&F[`$DDE.(0Q:^
M36^S&.D=R,3+E,%BS!4A6Q9<C(&XRJYPF51$X97BJ(<D6MQK9+(>KWMX'\3*
M3%]<QR>1:9ENW&RPI_AK/+4"QEC;5`)\W4DBGC9'JEC[DJ21=I5.*QJ0B5GJ
MSDZA<H/5&R.PV_9N\WI*?XIV[[Y%^UZIGEOV;65J-=915!7O<E=PRERXA(*H
M;8GQ'.%;K!;6KAU9QU[8+0KD]?OK2>FC\33.+(<T*T:E`K1NQ@_(4H)(.`[#
M;]F[S>D?%.W??(OVO5-X<Z=,4!3D?I3G!G@G5<00ODC_`(?1"6W-SS9,1;9'
M8$K-DDS6#D$H41-GB[.ZRYW`XJ@@+)0MQ9YFB$Y1!7HE:Z25K$3>:1BHWZ"5
M4UO2+\W44K#))L<$SX$SX41."*6IZ'Z.A7/;5$`R5IF\ED5FOSK#:_BL`KR8
M64]OLB;8A(9HL"I8X8UNKDF96^/QI6H5J1@"`!9?EUO9@P!%C9&^5W)&F7$V
MU;K485L6WI'`BHBJN<97AP15.)$-D5A2*H+4A70U=WD]V/?%@TPXWA8]><L=
M6*DEB5!!)BVNDTI5IC$@KB-):QKQ9`$ZV+L3&@&O3$HGAP5N"E4XK5BQ3G[#
M;]F[S>DJ/BG;OOD7[7JF0=E39XZJF;"],M*=,0LFJ(]9T#KA<^<Y=6-I+DUW
ME"(.4[65Z%;L+<[-,^H^P8*A71Y(<9M(Y:`9X'MYX4ZXMV&W[-WF])S\4[=]
M\B_:]4Z?5+V?7+]*:HI9VC'2C#,YL0KBL7E-Q\^6-7+3-I-#X(\S)["ID3RP
M(H^C?W&-1%R<O1$,H)NR#`E>(O*'>.2M/"WFE:K6Y)=+6=*U&58:,[)94;E4
M3/!,(J]*)X53RER6+[M#],=/Q19F$LR8P!@#`&`,`AG?YQF]\I_JRS`.>W('
M^K>QO][3MS_B\NK-TTK^`C^9?WE/F7?_`/-ES^^W_M1EJ,L331@)Q--<#?ZJ
M;8_WP^T/^)NS<T2]_&2_WU/J[:W\N4O_`)F?D*DSNZ>F^UN?E:.#<Q5\RP*;
M2UI=(Y)GOIT:21G-U2W6A=TISG%BJ%7(VQ1(SZ^\@R0.2G20M7X^H:(&P[DP
MZ39GC25BLY53/A]!2:CW@:-I=V2C9CL+-&Y6JJ)'A<*J*J9D1<91>*(OR$S(
MWCN\^YI'?$0YJHQHFJV@%-+QMKD/4#L]QAL=BI:X3-HECR!OH5F<W5`2YJP$
MJ6\DQ*8:0#>P*0#WKPR_<EOQL\_JD'^I^W_9V?)'_P"4TI1M.==U#TA,>AC^
M:*+=W%W:+1C,)C3)TY*(PVQ5DNJSF.V;`,="5M0RJ-G.JR41I`$(HXS15$JV
M6H7KTBQS6GJM<?<MM.E59^UZIRG>=M]RHUL=G*KXH_\`RG6GFJ[5'0U%1&X%
M,3%`W&2:EJ%TB7VZ5)P,+W#9A(H0\I$TA*:V4#RB^UHV<,A1[&F$:2(.Q%`%
MXAU5/:K'JQ>+55/)T'H%6=EJO':CSU<K&O3/'#D1R9QGIPO@4Y<\A\@4+8_*
MO-]@SABGLDFDXI"L9;+9"X7M?NU[[))%#VEV>W=;LFSRB=JG%Q5F'#\@`@\P
M]^76M>&M;;7TZH^!CW,3F5B+P3Q(?/.L;RW%5U6S7ALR)$R>1J)S.Z$1[D1.
M/@1$0L5K@WES7Z(1,=>.O#?A>W0.O'6_TZ_UI_HWF;[LI?83R)Z"M^.=S^]2
M?K.]8_0\%\M[$'6X/,-ZV+6MZW>O0/AO6]_+K?\`]4\X73*2(J\B>1/0=X]\
M;F<]K5LR854_2=ZQE?*MAR6+_"[I^T1KE4FED3X];9F2OEC@Z/JIY>(Q6AKL
MC'('1:M,>782H]O!I0<:HVH.UL6]F>??FS3']#E1."*I]+UU62&-SOSG,:J_
M.J)DPFM5_><\KBOIRIZEHAN436#1&7*&\CD)\/(0'R6/-ST<B(.,Z?"8:2E-
M6[+`(6M"$$.M[^7-@9H;7L1W6+T_(AY!:[TYZUAT'9(UY5X\SC-?L/NW_P#;
M&C?Z/7G_`/J'._W"WVB^1"/_`%:G]SC_`%W&+S@SO*)0F92LCJFB5A\8B<CD
M1"0[D![+)5',;,M<RDQQ@.H-C`4>8ET$6P_K:#O?A\N=7:$UK5=UB^1#-!WJ
MSS2I%V.-,_[[B>Z/G+M9_P`*"W[*?R$*5]L/@^3SEZ3-91Q+8G=I;1I[^XD-
MQ*E0J4%(2EC@,)(3#3!A+UK0ABWX[WKS?SD^=#V&?_@O_N._(I9E-_Z,G^CD
M_P#F@YZ(?'"\3S8."GW>O^RK8GO^GO\`KOK?(&I?P4G]U?R*;7LC^9JG^:W]
MYI9WK6YIS2%8L4@K5AB4AG$PMVG*ECR6=.+RV1-"LM6Q&"$C>GH^/HE[R:F9
MDSN-1HD@&AG#`$/F#K>Q:TV&-9I6Q(N%<N#Z4U&ZW3J$M]Z<S(F<RIG&?IPN
M./B7YBK#@W=L.TP_/[I7_"CC+OR<KK\3PN=;Z5",AJ]Y12%9'SD9[&-O.1'O
M3:0HWYRMC\Y>O`7AXZW<_<4WVT\G]IYO_5;3/=G_`*__`*S3SOSQT@\1PJ$F
MU;Q.VP$*JPG51`X[->E(S%ELGLNPX_;#]-E"-A0MZDF;M5B1LAV9'9.<0N85
M@S#$!B?>P^7C[BF^VGD_M.?ZK:9[L_\`7_\`69O&IMU#RC'ZDC)U:\GH*==+
MRJFM'EJ@,JNY;-BCK^N9EB3[-`/$Y;%PI/*C91/#7IR5.RHU6[*AGF'J!'FB
M,W@LZ5+6A69SD5$^3Y43Q_*6NB;_`*.MZE'IL,#F22*J(JNSC#7.X<B?9\98
M'N'[WXJ_WU(1_P!3-[Y@TW^-9]/[JEKO;^6+7_+_`.ZPWIF[GRZ,`J;U)_T@
MX[_WUZ<_^7K%RHUK^#^E/RH>B]V7\QI_EO\`W'F<=9_[0?`/_P!Z[F_X4+PR
MDTC^.;\RGI_>)_*\O^8S_:;ZS<CYK&`5GM[_`&C>`O\`>+L[_@RZAREUS^$;
M_F)^1QZ;W5__`+\O_P`C_P!^(OTQ?=H?ICI^*+,U0]_)C`&`,`8`P#TUJ%.O
M+++4>MK1)Y:@H9"@],:6<7YM!&$U.869^@6];UX^&];\-ZP"N;?R53S*-Y_+
MX[0C:9_E,MFKFW1Z\;E9VDR43N2.DPE[LG:T,Z)0H3'V3O2M::60`LD)QXO(
M`(?`.I++EJ)J,CD<C$\!36MNZ%>G=:N5(9+#^+E1<KA$3IZ?$B)]!(_RQUW^
MT-U?U!W?^_V=NWW?:N\WH(WPEMCW&#R.]8?RQUW^T-U?U"7?^_V.WW?:N\WH
M.?A+;'N,'D=ZQF=:4Q`JACQL6@*-\:&=3)95,EI:R7RR0K'&4S>1.$LECVY.
MDC>G9S7K'R1.JA4=ZIP@:&;L(`A!X!U&<YSW*]ZY<O%2\@@AK0MKUVHR!B8:
MU."(G@0UA'./*7AS.GCL0%:L7CR(]R4(&%COB[$#2WC=W1:].`$"(J?>DE(/
M<W$XW18/``-F>4&@AUH.L[+EN-J,9(Y&IX"IL;:T"W,ZQ:J0OG>JJKESE57I
M5>/A7I)S^6.N_P!H;J_J#N_]_L[=ON^U=YO08/A+;'N,'D=ZQ^ZYDKP.];U(
M;J\=;UO7_:#N_?RZ^77R;GN];QV^[[5WF]!RFT]LHN4HP9^9WK&:UQ3<"J2$
MLU=U^@=V&(,/VL)M:Q2F4.Q@3GUZ<I$]*E3H]/#B[N"MS?'A2I--4'FF",.W
MX;T'00ZBJJN57.Z7*N5+Z.-D,;8HD1L3&HUJ)P1$3"(GS)T&K(OQW3,)C;##
MH@?;<;BD6:&^/QN/M5_7B0V,;&TI2T36TMY(K`&(E$WHR0%%`V+?E`'6O'Y,
MDMO7&M1K9'(U$PA22[7V[/*Z::G"Z5[E<JJBY557*KQ\*KDG?Y8Z[_:&ZOZ@
M[O\`W^SGM]WVKO-Z#'\);8]Q@\CO6&N9*\UO6]2&ZO'6_'7_`&@[O_3K_EGW
MACM]WVKO-Z#E-I;91<I1@S\SO6,GCM#UA%*F;J,86)<BJEJ@PJU11`4FE"Q*
M7"1LYK`8QF.*YY4O2@(VDX16SS%(U6_'S>KY_`61%Z>E38&HC41K>A$1$3Y,
M<#!V?DRJ(^T-+`R.=QMC*Q-C>RL[:EZ"O`*9N:FI(2@;D"<(I^(6B$:-.`L'
MCO8O*'7CO>_ER6EZXB821V/H]!0OVKMN1RO?2@5Z\57F]8D?Y8Z[_:&ZOZ@[
MO_?[';[OM7>;T'3X2VQ[C!Y'>L>DY<I5:\-KBSNCO<JYK=D"QK<D1_05X;(6
M-[@F,2+4AV@S\(O24ICA`%X;UOP%\F];^7"W[BIA9'8^CT'9NU-M,<CFTH$<
MGR.]8S-UH:KGJH5="N3"M45&NKO^$ZF&!DLH3HQU]^70Q/4<"X)GDEZ+*U'P
M:3^T!4Z5^'Z_J^IXCR(7ZHBHJ+P5#&`\PUT$(0AD%U:"$.@AU_,)=_R!#K6M
M:_Z??V:UDOM]WVKO-Z#7_A+;/N,'D=ZQ^_RQUW^T-U?U!W?^_P!CM]WVKO-Z
M#CX2VQ[C!Y'>L0DAX^I>7M1C#+16I*&`]:SN"MB?KWNIQ:%REA>6^0-.UR$^
M>[)5E)'EK3G^F/6RQB*T$>A!V(.^K[EJ1JL?(Y6KX#/6VWH%.9MFK4ACG8N4
M<F<HOE-F672T`MY@2QF?HWQW:D$HB\U;0HYA+8\N:Y7"GQ))(L^-KK''II<T
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M@E[4VO#.A>VUWC3\TN1)Y37(%I`@;-V286H%H8!>`=ZPL>^-R/C7#T\)96:M
M>Y`ZM;8DE=V,M7@N%RG#'!413%OY8Z[_`&ANK^H.[_W^R3V^[[5WF]!2?"6V
M/<8/([UA_+'7?[0W5_4'=_[_`&.WW?:N\WH'PEMCW&#R.]8],?)]/JGJ(/SO
MJR)&N@4L;IU$BY/=%NR)M:)<T)7!$UOH6AXFRMK6*T"=U4!+"H)-*ULS>]@W
MO0=ZZ26K,S>25[G-\2DNEH.BZ=-VBC6BBGQCF;G/2F%XJJ<%4RZQ:%KFU%4+
M<)DFE"EUKM]<9)"GAFG\ZBKQ'GEXC;Q#W16C<HO(F=68%?&G]8D,*.$83LL_
M>]!T/01:Q1R21.YXU5K_`!H3K=*I?@6M=C;+75456NSC*<."H8[_`"QUW^T-
MU?U!W?\`O]DCM]WVKO-Z"F^$ML>XP>1WK#^6.N_VANK^H.[_`-_L=ON^U=YO
M0/A+;'N,'D=ZQ^(.7*G12V&3@_\`B*]R2NW5T?H4KD]QVS)TL>>WJ+/T)<G5
M&TOLS7M)BY1%)0X(?.<09Y"E9FP>4?@+6.6S8F;RRO<YN<])-HZ'H^F2K/I]
M:.&96JU5;G.%PJITJOA1/(;_`$B0A"G+2IPC"47Y]A]0TTXS8C#!&F#&:<,9
MI@S#![%O>][WX[S`6I[.`,`8`P!@#`&`<NGZ_K6:^FYW4C_W9PC7:'\_Q9%5
M=6N<!.D-R.4>?VIC5G0N;EJNFHD%EL,3RJ/2MHRFT07-&I1J2T@3!#3[`ZBX
M`P!@'"E;T5TXS6=_#:/=14].;@EO4#9`)]SZ\6?S6UR6LH$U]#1YR#,.?P(B
MD+P]L*[G9,M:Y#"):)3.@+#!KFXT"I-LAR`[K8`P!@'#>FK;O>1WC4+$Z]WP
MJQ+@,LK\N6ES(R3GEK<)AL=81STR\CA$1!C2V782=60Q-PH&WHQ@D\6V/09(
M,\);F+0'<C`&`>%2`XU.H*3G^RJ#"#0$*?2"?[.<,L02C_1'O0#O1'O0O+OY
M!>'AO`.)?(][])S?M0%56%W3SY>4)A];3Q6Y-U-M-'H6:TY&1*D"-A*;(ZUV
M'(K=A4NAS`6H4/R7R.+2G$6'12Y1I1L*0#MU@#`-;W(&>#J&U058[L[!9PZW
MG(:X?I"8E*8&2>"C#IJ(.[X:M0N:(MG;9!M.<I$<F4%:)`+8RC`^(=@<HN,.
MAKCO'HIO=5=_1&6EO9MTK[:H^/7ES':%=UQ6L;4,311:ZK$-3D'V6OE[\M<@
M*'AV5+E;1LOV\"L*8XUF2D@=I<`8!I#I1=9;70MK.]//L9C-E,T.='N*/LS<
MFIEBC:L9@!<U)S^]/K>ZLK,V";DAP#5BM.8F2A%ZIFM`!O>@.>'!E[6I=ES/
M#XX7TQ6.ROT/M>6VS5[=</-MG12GG]1<VFCGR+T\EIHLR;IF<BHD*HU^<GA<
MY-J\]2B]-0-Q"M"4!U^P!@%>^IY78,$HZ5SBLG>',LEACM`96N53Z3QZ%1-3
M!8[8L3=[29G27RQ.ICD8'(:R2.Z!,N6>D2F5*2A[.3[UH\L"CGPY+9MVV)')
M7B3W\T74PJ:IA<DM)H!9O/MB$5ET1)Y))1.L(JLBBTB=>P54S11K"6'<@-6:
M6C]D$@5*#2W8XP#K/@#`*J=E3RTZLI4ZRZH>:_9W&"S.#2&7ZLV816OXF\5V
M1(D::81]3-)J`,;CRUX0J@E)CE"A#YSMA*`J(,,"9H"M'PWK'LVQDLX7R6_B
M[_BI,%I)>\O#A8=!6"[Q?H>1Q]^?+UB<;'0;:THH[5;">I:4;0D>BAJS%:9:
M<B,-;AISC0.H6`,`8`P!@#`&`,`8!QHZ2@M<0.Q9%6"FTKX#SG.Y:?=W958Q
MII@[C7%:1BV7N2+FV8O4Q%2$BMI"P6G<D3&6[M[7+"%+*TF+W0/V<TI1&E@=
ME\`8`P#C1.857->W5&J1,M:]W/ER.V]&YQ:\`*:X*;5%.7C8]OQ2V>=X<\3=
M'2([86QJP+5>5+LK#^<3"H^+386Z'IVYT2%'`=E\`8`P#C.Q0FN*_P"@*KHE
M3:MZROEZC;$B\>A3"]-L%_A75_5"4EFE5'TJLFL;I%ELR1-Z"(2W2Q$M<Y:M
M0%/`&YH=%2EP6%)#0.S&`,`]!U:T#XUN3*Z)]*FQW;UC6XI=F&E:4H'!.8D5
MI]FD&%'E:.3FB#Y@"",/CXZWK?RX!PRIZ#7!&^L:>HN2S:ZK`A/--VRT5;U%
M,*^KQMK2L.<VSG]_A-)6RGO^$0Z,.\^FZ7;@I;BF1T7+5II#V:2K;O6:/MT\
M#NY@#`,3GL)CEEP::5Q,$1CC$K`B<BA,I;RE2E":OCDK9UC$]HBUJ(TA8C,5
M-B\T&C21@-+V+S!%H6M;P"C5!T>\K;L+FLIMVR;UK:A6(#!S9,Y._4.<PER2
M0)I57-S-PD-+537;RND%>DQ0ED,,?%:TK9BU3K1.E9`C0`=$<`8!KJW*MB=V
M5G-:GG)*XZ*3Q@6Q]YTUK3&YS)3JPZV4M;5Q81^S+T"HLL\D0P&%>H6'1A9@
M-B`("A7+:V"3/J.V5+_U83TE9E)-[Y6M5A7V;S4]2!OK23(*K>K;?'&O>?8%
M7JUB<T=LL94<7#?B%1I(V,O9.D_M1FC0.G6`,`U=<U2QR\*[>:WE*U[:FUU7
M1EZ2/4:5(T<@CTDA4J99Q#I(S'.3>[M(W&.RV.(EI12U&L0GB(T6I3GD#,*&
M!2+B!PA%E6I?=F*.AP]'V=`W@^C624CL"AY*>AI1&N3REE=!1N@(/7S`P[E\
MU,<BS#'-(K5C,9=A(/++T:5L#I=@#`*\=2U6KMJF),TL`'G^(<1&CL^GU4?=
M65F=D-Q5R;N55JH2K9.UOL4T`Z4-Y"<X#J@6MXB#A^L5O7AL(%(OAQG6++YY
M<5IV),;0N!U>ZIYWA;G;UMU5&Z-?BIO#";)/L>IXW74/:(_'U\)ATND![HE>
MBTJD0E#\<W!=7<MO`>6!UDP!@#`&`,`8`P!@#`.%7Q$&:U7CLFEDD)Y\3VDE
M<Z^9T;8<@ASW*6:<2)DETBDS=&K^6LEFPUI:JMAKTA;S$89*VK6=&)_<').:
MH5)MH-@=U<`8`P#A1TXRVHY?$N@(([SX1,6@Y-3KLWO37#7I[A<AU$K(K=6J
MG-Y2-GLYEB[,_5I%W>8'1DR0L"M0U*VAL4-GMYZPM*0!W7P!@#`.%,I9;56_
M%:/&V<]IWMA3RJLY.1(TT.>U]9Z8FZ)ML?D5R3F8);.2P=#=S,PKUJ-E.<8W
MM^3!8F]O2`/3+-N!0'=;`&`>@ZNC>QM;D].RHI`U,Z!8Z.:X_>]$(V]O3F*U
MJH[8="%HI.F)$,7AK>_#6`?/Y0\"9Y#WA7?4[Q%KWK.ING)D.R*!=;!K2AP*
M+`L+=3W7(V-ND%GPBWY3<4.C<EK"?2-Q96*21=J4F-S8@:5:XGV(AJ.`^A+`
M&`,`X6\QU3>D'^(9(I,^<\1R"06;R/HJ2KI##J7?F%G0(W2:S8A+(WFXE=OR
M..R"3S=6ULSH:E+CS>N>]2@2LHM*4V+B=`=TL`8`P#C+P1+W*%7\KYO;K19+
M!KIBK2T76&1Z"](4+?K+6:.)VA%&]/')@UUIR32E@0%P]"9"):?MR3/)9A:1
M4E'I2I3^TA`[-8`P#')@<U)XE*#WTHT]D)CKT:\$$:+$><U@;5(EY)(31EE"
M.-2Z&$.A""'8MZ\=ZU@'`/X5,TC-V7.@<(M==NO*R@**;ZK310NS^8[;B\>J
M=GE:Q##ZOMXR!<NU?+X1-U!&D#@FUIQVM6'LJ]+M082VG&+@/H?P!@%<.L)]
M$X+2$K22QNGS[JSMHZ3C<7JH3439<JE]OG?D6/L<'7O[FR1QE?C%+QL\+DYK
MD;:V%$&*U)Y9)(Q:`Y^?"JIHRC)'?4"G""9P^XVEFKX]PKR15C3E9,K=4<HG
M]\3BO)(P#HJRK5@L[VOETGE36:NTY)#FPIG)0@:T!`"QK`.R6`,`8`P!@#`&
M`,`8!PQLSASHB2++VVU<T\B2.T;`Z!EMJ5MVC)[REC=T#7K8;9*615*X-B<O
MF"021A7U!!VY"S(F=NEY3:<G0^AHPM.I/"(#N=@#`&`<,F3ASHA"MC7M/-'(
M)-JM753;=CIVXFNR4&]#.,>UTF&R9$K.1"Y>3R%:XR"E3%$0,8#Y@)H"WG>P
M>M]G``5H#N;@#`&`<,J5X<Z(A*SEG;AS1R)`+(J&T8G-+>Z^@UXRM_OBV402
M'Q/<:M^*5<P1*1RQ5=Q;VH^TF]XEAZ,L:@(QC.$E3;"!W-P!@$8]L[=(F9WC
M[PFTL:'UL7L[HDV,PK2IN<TIJ)<FV:2,LXO1Z8\0?,`01:\?'6];^7`*;UO\
M/^A*O?ZJ?F1\Z&?@4BJ)6U;&;$ZGZ*LR"1!8CA;W7K:J002>67((F<>T0Z1K
M4*,1Z0W:8L_8B_*/01:`NW@#`->6\E:EU3V>B?8?);#9%E>35*\0"&'>S3"<
MM2B-.93A#XHH^W(QZ$EDR08T2$?VDW^54>#?M)'AZH`.%OPTJ6?H3T<W25HY
M5M_F&L?R'+$;1"^A(2_VS:K*K5?9VT)"CIL3PT(8JE"@+$2<QK5-D'.!OALE
MW2Z*WZ@'T*X`P#%IO"8M9$1D4#F[,FD,1EC4J9)$QK!J"TKHU+2]E*D1XTIR
M=2$LXO?AO8!A%_=O`*C4UP?4?.]];MBB6QEJ2%*:M>H/(JMA38^I$D\E+S*&
M%\33F=NSC+W)I>38:V,`D;"02SI5B$3NZ#,7'E*@)R0+Q8`P"OG4E++N@:5D
M-9-CI'&QR6OU?2IO!-8X?,($^+JXL2*V*DB5AQ-,Z,BF2U],E$5"UO:(M60,
M]M5G!"+Q_5V!7#DCB)ZYPLU[L1ZF$3?USS5_Y8D2^+1(^,O=H6=-[/E5V6_:
MUE*C7%=IP--GDM4(XFW[$J-8F4:@LQ:I$JV$D#HE@#`-.7A1-?\`0L/0PFQ0
MRLIL:99&IRR.D&GDTK26L,LB"_3E'WMBF4`?(Y)VE6B4ZWX^@J`$TL8@&:$`
M6P[`Q:E>7*SHB33.:11VMN42Z>L<2C,ADUOW?;=V/8HY!ETM=(PQ-2^UIC+3
MF%J;W.<NJC9*+9`#CE@A&:'O0/*!8S`&`,`8`P!@#`&`,`8`P!@%?>@.AV;G
M]+76EE?V59\@M2=G5[#(=5C?$UTB7O22$3&PEZE0.;3&"QY$U-\8@J\TTTQ?
MHS8P@``L8A_)DBBDG>D<29>OT</G(6H:A4TNJZ[>?R5FJB*N%7I<N$Z&HJ\?
MD-(-_?L$VUV,XRZH;OJ\^HYK1,5L9IL)KKDA?&V;H*2HXO$+$-/A]ES-F4PA
ME7*]G/)H%?MK>D3G';3"`7O>^9H):[^KE3#L9XHOY#IINJ4M7K]KH/5\',K<
M\KF]*(B\'(B\%1<XPN3/3NVN=VF62N)S&>-$!,CUJ+J>9W>8.#<UM,XEK"QP
M)QF"B+&A5GJ-QJ$/]C-T>=71<6C0I9"(2+9FS-E;,Q%@95!.IJ;G+.Y.>Y0C
MBBIHE[M#7%@E:QN;GU(M2]"3CF*.+CT:=:L"6VS^VX`N;V0>QZ&K,\@-@`=Y
MBP@8W$>Z.0)[+6:"0WHBL)'+9"]$1YC9&R0DGJ75V6$.AS:F1&>328\MX,8E
MZ="=H?H+UK>J2IQFJ4QY18&U:XO>G;><Y2S5E8L7FSG"U04LD2,+@%6-#YUS
MFU%+2A:"$MR9SG9D7)"UR41Z(Q6B4$!-V:0:``&V<`8`P!@#`,#M2PFBI*PL
M>UI`E<5S#64#E]A/:)G*(/=EC1"X\XR1R2M9*I0C2G.*A$VC`0$PTHL1NPZ$
M,.O$6@*P1OOSGR;3B.P2#R=IE[@_P:H)X)T8IE7BUC9TET6,16D5CKHO*EPO
M3F6GH_U-M@`#4*B@["DTH.\"M@1\F^)+QQ'B&I:BN:+RYM567%*P?G"'KT[T
M5#G2=QNSY'"GQ]3%&@<%,7F`:D=TK2L;B5P7125K271Q>C#``7.B\GCDVC4?
MF4/?&N31.6,K7)(S(V-:G<F5^8'M$0Y-#RTN*49J9<VN2!26<0<6(0#"QZ%K
M>];P"=P!@#`&`,`U6^VY'H_<E;4BK0NYLGM""VM8#&X)R4@F1&T5"[5:SR),
MZ'F+"UI3@N4VRWB1A*(-+&`D_9@R]A!HP#!V/KOF*2NCPRL5YUPY.;#(115S
M3$2-'KTGL"28+-ITYQ@BT[@FV77K\#2I.,U*)0S+2-&;.3'%@`V-7-NUA;S;
M]L5?/(Q/6G['A\@TY19V2O"';+8$5:YS"7,*I(,PD2240U[1NB(6A?YY"K).
M#^H8#>P-C8`P!@#`&`,`8`P!@#`&`,`8`P!@%$^TTB99)^0BT,@D\<GH>A9&
M96ZUCA\6FK.=(-<U7Z%[2S-LD\Y@/LS".#"=1$GHU9JH+F!*'9(B1FC!-T[K
MNUMZCEZW"_G9QPZ>'2:QO'[N^'Y?O7K>Q<\>>KY>?/.G+CG^KQQG/@X=)72-
MH:M1`^)0'HB3RR2(S*/K05]G+8+#H3'4=8ZJ^S]-I4#3L%BV`M<I&8T_:8E`
MU9J00%_LP4H!?\[.^I=?VG_4<O6<J?FYQQ7Q]/')'V3]U_<J_=/7]DZYW_%Y
M.;/*SV?U<<O+CP\<E0'I/SP*AZPT0[]GD@3\C7Z+K$;G':$4VT[4\&]$(>I2
M.@BY7*$C1'KG/N[\PC<S8`)S4E;T[@2%F;VSCU7FWF2+$]"BL9D'#'CK$F.%
M6[7.[73,D;YZ41A<K,^,-=`J@+?UTLE26;M462=3ZD8%(XXG6N2B#;3#5!)7
MZ],0&;U45RCIJH7\N+^@QI=1_P"%Y^4]N;36Q8S$9=]]5[HS<BTA>S2R5"J8
MBD`9?I-LP*=`!`)OV<>-2$`'O?"0)X[*E4U%S,Y2Q>2=446,AA$T9.?VE];J
M4_B;9&F!(X*JSD#U:3TY:?-&"&HEI*`[:#:$(B/M+3H+8'<W`&`,`8`P#0?5
MFHF+EWI(,^,DA4%%0=PZFAL-);5$O*B>Z\D6I&9%4[T>E9SY(!G];:$"LTM,
M)5H&C1!!L6]`<F'DO@/=J51N(+9,%7JI.'-&%U(V4^9%3&$'4+6*L!V";'G8
MMS)DJB8>('\)(#/19-FC0",5:T#8&#\PIJ5+N>BS'1ZZW5;&W\$#YN26I&.9
M$#$FJ;5-?$*WSTGVXU1+G)]7-`X,;*=/9STE3R,+B0T;"4()Z[2<#K[Q2&"A
MY$YK#6!LL/KL-*UYJ$G3PAG2S0V,ZC3?]CCE*:/J5C&0_"1>3:D"0TQ.$WQT
M6+8?#>`6>P!@#`&`,`YI]E)7U5TORIJKWV]&.\@5CU#N+F5'%.=I4PJ*VV^<
MV:LH$W)Z%F<-0(U0'S49VUB:AGJA!VLT8$(=`WL#EB^)N4`\_O/YW>>T#X>=
M0U/#YKVBC7/:6?MW/VNGVO2!+5NHG*U@WI\,>0I-O)\LV@>`046]%$B6!=MC
M`ZM?#!#SJ&CK)US.=/CX%OHVX!"%8J9C2N`2!.;>*`$PL#`J5I#*2(IK<9!7
<QA@@JS82%K&I`6I$:`('2#`&`,`8`P!@#`/_V3\_
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>17
<FILENAME>g79604img02.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 g79604img02.jpg
M_]C_X``02D9)1@`!`@``9`!D``#_[``11'5C:WD``0`$````9```_^X`#D%D
M;V)E`&3``````?_;`(0``0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!
M`0$!`0$!`0$!`0$!`0("`@("`@("`@("`P,#`P,#`P,#`P$!`0$!`0$"`0$"
M`@(!`@(#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#
M`P,#`P,#`P,#_\``$0@`/`!X`P$1``(1`0,1`?_$`,<```$$`P$!````````
M```````'"`D*!`4&"P,!`0`!!0`#```````````````&`P0%!P@!`@D0```%
M`P(#!04#!`L1``````$"`P0%!@<(`!$2%`DA,1,5%D$B%Q@*87$R4214)9%"
M(S4G-WB(N#E)H;'!T?%BDJ*R,T,TA+?(&3H1``$#`@0"!P,&"0T!``````$`
M`@,1!"$%!@<Q$D%187$3(Q2!D0BAP=$R<I+PL>$B0F*R4W3Q4H*B,W.S)*05
M=196%__:``P#`0`"$0,1`#\`C\^I<Z&/R.?%CJ7?-%\4/G`S_KK^!7X)^BOA
MW\P'QXO[_&/\7*M]6^DO27E/[PQG/\QS7YMX?+G(I_OIH^AC\CGPGZEWS1?%
M#YP,`*$_@5^"?HKX>?,!\![^_P`8_P`7*M]6^DO27E/[PQG/\QS7YOX?+G(J
M7E]:+P_N'U^,V:/SWN]7-A\39?/_`*@'Q6NO;:&DJAK6E?+[B7UE*%\FAXBW
MMU)%YYY<EE#QKGPX%_X;1XJ<W@%*9PB172?IS\-NBE;S(V_5_NE?FED=E)7=
M*639V>NO!7@I"8I"FJ5I*[E=4_6D%+,$JDQJL;(2<X^F;&'13,U>/D6[<%@7
M1*95N<"*&#J]_P#UW86_RFNES_W+M;HB]);1%XM/2ULWTCKNR=ZDNJQEI>[%
M>*@6%!*61=69HZHJN6K60D7%7%K]O4)*?L#?4S%*`;,H<S854XP%!>*\)E^$
M02(O0UZ'-,])C!W`?,K)7`+*2]N1F*5%557-PK]W$NK1<]&5%2,S8:S$/7U:
MP]-TL]LC96HY=*.MO.,GP`C&/2NEW`(H+F5(JDF156<(\7<G_JP<T<G+VY5Y
M<UG:W'O'BLZ4K"/M"U=2-Q'%N:5OS4S]G`62QTI9Z%+VNMJR&UUC'#*;K4\>
MO(/IJ,BI&2A9YT]?N&Y%;;Z>W29L;]/52_45R@IZ_P#=2[6.DY9FF+L3=!51
M1-/+7,H6E\6*#N?6U9NCU;3T[3M+W0G*C]22JL6@2GJ;"/1\-H=5T<RCLY%4
M'Z9.&=^/JC\SLF[\YVY3UW`VCL69C44W1%"SL[)3%*OL@Y6XCZW%H\:8.Y)K
M@T;:*SU)+V_D'$@HY&4>F18,VG+O'4DZFHTB5_$%MEW].WUZ\?NG6A?:OKXX
MLY#W)LQ23ZDC2:-M;6W<BLO&U%VH3O@G9LU4WIB+?W!M%=V%1;B]!1I4L_&4
M0+#G64/,;B1/)^N<_LN_Y[/_`(CZ(N'^GUZM%38F=&+JK4)<>4;4O5W3F@Y*
MX^.[BX!9:>30K7)@*OHVW-EW-IH6GFE3Q]-0N74&V5EY!5\HB#NXAROC1+9H
M+E4BK)=.6SE46NZD?1?JVHG<.LQR!RGQ&O'1[*.4E1DXFEV&=\O9'E*H0DHB
M,;M9A[45F9%^W*R5?M%(AXR5Y@%U%FS<BO2?6K?U65@_Y?\`:S^CKE5HBG^Z
M3O\`59=-/^0!AO\`T=;<Z(O+@N5D/8C%'ZA?,F_F3./%-Y661H+/_J$^MK!5
M?!T=4E.U[ZIK:_U&4WYA"U_"U#2+WTM5M1L)I'FV:WAKQQ#I<"Q4SE(KL/00
MZO'3YS7R:N[CKA=TT*`P5GR6)?WJKFK;=T=9*BF5=P]O+@4+0T13D\UM10])
M/9AU'O;Q*N62CPZR34G,@0I3+B(D5:?ZBR^?RO\`U(]!9+^EO7'R[S6#M]/1
M7G?IGUA\)%J1K[TOZC\HJ#T_Z@]/\ISW(/N4\;Q>76X/#,16E^BI]2%_[@\I
MZ^QH^33Y=_0]@*JOGZU^8?XM^:>F;BVJH'TMZ<^!ELN2YWXF\WSW/K>'R7A<
MN?QO$2(J%/1XZ@>#6!LQ?Y]FMT_;=9X,[FQMMVENV%P:)M!62=LG5)NJV6J=
MW%$NQ1U6I1QZL1J%@186((&5".("HG`J?"17XNB]G#@/U?L=\^<3\?<"*?PI
ML`PI.!I*]%O;;LK<V]A;E-LM*&NG;:JY9DQLY2U&M8FJ245:HK%:6,!WYTA:
ME(<H-$]$563%R[^>7TE>7EZJ7R$Q9E;MXN9)2C&FFU<-WD92\'>*G;0UA<2,
MM?=2UUR(`URJ<I6L4Z;J.5E7M`S*R<T2.EVQ9)-@8[1Z!%;#Z;75OMU]0G;_
M`#LQGF<5KIV$L<ZLLYM1*W`5KIS5#RO8"^=(U70MS()C-Q]K(^A;>5K1\5*(
M*L6ZLQ+O'Z#\CLK4B;=<I2*I=@9DMF+]*?EEE3;/+G#RLKCV3O,I2M$O*]ID
M\E3%'UW4%LE*NJ"SMSK(W<EZ9DZ,KBEI^DZWFROX`YF,PT4>@5_R$E"/HE4B
M<!@A1V<OU"/6XLAU3[C6$J>T^'F/-W[9SC&K8-S32%&VW@\>PJRZ5G;2TW5M
M7,J1G<@)F=O+2Z*%9R,+'/W<0:I3J+HPS%6):HD3G_KG/[+O^>Q_=^4?_%HB
MA[Z\>&%][)];F_&*N/4S4,53_5;K2S-Q*3H4+D\K"W=F<C;PQCQ:(N255:-A
M&4,QS1I.<>1+:4`Z40T:,G`*`4`4$B?_`-56RM&8V_4>]"S'FW7FGH"Q=+=)
MFT-%'G'+=].K4M;C+.=I""<SK]HSCFLA..HV(34>.$VZ!5W)CJ`0O%L!%Z0.
MB(T1&B(T1&B(T1&B(T1&B(T1&B(T1&B(T1&B(T1&B(T1&B+33E10%,L%92HY
MN)@8U$IS+/YB1:1K1,I"B<PF</%44@V*&^V^^J]O:W-W((;6-\DIZ&M+C[@"
M5:WE]99?";B_FB@@'%TCFL;AVN("9G4747Q7BZB-1M*UE-7@K<GB":BK)4A4
M-T:JV2`#*F+$4RQ=+JIIE$!,8G$0H"&XAJ=6NV&L)K;UUY!'8Y?^]NY66\>/
M`<TA`J>KBM1W^_FVEMF!R?++N;-LZ`-;?+X);R?#CY<+7'#I/`=)6(PS/KVK
M%A2MW@[E[.E`PE%Q6](T391N(@)@`Q?BS7-+.#)F$O8/A[[=NW:&JDNA,NLA
M7,]09)&>J*26Z/\`IH9!\JI6^[N=YJ[ER#1FJYACC<06^7C#^.N8#0]&'L6Q
M'([*KB'AZ>MV13W'8QK[8NE.)?8(IA=8P;_9Q:H_]6T?_P"FLZ_PE_3W^F5<
M[@;F`X:#S7E_Y+)J^[UWSK!D<P+L4F!5J^P/RHBFG`*BCBA4;4WC5(0O:?AC
MK:7'G9150`[B`CQF'L`!'52+1.37AY<NU%D[W]4QN+;'[4\#&T[:JC<;K:GR
MP<^=Z)U-%%3$VXLK\_<M+N1Y[@VIZ%AM>I-C(QF&-/W-=W(L!.R:8*Q\5D#:
M^K[4/'J1A.4BK0E11Z9'*"BJ9B%4(8R8G*)>+<!VJ/VKU9)`ZYRD6N96[#1S
MK.XCN`.''D)H<1@<:8JG#\0>W45VRPU$[,,BO915C,TLY[%SAP!:)F#F!.`(
MJ*]*>925>T37L>E*T35E.U7'+(IN".H"78RB?@J@`IG4Y1=4R/$!@[#@4=02
M]RZ_RV4PW\,L,H-*/:6X]E1C[%MK*\[R?.[<763W4%S;N:"'1/:\4/#ZI-/:
MNMU9K*(T1&B(T1&B(T1('?O)RR.,]+.:KO#7</3#1%'Q6L4=R@O44N;WN%"&
M@R*E?2"Z@$-P@4``>$0`=^S4CTYI+4&K+P6>1VTDSR:%U"&-X8N?2@&.*A&M
M]QM&[=Y8[--67T-M$UM0PN!E?V1QUYGD]``QHJX^4?7AN#5+MW3F,%.#;ZG0
M6.W/7=4L(Z6JYXV$JR"JT5"+F=1$8)AX5D%5C'4+^$Z6^XAU'I'X=<LLXQ=:
MNF]5=<?!C+FQ`X$!SQ1SND.`I7B'+Y^[E?&YGF92OR[;:W]#8<U#=3M:^=S<
M03'$26,)P<TN)(X.9U1G2F;4]/32=4U;1$?>^N$@/X=1W\E9:XL(913M!R6U
M0*Q]N4G2)S")#BS5$HC^7<1VO%H*WMK?T5E<.R_+S^A9M;`[N]10SD'I',*]
M2YXN=YKV]NQF.96+,ZSEM:2YF]]W'4_I>B!9:!PZ#X92GR?57Z@\PS8Q4!<X
M*)A8YFVCXN$H&VU#4Y%1L>S0*V9L8])*F5CM&;1NF4B29#@0A"@`!L`:Q$6S
MNVD$CI[JT]1</<7.?-/*]SG$U)<?$%23B21B2I#<?$WOS>1,M[#,196<;`UD
M=M:6T3&-:`UK6CP31K0```:`"@P2=R6<G4'J,!!]D)>)0A]_<;S?ER?O=_`G
M'(-2%#[@#;64AV^VTM?[+++$'[-?QDK`W&\V_68#S\^S4CL>&<?L-:/P[%RI
MLF,X%%/&-?2]/B#V[^MIX/R]Q0=`'9]VKT:2T!2@RVPI_=,^A8P[C;TEW,<[
MSCF_B)?IHNCC<U.H#3NPQV05YD0*`!PJ5$X?$$`[=C)OB."F*`CW"&VK2;06
MVUUC+EM@>Y@'[-%D+?>#?>P/D9[FPIUR%W[0*4>`ZJ/49I-4BBMZIZ<1(&QF
ME4471DZW5*8.'A5,M37,G*(=G^\_OZQ5SL_M?>M+6V$<;NN.65A_Q*?(L_8_
M$Q\0.5.!?F\\\8XMFM[>0'O\JORI,G.:TR^G1JV1M)0]$5Z*JKGUQ8LLG8F8
M=/EUP<JR$_$46LA3%4.3.1%00>LS`8QNWW1$!R[-!0QV_HXKVXN,NI3PKOEN
MVAH%.5CI1XD8I@.1U1[BH])O+>37W^ZW.4V5EG=2?4Y;SY:]SR2XOECMR(IS
M7'S(S4]E07TXX]<B^]LIA"(O4@YO=;\JIB^9O&D'"W)9-1`Y_P#G8M&/A)I<
MI@(0GC$0X2<0F,<VP:UYJCX?=.YM`Z;(2+#,J?5!<Z`GN=S/:*5.%:F@P"W3
MM]\:&M-.W8L]8M=G.0@_7<V..[:*'])@;%(0:`<P9A4DN-%8]Q>SHQTRVAD7
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M1)NY?IK*I,6IU#*\JR:IE2;-DQ,/:(`!C;!Q".P:[.R@Z9TEEK;#*HXXH6\0
MVE2>LGB?:5\N]30Z\W*SY^<Z@GFN+AQH"^I#036C0,`.X8X5K3#O*,PEFI$$
ME)!L^<\0=H"@L4O%N&_ND,4HA[-8V_U_;Q81%H]JSF3;,7<]'3M>X]H/XDZV
ME,$!*1,/)E0W'8?S178?\[OWW$OLU#KS<48EKQ[UM'*MD0*>2:?9*7N#P3'A
M)^IE`]WM_-51W[1';\0_?J.7&XA)-'U]JG%GLF*#RB/Z)2CL<%3`4OZF5_:]
M[54!^S?WM@V`=8J7<*HQ?3VA2&'99M*>#_5.*W(8*CP[^2G$0#]$4$`V[!`?
M;VC]NK?_`.A"M?$^7\BOALKAA":?9*UKO!4>$WZF4[`_1%-^\/;Q]^WV:KQ[
M@T(I(".\*TEV6%*>"?<4G\U@F8"''R=;\(B.[58`[=P#8>(?=$?;K(P[B']X
M`.\+!7FR@-1X)^Z4AM48);D4#R97?<P[<HJ`"&P^T3>T=2&TW$Q%7BG>%"\R
MV1%#Y)^Z4UBM,'))D591BQ>-C%`=O#06`H")A_X8F,4>S_)J7V.X,4E&R.::
M]96L<XV4GB!,#'M/8"D"8VLO)9:JXZKJ)E)J"G(9P55E+Q8.&3U$`.F<4U!3
MW(X;J&3+QIG*)#;!N4=@U)9,WR//K-UE?LCEMY!BUU"#]!ZB,5!(-+ZOT;FD
M>;9-+-!>1.'*]E6N'30TP(-,000>D*SY@=U)9FX[2-H/(!))M4H<HR9UL4$F
MB3U4Q?"VF6A44D4S"8"B*Y1`=Q,)@'V<D[B[5096]V8Z:-;7$F+B1]D_-W+Z
M0[)?$#=ZAACR37+0W,OS6MN,`'$X>8V@`Z#S#K->R:-%9)PDFN@JFL@LF15%
M9(Y5$E4E"@8BB:A!$AR'*("`@(@(:T.YI:2UP(<.@KKEKVO:'L(+"*@C$$=A
M2,WOGIF.I5U&0/C)/I-`R9G*`F*JF@8W`<A#EV$GB``@;8=Q+V=PCK/:?MH)
M;P37-/"8>!X$_D42UA>7<&6NM[*HFD;Q&!`Z@>WI[,%$'(XBU-<J?7>O6*[D
M5W)U#BLD"IMU#[CQ"HIN/:';^76ZX=:VV4VPCC<!0#LX?AV+EJZVMOM0WIEF
M8YW,ZIJ`>/M3FK?=/^-B"('?LV+;N$X'00$Y1X0[1`IQ/W]_9OJ)YEN1+,XB
M-SC[2MBY%LC;V@:9F,:!U@?RIU5.XL4-"D3\4B"IR!W)LDP*.X[]YC!MM]VH
MA<ZPS"<_FU`KUK9-CMMDUHT<P:2.IH2KQUI*'C2E!.'04$NWXTTMAV[NP$P'
ML^_6&DSO,934R%2:WTSD]O\`5B:3V@+J4*2IIL&R,+'E_P"G(;?_`$@$.S5H
MZ^NW?6D=[UD697E\?U(8_<MB6(BB?@C&!?M!FWW_`&?#WU1,\QXO=[RK@6ML
MWA&S[H^A?7RZ/_0&?9W?FJ'9_J:]?$DK7F=7O*\^G@_F,]P^A?,T3%G_`!1K
M`WWM&XC^SX>^O(FF'![O>5X-M;'C&S[H^A8*U+TZX`06A8XX#W_FR9?]@"ZJ
MMO;MN+9'>]47Y=8/^M#'[@N;?VMHF0*8%85L3BW']S33[S;^PQ#=@?X-74><
M9A'PD*L)].91.*/B;[$F$_C+0DR10"(I(F.`@!3M$CD[P[Q`P".P!^367M]6
MYC`:DD^U1V]V\R6Z::-:">MHHFRUY@9#3*:PL6[!SQ;B``B@4P[%V["JF(([
MZE>7;BSP$"0N'M*U[G.RUE=AWA-8X'L'SIG\AA).4-,)OV,:=#P5P5`R2!2\
M(D-N':541W#AU-H]?0YA`8I'@U%,5JB;9Z[R:[$\$9:`:X`#@I1,:Y6HVD$E
M2L^+A4C)$XL3N!.=1#8W$9$ISB(@@8!$0#V&#L[QUJ354-J^X-Y;T!<<:=/:
M>WM71^@+G,(;,9;?<SFM!Y2<2,>'=^'6G'RGDGN>;\EW>YS?!^'<>[B_:[[_
M`&=_VZBT'J*^1S5[%/;GT=1ZKDKT57WC_*?#_5?(>'MV\CR^WLWX_![=]^_?
MMW[]>LOC5\[FKVU^=>\'I:?Y;DI^K3YEL=4E<(T1&B(T1&B(T1&B(T1&B(T1
M&B+#><AX(\_RG@;#Q<WX/A;>W?QO=U[Q^)7RN;F[*_,J4O@\OG\O+^M2GRK7
K1OIWQS>5^7>/L._*^%Q\/9Q;</L^[5:;U?+Y_/R]JM[?T'.?3\G/V+__V3\_
`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
